Pag-IBIG Housing Loan: Here’s How the Releasing of the Borrowed Amount Works

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Guide on Pag-IBIG Housing Loan Offer for Eligible Members

PAG-IBIG HOUSING LOAN – Here is a guide on how the releasing of the borrowed amount under the loan offer works.

The Pag-IBIG Fund is undeniably most popular for the service it offers to Filipinos who want to acquire a residential property, seek assistance for a house contruction, renovate their homes, or take-out an existing home loan.

How the Pag-IBIG Housing Loan Works?

Under this loan offer, the member-borrower will have to construct first a percentage of the whole construction cost based on the approval of the Pag-IBIG Fund. It will serve as the equity in applying for the loan offer.

Once the equity has been constructed and the Pag-IBIG has evaluated it, the government agency will release a portion of the total loan amount to continue the construction. After it, it will again check the progress of the construction before conducting the second releasing.

There is a total of three (3) payouts under the loan offer. It is open for members who have posted a total of at least 24 monthly contributions.

Pag-IBIG Housing Loan
Photo Credit: CNN

To apply for the loan offer, the following documents must be prepared and submitted to the Fund:

  • two (2) copies of duly-accomplished Housing Loan Application Form (To download, you may visit – Application Form for Pag-IBIG Housing Loan)
  • recent ID photo of borrower/co-borrower
  • one (1) valid ID
  • Proof of Income:
    • If the applicant-borrower is employed:
      • Latest Income Tax Return (ITR)
      • Certificate of Employment and Compensation (CEC) (It must contain the gross monthly income of the applicant and all the monetary benefits received)
      • one-month payslip
    • If the applicant-borrower is self-employed:
      • Certificate of Engagement issued by owner of business
      • Commission Vouchers reflecting the issuer’s name and contact details
      • Certified True Copy of Transport Franchise
      • ITR, Audited Financial Statements, and Official Receipt of tax payment from bank
      • Copy of Lease Contract and Tax Declaration
      • other document that would validate the source of income
    • Transfer of Certificate of Title
    • Updated Tax Declaration and Real Estate Tax Receipt
    • Vicinity Map / Sketch Map leading to the property subject of the loan

To apply, submit your documents to a branch of the Pag-IBIG Fund nearest to you. The government agency will notify you regarding the status of your loan application.

You may visit – Pag-IBIG Housing Loan Online Application – List of Requirements

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