Pag-IBIG Housing Loan Requirements 2023 for Home Renovation

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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 home renovation.

One of the best moves that can really be helpful in life is to maintain an active and updated account with the Pag-IBIG Fund. It is one of the biggest government agencies in the country and it has several offers for its members.

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

Millions of Filipinos belonging to different employment status are members of the Pag-IBIG Fund. Daily, a lot of members are casting their forms to apply for the Pag-IBIG Housing Loan offer which is one of the most affordable housing loan options you can ever have.

Pag-IBIG Fund
Photo Credit: iMoney

Under the Pag-IBIG Housing Loan offer, the loan can be repaid for up to 30 years. Thus, the member-borrower can really opt for low monthly amortizations. Also, there is a huge loanable amount under the Pag-IBIG Housing Loan 2023.

Also, there are minimal eligibility requirements in applying for the Housing Loan offer of the Fund. To qualify for the loan, the member-borrower must meet the following eligibility requirements for application:

  • 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

The Pag-IBIG Housing Loan 2023 offer serves several different purposes. If you are up to renovating your house, you may apply for the Pag-IBIG Housing Loan 2023 offer for the purpose of financing a home renovation. Here are the requirements that you must prepare:

  • 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
    • 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
  • Updated Tax Declaration (House and Lot)
  • Updated Real Estate Tax Receipt (photocopy)
  • Building Plans, Specification with Bill of Metrials duly signed by the Licensed Civil Engineer or Architect
  • Vicinity Map/Sketch of the Property

Prepare your Pag-IBIG Housing Loan 2023 requirements and submit them to the branch office of the Pag-IBIG Fund in your area. The government agency will inspect the property and assess the approval or disapproval of the loan application between three (3) weeks to a month.

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