Steps on How To Apply for the Pag-IBIG Housing Loan Offer for Qualified Members
HOW TO APPLY FOR PAG-IBIG HOUSING LOAN – Here is a guide in applying for the Housing Loan offer of the Pag-IBIG Fund.
In the Philippines, the Pag-IBIG Fund is one of the government entities with a huge member population. Unlike the state-run social insurance institutions GSIS and SSS, the members of the Fund include local employees in both the public and private sector.
The Pag-IBIG Fund which has been serving the Filipino people since 1978 has several loans including the Housing Loan, its most popular loan offer. It has helped countless Filipino families obtain a residential property of their own.
Undeniably, it is a whole lot different to have a house you can call your own. You can come up and live in your rules. There is a different sense of safety. Thus, no matter how the pricey the move may take, a lot of individuals choose the pursuit of having their own home. The good thing is that the Pag-IBIG Fund provides an excellent offer.
How to apply for the Pag-IBIG Housing Loan offer? The members must be fully aware that it may takes months to process. Here are the steps:
- Step 1 — Make sure you are qualified to apply for the Pag-IBIG Housing Loan offer. You need to have at least 24 monthly contributions posted in your account and meet all the other eligibility criteria set by the state institution.
- Step 2 — Go to a branch of the Pag-IBIG Fund and secure a copy of the Housing Loan Application Form. You may also secure it online through the Virtual Pag-IBIG.
- Step 3 — Prepare all the requirements based on the purpose of your loan application. Make sure you have all the original copies of the required documents although some of the documents have to submitted in photocopies. The Fund requires the presentation of all original copies of the requirements.
- Step 4 — Once you have all the documents required for the Pag-IBIG Housing Loan application, go to a branch of the Pag-IBIG Fund nearest to you and submit your requirements.
- Step 5 — Pay for the processing and the appraisal fees(Php 3,000). After it, wait for an update from the Pag-IBIG Fund regarding the status of your loan application.
Once the loan application is approved, the Pag-IBIG Fund will notify you. You will have to go to the branch of the state institution where you applied and sign the Loan Agreement. There will be requirements for the release of your loan proceeds.
The payment for a Housing Loan can be done through a collection servicing arrangement with your employer, the issuance of post-dated checks, or an Auto-Debit Arrangement (ADA) with the Pag-IBIG Fund.
