In this blog, let us discuss the qualifications to avail of the Pag-Ibig Housing Loan.
WHO CAN AVAIL OF THE PAG-IBIG HOUSING LOAN?
To qualify for a Pag-IBIG Housing Loan program, however, a member shall satisfy the following requirements:
Must have remitted 24 monthly contributions under Pag-IBIG I, Pag-IBIG II or Pag-IBIG Overseas Program (Members with less than the required number of contributions will be allowed to make a lump sum payment provided they have been contributing members of the Fund for at least 12 months);
Not more than 65 years old at the date of loan application and not more than 70 years old at loan maturity;
Has passed satisfactory checks (background, credit and employment) of the Pag-IBIG Fund;
Has no outstanding Pag-IBIG housing loan, either as a principal borrower or co-borrower;
Has no outstanding Pag-IBIG multi-purpose loan in arrears; and
Had no Pag-IBIG housing loan that was foreclosed, cancelled or bought back due to default or subjected to dacion en pago, which includes cases where the borrower is no longer interested to pursue the loan and surrenders the property.
In January 2017, Pag-IBIG FUND introduced the online application through its website. The housing loan process is now reduced to 20 days provided that the applicant submitted the complete requirements. Check our discussion on the Pag-IBIG Housing Loan Program and How to avail it.
For more information about the topic or any inquiries about buying a property in Cebu, please contact us at 0920-207-5035 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!