Step-by-Step Guide on How to Pay for Pag-IBIG Housing Loan Monthly Due
How To Pay for Pag-IBIG Housing Loan – If you want to make the payment through M Lhuillier with regards to your Pag-IBIG Fund Housing Loan monthly amortization, you can check the guide below for the process.
In the Philippines, millions of Filipinos are members of the Pag-IBIG Fund. It is one of the biggest government agencies in the country and its Housing Loan offer is the biggest contributor on its popularity.
The members of the Pag-IBIG Fund are coming from different walks of life — locally employed, self-employed, overseas Filipino workers (OFWs), voluntary members. A member who has posted at least 24 monthly contributions may avail the Housing Loan offer of the government agency that serves several purposes.
The Housing Loan offer of the Pag-IBIG Fund may lend you an amount to be used for any of the following purposes:
- purchase of vacant residential lot, residential house and lot, townhouse, and condominium unit (plus the cost of transfer)
- house construction
- home renovation
- refinancing of an existing housing loan
- combined loan purposes
Qualifications. There is a set of the eligibility requirements in applying for the loan offer. To qualify for the offer, the member-borrower must meet the following criteria:
- an active member with at least 24 months savings
- not more than 65 years old upon the loan application and not 70 years old at the date of the loan maturity
- of legal capacity to acquire and encumber a real property
- having no foreclosed, bought back, cancelled, or voluntarily surrendered Pag-IBIG housing loan
- having an updated loan account in case of existing Pag-IBIG Housing or Short Term Loan accounts.
Requirements. Apart from the qualifications for application, there are documents that must be submitted to the Fund. Here are the documentary requirements that you must prepare:
- two (2) copies of duly-accomplished Housing Loan Application Form
- 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
- If the applicant-borrower is employed:
- 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
Application. There is a simple process to apply for the Pag-IBIG Housing Loan which is open for members who have posted at least 24 monthly contributions in their accounts. You can do it personally at a Pag-IBIG branch or online through the Virtual Pag-IBIG.
Payment. You may pay at a Pag-IBIG branch or through a payment partner of the Fund. One of them is the M Lhuillier. Here are the steps in making the payment.
- Go to a branch of M Lhuillier and ask for a copy of the Payment Form
- Fill up the payment form with the required information. Indicate your HAN (Housing Account Number which can be taken from the previous official receipts or from your monthly billing statement).
- Submit the form and pay for your Pag-IBIG monthly due and the service charge.
- Get the receipt.
The Pag-IBIG Housing Loan interest rates vary due to several factors including the loan term, the loan amount, and the fixing period. Under the offer, there is a scheme in the releasing of the borrowed amount under the Pag-IBIG Housing Loan.