Steps for Pag-IBIG House Construction Loan 2023 Application & Requirements
PAG-IBIG HOUSE CONSTRUCTION LOAN 2023 – Here are the steps in applying for this loan offer of the Pag-IBIG Fund.
Are you looking for an entity where you can apply for a Housing Loan? Pag-IBIG Fund members actually have one of the best offers to turn to. It can be a good take if you are.
The Housing Loan offer of the Pag-IBIG Fund offers several options including the Pag-IBIG House Construction Loan 2023. Countless Filipinos were able to construct their dream house with the help of the government agency.
Thus, it is important to maintain an active and updated account. You may check the details below regarding this excellent offer.
With regards to how much you may borrow under the Pag-IBIG House Construction Loan 2023, there are factors that the government agency considers but it has set a huge maximum loanable amount. It is one of the biggest in the market.
You can extend the loan term up to 30 years thus you can really have light monthly payments. The interest for the Pag-IBIG House Construction Loan depends on the fixing period you choose. Here is the easy process in applying for the loan offer:
Step #1 — Check if you are qualified to apply for the Pag-IBIG House Construction Loan 2023 offer. To qualify for the loan, the member-borrower must meet the following eligibility criteria for application:
- 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
Step #2 — Prepare the documentary requirements. During the application for the loan offer, here are the documents that you need to prepare for submission for the loan application:
- 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
Please be aware that there is another set of requirements that you need to submit for the releasing of the loan process. You must gather and submit the following documents to process the release of your loan proceeds:
- 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
Step #3 — Visit a branch of the Pag-IBIG Fund and submit all your documents. Make sure to bring all the original copies of the documents as the government agency may require for their presentation in front of its staff.
Step #4 — Wait for an update from the Pag-IBIG Fund regarding the status of your loan application. It may take three weeks to a month depending on certain factors. Once approved, visit a branch of the government agency to get your Notice of Approval and sign the contract.