Monday, June 16, 2014

How to get a PAG-IBIG Housing Loan

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. 

The first step to getting a PAG-IBIG Housing Loan is to attend a loan counselling session at any PAG-IBIG office.

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: 

  • Original Transfer Certificate of Title (TCT) in the name of the applicant with annotated mortgage
  •  
  • DOAS with original RD stamp
     
  • New Tax Declaration in the name of the applicant

  • Updated Real Estate Tax Receipt (for house and lot, if applicable)

  • Occupancy Permit (secured from LGU Engineering Office, if applicable)

  • Assignment of Loan Proceed

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.  


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