List of Pag-IBIG Housing Loan Qualifications for Application
PAG-IBIG HOUSING LOAN QUALIFICATIONS – You can check here the eligibility requirements set by the Fund under its loan offer.
If you are a member of the Pag-IBIG Fund, there is an option to hit the goal of having your own house without being pressured to save for it for a one-time cash payment. It is because the Fund has a Housing Loan offer that caters to several purposes related to residential properties.
The Housing Loan offer of the Fund is ready to finance the property acquisition, house construction, home renovation, and home refinancing pursuits of a qualified member. In fact, the government-run entity allows a combination of purposes under a single loan like the purchase of a vacant residential lot and a house construction on the said property.
Not only the members of the Fund may qualify for the loan offer. If you are not a member of the state-run entity and you wish to apply for the loan offer, you may apply for a membership and pay for the required number of contributions for eligibility to the loan offer.
There are a few Pag-IBIG Housing Loan qualifications set by the Fund for aspiring loan applicants. To be eligible to apply for the loan offer, the member-borrower must meet the following eligibility criteria:
- has posted at least twenty-four (24) monthly membership savings
- age of not more than sixty-five (65) years at the date of application and not more than seventy (70) years at maturity of the loan
- has a legal capacity to encumber real property
- has the ability to pass satisfactory background / credit and employment / business checks of Pag-IBIG Fund
- has no outstanding Pag-IBIG Short-Term Loan (STL) in arrears at the time of the loan application
- has no Pag-IBIG Housing Loan that was foreclosed, cancelled, bought back due to default, or subjected to dacion en pago
According to the Pag-IBIG Fund, in case you are applying with a co-borrower, both yours and the co-borrower’s accounts to the Fund must be updated.
The loan repayment can be extended to up to 30 years. However, it will also be wise to know the interest rates under specific fixing periods so you can choose the best term for your loan.
