Monday, June 16, 2014
The PAG-IBIG Fund is a national savings program and affordable shelter financing for the Filipino worker. Most companies require or help process their workers' PAG-IBIG numbers even those that are employed by foreign-based employers. However, if one should want to own a PAG-IBIG loan, you need to have had membership and issued payments to PAG-IBIG for at least 24 months.
Here's how to apply for a PAG-IBIG housing loan.
1. Attend a loan counselling session at any PAG-IBIG office. You will be asked to fill in a preliminary loan counselling questionnaire, a housing loan application (HLA) and membership status verification (MSVS). Other forms may vary depending on the purpose of your loan.
2. Submit the HLA with a non-refundable processing fee of P1 000.
3. Receive Notice of loan approval or a Letter of Guaranty, and sign the loan documents.
4. Go to the Bureau of Internal Revenue for payment of documentary stamps and capital gains tax, then to the Registry of Deeds for transfer of title and annotation of mortgage.
5. Submit the following documentation to PAG-IBIG:
6. Pay the first monthly amortization a month after the loan release. This last step may take some time as most applicants are informed through a telephone call. Prepare two valid ID cards when you pick up your check. If you are unable to pick it up in person, your representative should have a notarized Special Power of Attorney with two valid ID cards – one for yourself, the other for your attorney.