Pag-IBIG Housing Loan Requirements 2023 for Purchase of Lot

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Guide on the Pag-IBIG Housing Loan Requirements 2023 for Application Process

PAG-IBIG HOUSING LOAN REQUIREMENTS 2023 – Here are the documents needed in applying for the loan offer for the purpose of lot purchase.

The Pag-IBIG Fund is most popular for its Housing Loan offer. It has helped countless Filipinos obtain residential properties under light monthly installments through the said loan offer. It is open to several purposes.

Pag-IBIG Housing Loan Requirements 2023
Photo Credit: CNN Philippines

You can apply for the Pag-IBIG Housing Loan for a lot purchase, to finance a house construction, to buy a house and lot, or to refinance an existing loan. The government agency allows a maximum of up to 30 years giving members the chance for light monthly installments on the repayment of the amount borrowed.

Pag-IBIG Fund
Photo Credit: iMoney

Who are qualified to apply for the Pag-IBIG Housing Loan offer? There is a set of Pag-IBIG Housing Loan requirements 2023 when it comes to the eligibility for the offer. To qualify, the member-borrower must meet the following criteria:

  • active member with least 24 months savings
  • not more than 65 years old at the date of loan application
  • not more than 70 years old at the date of loan maturity
  • Legal capacity to acquire and encumber real property
  • No Pag-IBIG housing loan foreclosed, cancelled, bought back, or voluntarily surrendered
  • If with existing Pag-IBIG Housing account or Short Term Loan (STL), payments must be updated

For the purpose of lot purchase, the Pag-IBIG Housing Loan requirements 2023 will come from both the buyer-Pag-IBIG borrower and the seller of the lot. Here are the documents that must be submitted to a branch of the government agency nearest to you:

From Borrower:

  • two (2) copies of the Pag-IBIG Housing Loan Application Form (HQP-HLF- 068/HQP-HLF- 069) with recent ID photo of borrower/co-borrower (if applicable)
  • one (1) valid ID of the applicable parties
    • Principal Borrower
    • Co-borrower
    • Seller
    • Developer’s Authorized Representative and Attorney-in-Fact
    • Spouses of the parties involved, if applicable
  • proof of Income
    • If employed, prepare any the following documents:
      • Certificate of Employment and Compensation (CEC)
        • indicating the gross monthly income and monthly allowances or monthly monetary benefits received by employee
        • duly signed by the authorized signatory of the employer
      • Latest Income Tax Return (ITR) for the year immediately preceding the date of loan application
      • one (1) month payslip, within the last three (3) months prior to date of loan application
    • If self-employed, prepare any of the following documents:
      • Commission Vouchers reflecting the issuer’s name and contact details (for the last 12 months)
      • ITR, Audited Financial Statements, and Official Receipt of tax payment from bank supported with DTI Registration and Mayor’s Permit/Business Permit
      • Copy of Lease Contract and Tax Declaration (if income is derived from rental payments)
      • Bank Statements or passbook for the last 12 months
      • Certified True Copy of Transport Franchise issued by appropriate government agency (LGU for tricycles, LTFRB for other PUVs)
      • Certificate of Engagement issued by owner of business
    • If overseas Filipino worker (OFW), prepare any of the following:
      • Employment Contract
        • Employment Contract between employee and employer or POEA Standard Contract
      • Notarized Certificate of Employment and Compensation (CEC)
        • CEC written on the Employer/Company’s official letterhead or CEC signed by employer

From Seller:

  • Transfer Certificate of Title (TCT)
  • Updated Tax Declaration (House and Lot)
  • Updated Real Estate Tax Receipt
  • Contract-to-Sell or smiliar agreement between buyer and seller
  • Vicinity Map/Sketch Map

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