Details about the Pag-IBIG House Construction Loan 2023 Loanable Amounts
PAG-IBIG HOUSE CONSTRUCTION LOAN 2023 – You can check the details below regarding the loan offer including the loanable amounts under it.
Among its many loan offers, the Pag-IBIG Fund which is one of the biggest government agencies in the Philippines that caters services to thousands of Filipinos daily is most popular for its Housing Loan offer. These includes several purposes.
Under the Pag-IBIG Housing Loan offer, the eligible members may apply for the Pag-IBIG House Construction Loan 2023. Under it, the government agency will finance a part of the construction of your target residential property. It has a high loanable amount compared with the Pag-IBIG Multi-Purpose Loan.
Under the Pag-IBIG House Construction Loan 2023, a member may borrow up to P6 million. All loan applications are subject to the approval of the government agency. The Fund assess the actual need as well as the capacity of the borrower to repay the amount borrowed.
To qualify for the Pag-IBIG House Construction Loan 2023, the member-borrower must comply with the following eligibility requirements:
- active member with least 24 months savings
- 65 years old and below at the date of loan application but should not exceed 70 years old upon the date of loan maturity
- has the legal capacity to acquire and encumber real property
- has no Pag-IBIG housing loan foreclosed, cancelled, bought back, or voluntarily surrendered
- If the Pag-IBIG Fund member-borrower has an existing Pag-IBIG Housing account or Short Term Loan (STL), the payments for the existing loan must be updated
To apply for the Pag-IBIG Fund loan offer, there are documents that the government agency requires for submission to be used in the evaluation of the loan application. Here are the documents needed:
- Housing Loan Application with recent ID photo of borrower/co-borrower (if applicable) (2 copies, HQP-HLF-068/069)
- Proof of Income (see details at the back)
- One (1) valid ID (Photocopy, back-to-back) of Principal Borrower and Spouse, Co-Borrower and Spouse
- Updated Real Estate Tax Receipt and Updated Tax Declaration and (photocopy), if applicable
- Building Plans, Specification with Bill of Materials duly signed by the Licensed Civil Engineer or Architect
For the loan releasing, the Pag-IBIG Fund requires additional documents for submission. You must prepare and submit the following:
- updated Real Estate Tax Receipt and Updated Tax Declaration (photocopy), if applicable
- Loan Documents
- Notarized Loan Agreement (For ROPA Accounts with House Construction or Home Improvement) (HQP-HLF-596)
- Duly accomplished/notarized Promissory Note (For ROPA Accounts with House Construction or Home Improvement) (HQP-HLF-597) for each loan release
- Disclosure Statement on Loan Transaction (HQP-HLF-085)
- Building Plans/Electrical/Sanitary Permits duly approved by the building official
- Occupancy Permit