Guide on Pag-IBIG Housing Loan Requirements for Application
PAG-IBIG HOUSING LOAN REQUIREMENTS – Here are the documents that the Pag-IBIG Fund requires in applying for the offer.
Nowadays, due to the high inflation and the pursuit to grow the money at hand, more and more people consider purchasing residential properties under loan offers. One of the most popular offer is the Pag-IBIG Housing Loan.
The Pag-IBIG Housing Loan is one of the main loan offers of the Pag-IBIG Fund which was built to help the Filipino people acquire residential properties. Truth be told that the struggle is real for low-income individuals and buying a house is the least in their priority and something that many people are not ready to do in cash.
With the Pag-IBIG Housing Loan, even low-income earners don’t need to wait for years and even decades to be able to save up for a residential property purchase. The loan offers even includes the purpose of financing a vacant residential lot purchase for those who want to build a house on a staggered mode, undeniably, it is preferred by a lot of people.
In applying for the offer, there are Pag-IBIG Housing Loan requirements that the member-loan applicant must prepare and submit to the Fund. Here are the general documents that must be prepared and submitted regardless of the specific reason for the loan application:
- two (2) copies of duly-accomplished Housing Loan Application Form
- recent ID photo of borrower/co-borrower
- one (1) valid ID
- Proof of Income:
- If the applicant-borrower is employed:
- Latest Income Tax Return (ITR)
- Certificate of Employment and Compensation (CEC) (It must contain the gross monthly income of the applicant and all the monetary benefits received)
- one-month payslip
- If the applicant-borrower is self-employed:
- Certificate of Engagement issued by owner of business
- Commission Vouchers reflecting the issuer’s name and contact details
- Certified True Copy of Transport Franchise
- ITR, Audited Financial Statements, and Official Receipt of tax payment from bank
- Copy of Lease Contract and Tax Declaration
- other document that would validate the source of income
- If the applicant-borrower is employed:
Aside from the aforementioned general requirements in applying for the Pag-IBIG Housing Loan offer, there are also purpose-specific requirements. Here are the documents that you must prepare based on the purpose of the loan application:
Lot Purchase/Residential Unit
- Transfer Certificate of Title (latest title, Certified True Copy)
- Updated Tax Declaration
- Updated Real Estate Tax Receipt (photocopy)
- Contract-to-Sell or smiliar agreement between buyer and seller
- Vicinity Map/Sketch of the Property
For Properties purchased from developers, corporations, or associations
- License to Sell (Applicable to Developer only)
- Secretary’s Certificate on the Authorized Signatory of the Developer/Corporation/Association
- One (1) valid ID of the Corporate Secretary and Authorized Signatory of the Developer/Corporation/Association (Photocopy, back-to-back)
House Construction
- Transfer Certificate of Title
- Updated Tax Declaration
- 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
Refinancing
- Transfer Certificate of Title
- Updated Tax Declaration
- Updated Real Estate Tax Receipt (photocopy)
- Latest Statement of Account on Outstanding Loan Balance duly signed by the Manager or the account officer, together with any of the following:
- Official receipt (or any valid proof of payment) for the past 6 months
- Subsidiary Ledger
- Vicinity Map/Sketch of the Property
A loan application to the Pag-IBIG Fund may actually take some time from the preparation of the requirements to the queuing in the filing of the loan application. Meanwhile, there are application steps that you may follow to ensure a smooth flow in applying for the loan offer.
