Guide on Pag-IBIG Housing Loan Application Process
PAG-IBIG HOUSING LOAN APPLICATION – Here is a guide on how to apply for the Pag-IBIG Fund’s loan offer for qualified members.
In the Philippines, if you are a member of the Pag-IBIG Fund, you may have an access to several beneficial loan offers. One of which is the Housing Loan which has been truly an excellent instrument for many people in acquiring residential properties of their own.
The Pag-IBIG Fund is in the service of the Filipino people for decades now and its offers and services have continually grown. It even has a savings facility now with a 5-year maturity, the Pag-IBIG MP2 Savings.
However, amid the growth in its services, the Pag-IBIG Housing Loan application remains a huge part in the long queues in different branches of the Fund across the nation. A lot of people are on the process of applying for the loan offer for the financing of their residential property purchase, house construction, home renovation, and, some, home loan refinancing.
Truth be told that a Pag-IBIG Housing Loan application may take weeks up to months until the result is out. If you want to have an organized process in applying for the loan offer, it is best to follow these steps:
- Step 1 — Ensure your qualification to the loan offer. Make sure you have posted at least 24 monthly contributions to your account and, if ever you have existing loans, make sure their payments are in an updated status as well.
- Step 2 — Prepare the requirements. Make sure that you have the original copies of all the documents that the Pag-IBIG Fund requires in the application for its Housing Loan offer. The government-run entity asks for the presentation of the original copies of the documents even with regards to those that will be submitted in the form of photocopies. It is for verification purposes.
- Step 3 — Submit your documents. File your loan application by heading to the branch of the Pag-IBIG Fund nearest to the property involved in the loan application. Wait for three (3) weeks up to a month for the result of your loan application.
- Step 4 — Once you have received the approval of your loan application, visit the branch of the Pag-IBIG Fund where you filed your loan application to receive your Notice of Approval (NOA) and your Loan and Mortgage Agreement (LMA).
- Step 5 — Begin processing the requirements for the releasing of the loan proceeds. The Pag-IBIG Fund may require you a set of documents depending on the purpose of your loan application. Prepare and submit these documents for the releasing of your loan proceeds.
Upon the releasing of the check to you or the seller of the property, the Pag-IBIG Fund will discuss with you the payment terms. You can make the payment through any of the following modes:
- collection servicing arrangement with your employer, if you are employed
- issuance of post-dated checks
- Auto-Debit Arrangement (ADA) with a Pag-IBIG Fund partner-bank
You may also pay for your loan through the Virtual Pag-IBIG or over-the-counter at any of the Pag-IBIG branch nearest to you. The Fund also has several accredited collecting partners nationwide as well as online payment channel partners like GCash, Bayad, and Maya.
