Guide on Pag-IBIG Housing Loan — Who Are Qualified To Apply
PAG-IBIG HOUSING LOAN QUALIFICATIONS – You can check this guide on who are qualified to apply for the loan offer of the Pag-IBIG Fund.
Are you one of the members of the Pag-IBIG Fund who is interested about its Housing Loan offer? Undeniably, it is the most popular offer of the government agency and it has greatly achieved popularity for it.
The Pag-IBIG Housing Loan is open to finance several pursuits including the acquisition of a vacant lot or a residential property, a house construction, a home renovation, or the refinancing of an existing home loan with another entity.
The said Pag-IBIG loan offer is also open to finance a combined purpose of vacant lot acquisition and house construction. To be eligible for application to the offer, here are the Pag-IBIG Housing Loan qualifications that you must meet to be eligible to apply for the offer:
- at least twenty-four (24) monthly membership savings (a lump sum payment of the required monthly membership savings is allowed);
- age of not more than sixty-five (65) years at the date of application and not more than seventy (70) years at maturity of the loan;
- legal capacity to encumber real property;
- ability to pass satisfactory background / credit and employment / business checks of Pag-IBIG Fund;
- no outstanding Pag-IBIG Short-Term Loan (STL) in arrears at the time of the loan application;
- no Pag-IBIG Housing Loan that was foreclosed, cancelled, bought back due to default, or subjected to dacion en pago.
- If with an existing Pag-IBIG Housing Loan as a principal buyer / borrower or co-buyer / co-borrower, the account must be updated.
Aside from the Pag-IBIG Housing Loan qualifications for application on the part of the member-loan applicant, it is also best to know the limitations regarding the properties accepted under the loan offer. The government office does not finance purposes related to the following properties:
- Less than 28 sq. m. lot area
- Less than 18 sq. m. condominium floor area
- Land types classified other than residential use
- Properties with road right of way less than 1.5 meters
- Residential buildings must be compliant to the National Building Code, PD958 or BP220 as the case may be
The Pag-IBIG Fund accepts Transfer Certificate of Title (TCT), Original Certificate of Title (OCT), and Condominium Certificate of Title (CCT). It does not accept “Rights” and properties with disputes or claims in the court.
