PAG-IBIG HOUSING LOAN FOR RENOVATION – You can check the list below for a complete guide in applying for the home renovation loan.
The Pag-IBIG Fund members may turn to the Housing Loan offer of the government agency in the pursuit of financing a home renovation. Under it, the expenses may be pocket-friendly as you can pay for them on a lengthened loan term of up to 30 years.
Pag-IBIG Home Renovation Loan 2023 — How To Apply & the Requirements
Guide on Pag-IBIG Home Renovation Loan 2023 Application Process & Requirements
PAG-IBIG HOME RENOVATION LOAN 2023 – Here is a guide on how to apply for the said Pag-IBIG Fund loan offer and the requirements.
Members of the Pag-IBIG Fund who need financial solutions for home renovation may apply to the housing loan offer of the government agency. It includes the purpose of financing a home renovation provided that you comply with the requirements.
Millions of Filipinos are Pag-IBIG Fund members. These individuals include locally-employed and self-employed Filipinos, overseas Filipino workers (OFWs), and voluntary members. Those who have updated and active accounts may apply for the loans and services offered by the Fund.
One of the offers is the Pag-IBIG Home Renovation Loan 2023 or the housing loan for the purpose of financing a project of renovating a residential property. Under the said offer, you can borrow a huge amount that can be repaid in light monthly installments.
To reiterate, here are the purposes covered by the Pag-IBIG Housing Loan:
- 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
With regards to the Pag-IBIG Home Renovation Loan loanable amounts, they are subject to the approval of the Fund based on certain factors. Meanwhile, the government agency has posted the detail about the maximum amount under the loan offer.
The borrowed amount is payable for up to 30 years. Thus, you can opt for light monthly installments by extending your loan term. There is an easy process on how to apply for the Pag-IBIG Home Renovation Loan 2023. Here are the steps that you may follow:
Step 1 — Check the Qualifications.
The Pag-IBIG Fund posted a list of qualifications in applying for the loan offer. To qualify, here is the set of eligibility criteria 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
Step 2 — Prepare the Requirements.
You need to prepare certain documents in applying for the Pag-IBIG Home Renovation Loan 2023 offer. The set of requirements for Pag-IBIG Home Renovation Loan 2023 includes the personal documents of the member-borrower as well as the collateral requirements.
Step 3 — Go to Pag-IBIG Fund.
Visit a branch of the Pag-IBIG Fund nearest to the location and submit the documents. Wait for an update from the government agency regarding the status of your loan application.