Here’s List of Pag-IBIG HEAL Qualifications in Applying for Loan Offer
PAG-IBIG HEAL QUALIFICATIONS – Here is a guide on who are eligible to apply for the Home Equity Appreciation Loan offer of the Fund.
Have you heard about the Pag-IBIG Home Equity Appreciation Loan offer? Undeniably, it is one great offer that many Housing Loan borrowers of the Fund are still unaware of. It can help maximize your potential in achieving the life you want.
Undeniably, the Pag-IBIG Housing Loan is the most popular loan offer of the Fund. It is ready to financially assist a residential property acquisition, house construction, home renovation, home loan take-out, and even a combination of the loan purposes.
However, what usually happens next is that the member-borrower runs out of fund for the other goals in life. Under the Pag-IBIG HEAL offer, you can still achieve your other goals while paying for your Housing Loan.
Under the Pag-IBIG HEAL offer, you can obtain some cash based on the net value of the property you mortgaged with the Pag-IBIG Fund. There are only a few Pag-IBIG HEAL qualifications such as the following:
- must be an active member, or with at least one (1) monthly membership savings within the last six (6) months
- not more than sixty-five (65) years old at the date of application and not more than seventy (70) years old at loan maturity
- has the legal capacity to acquire and encumber real property, whenever applicable
- with an existing Pag-IBIG Housing Loan that has been approved or taken out for at least five (5) years as of date of application
- the existing housing loan/installment account/s must have been paid regularly and on time, within the last twelve (12) months immediately prior to the date of application. This applies whether the borrower is a principal borrower/buyer or co-borrower of the loan
- passed the satisfactory background/credit and employment/business check of the Pag-IBIG Fund
- has no outstanding Pag-IBIG Short-Term Loan (STL) in arrears at the time of application
Under the Pag-IBIG Home Equity Appreciation Loan offer, three (3) members of the Fund may combine under a single loan account or a principal account can have two (2) co-borrowers. The co-borrowers have the same liability on the loan as the principal borrower.
Who are allowed to be co-borrowers in applying for the loan? Here are the Pag-IBIG HEAL qualifications for the co-borrowers:
- related within the second (2nd) civil degree of consanguinity or affinity
- must pass the eligibility requirements, except for Item No. 3.5 of Pag-IBIG Fund Circular No. 446
- must consent to the Pag-IBIG HEAL application
Aside from the Pag-IBIG HEAL qualifications for application, there are also documentary requirements that you need to prepare to apply for the Pag-IBIG Home Equity Appreciation Loan. The lists of documents required vary among the locally-employed and self-employed members of the Fund as well as the overseas Filipino worker (OFW) members.