Guide on the Pag-IBIG Home Renovation Loan 2023 Requirements You Must Submit
PAG-IBIG HOME RENOVATION LOAN 2023 – Here are the requirements in applying for the housing loan offer of the Pag-IBIG Fund.
Are you planning to renovate your house but your budget may not be able to cover all the expenses now? If you are a member of the Pag-IBIG Fund, you actually have a loan offer that you can turn to as its Housing Loan encompass several purposes.
Millions of Pinoys are members of the Pag-IBIG Fund. These include locally-employed and self-employed individuals. There are also overseas Filipino workers (OFWs) who maintain an active and updated account with the government agency.
The Fund offers several loans but it is most popular for its housing loans. Under it, aside from the Pag-IBIG House Construction Loan 2023, the government agency also offers a loan for home renovation.
To qualify for the Pag-IBIG Home Renovation Loan 2023 offer, here are the eligibility requirements that the member-borrower must meet:
- must be an active member with least 24 months savings
- 65 years old and below at the date of loan application
- 70 years old and below at the date of loan maturity
- has legal capacity to acquire and encumber real property
- has no Pag-IBIG housing loan foreclosed, cancelled, bought back, or voluntarily surrendered
- If with existing Pag-IBIG Housing account or Short Term Loan (STL), payments must be updated
There are also documentary requirements for Pag-IBIG Home Renovation Loan 2023 application that you must prepare and submit to the Fund. Here are the required documents for loan application:
- two (2) copies of the Pag-IBIG Housing Loan Application Form (HQP-HLF- 068/HQP-HLF- 069) with recent ID photo of borrower/co-borrower (if applicable)
- one (1) valid ID
- Principal Borrower
- Co-borrower
- Seller
- Developer’s Authorized Representative and Attorney-in-Fact
- Spouses of the parties involved, if applicable
- proof of Income
- If employed, prepare any the following documents:
- Certificate of Employment and Compensation (CEC)
- indicating the gross monthly income and monthly allowances or monthly monetary benefits received by employee
- duly signed by the authorized signatory of the employer
- Latest Income Tax Return (ITR) for the year immediately preceding the date of loan application
- one (1) month payslip, within the last three (3) months prior to date of loan application
- Certificate of Employment and Compensation (CEC)
- If self-employed, prepare any of the following documents:
- Commission Vouchers reflecting the issuer’s name and contact details (for the last 12 months)
- ITR, Audited Financial Statements, and Official Receipt of tax payment from bank supported with DTI Registration and Mayor’s Permit/Business Permit
- Copy of Lease Contract and Tax Declaration (if income is derived from rental payments)
- Bank Statements or passbook for the last 12 months
- Certified True Copy of Transport Franchise issued by appropriate government agency (LGU for tricycles, LTFRB for other PUVs)
- Certificate of Engagement issued by owner of business
- If overseas Filipino worker (OFW), prepare any of the following:
- Employment Contract
- Employment Contract between employee and employer or POEA Standard Contract
- Notarized Certificate of Employment and Compensation (CEC)
- CEC written on the Employer/Company’s official letterhead or CEC signed by employer
- Employment Contract
- If employed, prepare any the following documents:
- Updated Tax Declaration (House and Lot)
- Updated Real Estate Tax Receipt (photocopy)
- Building Plans, Specification with Bill of Metrials duly signed by the Licensed Civil Engineer or Architect
- Vicinity Map/Sketch of the Property
Prepare your documents in original copies. Submit them to a branch of the Pag-IBIG Fund nearest to the location of the property to be renovate for application.