List of Pag-IBIG Home Renovation Loan Requirements 2024 Members Must Submit to Apply
PAG-IBIG HOME RENOVATION LOAN REQUIREMENTS 2024 – Here are the documents needed in applying for the loan to Pag-IBIG Fund.
Are you planning to renovate your house? You might like to add another room, improve your living area, fix the damage on the ceiling, widen your kitchen, or any other project on your house. Any of this can be financed by the Pag-IBIG Fund if you are a qualified member.
In the Philippines, the Pag-IBIG Fund is one of the biggest government entities. It has millions of members across the nation and there are several Pag-IBIG Fund loans that the members may apply for. Among the many offers, the most popular is the Housing Loan aside from the Pag-IBIG Cash Loan.
Under the Housing Loan offer, a qualified member may apply for the financing of a home improvement or renovation. Who are qualified to apply for the loan offer? Here are the Pag-IBIG Home Renovation Loan requirements in terms of the eligibility 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
With regards to the Pag-IBIG Home Renovation Loan requirements, there is also a specific set of documents needed in applying for the loan offer. Here are the documents needed for submission:
- 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
- Certificate of Employment and Compensation (CEC)
- 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
- Employment Contract
- If employed, prepare any the following documents:
- 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
To apply for the loan offer, proceed to a branch of the Fund nearest to the property. Make sure to bring the original copies of all your documentary requirements in preparation for the Fund’s request for presentation of your documents’ original copies.