Guide on Pag-IBIG House Construction Loan Loanable Amount
PAG-IBIG HOUSE CONSTRUCTION LOAN – Here is a guide on how much you may borrow under this loan offer of Pag-IBIG Fund.
The Pag-IBIG Fund is undeniably the most popular entity in the Philippines when it comes to housing loans. It has helped thousands of Filipinos acquire a residential property – buy lots, build their dream house, or acquire house and lots.
Millions of Filipinos are members of Pag-IBIG Fund. Under its Housing Loan offer, one of the purposes served is the financing of a house construction.
Under the Pag-IBIG House Construction Loan, the government agency will help you build your dream house provided that you pass the eligibility requirements set by the government agency. All loan applications are subject to the approval of the government agency.
Who are qualified to apply for this Pag-IBIG Fund loan offer? To qualify for the said loan offer, the member-borrower must be:
- an active member of the Pag-IBIG Fund with at least 24-month savings
- not more than 65 years old upon the loan application and not more than 70 years old upon the loan maturity
- having a legal capacity to acquire a real property
- having no Pag-IBIG housing loan foreclosed, bought back, cancelled, or voluntarily surrendered
With regards to how much you may borrow under the Pag-IBIG House Construction Loan, the maximum loanable amount is P6 million but there are factors considered by the government agency. These factors include the income of the member-borrower and the amount needed for the construction.
There are documents needed in applying for the loan offer of the Pag-IBIG Fund. To check on the documentary requirements in applying for the loan offer, you may visit – Requirements for Pag-IBIG House Construction Loan Application. The loan processing may take around 20 days before the Fund may release a result.
