Guide on Pag-IBIG Housing Loan Refinance 2023 Application Process
PAG-IBIG HOUSING LOAN REFINANCE 2023 – Here is a guide on how to apply for the loan offer of Pag-IBIG Fund for qualified members.
Are you planning to have your existing home loan with another entity be refinanced under the Pag-IBIG Fund? It can pave the way for light monthly installments and get rid of high interest rates most especially if the current loan is with a bank.
The Pag-IBIG Housing Loan is the most popular loan offer of the government agency which has millions of members across the nation. Actually, refinancing an existing loan is not the only purpose it serves. You may apply for the loan offer to finance any of the following:
- purchase of residential lot or adjoining residential lots plus the cost of transfer
- purchase of residential house & lot, townhouse or condominium unit inclusive of a parking slot plus the cost of transfer
- house construction
- home improvement
- refinancing of existing home loan
- combined Loan Purposes
The loanable amount under the Pag-IBIG Housing Loan Refinancing depends on several factors including the actual need and the capacity of the member-borrower. Meanwhile, the Fund has set a huge maximum borrowing amount allowed.
With regards to the interest rate under the Pag-IBIG House Loan Refinancing, it is dependent on the repricing period that you have chosen during the loan application process. There is a simple process in applying for the Pag-IBIG Housing Loan Refinance 2023.
Step 1 — Check the Eligibility Criteria.
There are eligibility requirements set under the Pag-IBIG Fund loan offer. To qualify, the member-borrower must meet the following qualifications:
- active member
- has posted at least 24 months savings
- not more than 65 years old at the date of loan application but not more than 70 years old at the date of loan maturity
- has the legal capacity to acquire and encumber real property
- has noo Pag-IBIG housing loan foreclosed, cancelled, bought back, or voluntarily surrendered
Step 2 — Prepare the Documentary Requirements.
Prepare the requirements for Pag-IBIG House Loan refinancing. Make sure you have the original copies of each documents as the Fund may request for their presentation during the filing of the application.
Step 3 — Go to Pag-IBIG Fund.
Go to a branch of the Pag-IBIG Fund nearest to the location of the property. Submit the requirements for Pag-IBIG Housing Loan Refinance 2023 application.
Step 4 — Wait for the Loan Result.
Wait for an update from the Fund. Most often, the result of the loan application is emailed to the email address that the member-borrower has provided. There are also instances when the Fund calls the loan applicants.