How to Apply for a Pag-IBIG Housing Loan

These are the documentary and technical requirements that you will need when you apply for a home loan from Pag-IBIG Fund.

Documentary requirements

-          Borrower’s most recent ID pictures and Pad-IBIG Housing Loan Application Form (PHLAF)

-          MSVS or Membership Status Verification Slip

-          Proof of income, such as an employment contract for OFWs, an income tax return for locally employed members and bank statement for the last year for those who are self-employed

-          A valid ID, photocopied back-to-back, of the principal borrower and spouse, co-borrower and spouse and attorney-in-fact, if required (During validation, the same valid ID should be presented)

-          Authorization to conduct an investigation on the member’s credit background

-          OFW additional requirement – Special Power of Attorney (should have been notarized before member has left the country, or is duly certified and authenticated by the Philippine embassy of the nation where he is currently employed)

-          Insurance coverage

* If borrower is over 60 – health statement form and full medical examination

* If borrower is an OFW over 60 or is over 60 and loaning over P2 million – health statement form

-          Marriage contract for married borrowers and co-borrowers

-          Proof of relationship if with a co-borrower (birth certificate, etc.)

Technical requirements

-          A Registry of Deeds certified true copy of the Transfer Certificate of Title or TCT, or the Condominium Certificate of Title or CCT

-          Vicinity map or location plan

-          Photocopy of the real estate tax receipt and the tax declaration

Requirements based on purpose of loan

-          For a residential property purchase – agreement between the buyer and the seller, such as a contract to sell

-          For a loan refinancing:

* A statement of account on the outstanding balance of the loan

* Either an official receipt or a valid proof of payment from the past year, or a subsidiary ledger

-          For the construction of a house, the purchase of a lot for building a house or for improving a home – building plans, specification and bill of construction materials endorsed by the licensed architect or civil engineer

To apply for Pag-IBIG Fund’s Housing Loan, head to the Pag-IBIG NCR or regional branch, present a valid ID and claim an MSVS. After filling it up and giving it to them, it will be given back to you, as well as an acknowledgement receipt, the PHLAF and the Checklist of Requirements.

Go to the Pag-IBIG NCR/regional branch that has territorial jurisdiction over the property for which you are applying for a loan. This is where you will hand over two accomplished copies of the PHLAF together with the documents required of your loan. Update or fill up the information on the Membership Registration System online to claim the computer-generated Member’s Data Form (MDF), which contains the registration tracking number (RTN).

Get a payment order form (POF), show it to the cashier and hand over a P1,000 processing fee so that you will receive a Pag-IBIG Fund Receipt (PFR). Have the PFR photocopied, take the copy to the Member Services Support Division-Servicing Department (NCR) or the Housing Loans Division (regional branches) and surrender it for the acknowledgement receipt.

(If the Mortgage Loans Specialist finds anything notable while doing the member’s credit investigation, he will let the member know within 5 working days. The property appraiser will inform the member about the schedule of the evaluation within 5 working days, and will let the member know of any findings 2 days following the appraisal.)

In the next (and last) article of this series, the approval and release of the loan will be discussed.