Every Filipino wants to own a home. How? Through the housing loan program of the Pag-IBIG Fund. Question: How to apply for the Pag-ibig Housing Loan?
HOW TO APPLY FOR PAG-IBIG HOUSING LOAN?
There are two (2) modes of applying for a Pag-IBIG housing loan:
(1) Developer-Assisted - the developer assists the member in his/her housing loan application.
(2) Retail - the member applies directly to the Pag-IBIG Fund
Developer-Assisted Housing Loan
(1) Reserve the property of your choice.
(2) Pay the reservation fee and signed the reservation agreement.
(3) Fill out the Pag-IBIG Fund’s Housing Loan Application and submit of required documents. (See below for HLA and checklist)
(4) The developer shall process your loan with Pag-IBIG Fund.
(5) Wait for the confirmation and further instructions from the developer’s office.
Retail Housing Loan
Step 1: Get a checklist of requirements. Visit Pag-IBIG Fund Cebu-Ayala Branch or visit https://www.pagibigfund.gov.ph/ and download Housing Loan Application (HLA) and Checklist of Requirements.
Basic requirements: 1. Housing Loan Application (HLA) form, with recent ID photo of borrower and co-borrower (if applicable); 2. Proof of income; 3. 1 valid ID of principal borrower and spouse, co-Borrower and spouse; 4. Transfer Certificate of Title (certified true copy); 5. For condominium unit, Transfer Certificate of Title of the land and Condominium Certificate of Title (certified true copy); 6. Updated tax declaration (house and lot) and updated real estate tax receipt; 7. Contract-to-Sell or similar agreement between the buyer and seller; and 8. Vicinity map/sketch of the property.
Note: Borrowers over 60 years old and members availing of P2-million to P6-million loans also need to submit a health statement form (medical questionnaire). Ensure that you have a Pag-IBIG Membership ID (MID) Number or Registration Tracking Number (RTN). Otherwise, you can register online to secure MID or RTN.
Step 2: Submit your HLA and other forms and pay the processing fee of P1,000. You can submit your HLA with complete requirements at the Pag-IBIG Fund regional office near you or submit online through its website.
Upon submission of Housing Loan Application and required documents 1. P1,000 - Processing Fee (non-refundable) 2. P2,000 - Appraisal Fee (deducted from the loan)
Step 3: Wait for your Notice of Approval (NOA)/Letter of Guaranty (LOG) and sign your loan documents.
The NOA will be released only to the borrower or, for OFW borrowers, to the attorney-in-fact. If an application is not approved, the borrower will receive a Notice of Disapproval. Upon receipt of your NOA, sign your loan documents and submit within 90 days.
Step 4: Submit all your NOA requirements to Pag-IBIG Fund for the release of your check. You have 90 calendar days to accomplish all your NOA requirements, which include going to the following:
1. Give Letter of Guarantee to the Seller
2. Proceed to BIR for payment of Capital Gains Tax and Documentary Stamp Tax. The BIR will issue Certificate Authorizing Registration
3. Proceed to the Local Government Unit for payment of Transfer Tax
4. Proceed to the Registry of Deeds for the Transfer of the Title and Annotation of Mortgage
4. Submit complete requirements to Pag-IBIG Fund
Step 5: Receive your loan proceeds. To get your loan proceeds at the Pag-IBIG Fund, you need to bring at least 2 valid IDs and show the following documents:
1. Transfer Certificate of Title/Condominium Certificate of Title in the name of the borrower/co-borrower/s (if applicable) with mortgage annotation;
2. Updated tax declaration (house and lot) and tax real estate tax receipt in the name of the borrower/co-borrower/s (if applicable);
3. Deed of Absolute Sale with original stamp from the Registry of Deeds;
4. Occupancy permit (secured from LGU Engineering Office, if applicable); and
5. Assignment of loan proceeds.
Note: If you will not be paying your loan through salary deduction, you also need to bring 12 postdated checks.
Step 6: Start your monthly amortization payments.To avoid penalties and foreclosure, be prompt in the repayment of your monthly amortization.
OWN A HOME THRU PAG-IBIG HOUSING LOAN
What are the house-and-lot or condo units that you can buy through the Pag-Ibig Fund? Actually, most of the subdivisions and condominium projects in Cebu have Pag-Ibig Housing Loan. However, I highly recommend these projects in Cebu City, Mactan Island and Carcar City.
(1) House and Lot
AMBERLEY - Kalawisan, Lapulapu City - P9,200/month
TIERRA NAVA - Carcar City - P6,350/month
(2) Condo
PLUMERA - Basak, Lapulapu City - P6,149/month
BLOQ RESIDENCES - Sikatuna St., Cebu City - P9,673/month
For more information about the topic or any inquiries about buying a property in Cebu, please contact us at 0917-811-3530 or send us an email at cebuhousefinder@yahoo.com. We help home buyers to find their dream house at the best price and location… for free!