Guide on the Pag-IBIG Home Renovation Loan Requirements 2023 You Must Prepare & Submit
PAG-IBIG HOME RENOVATION LOAN REQUIREMENTS 2023 – You can check the list below for the documents needed in applying for the loan offer.
Are you planning to renovate your house? If you are a member of the Pag-IBIG Fund, you may turn to the Housing Loan offer of the government agency which actually serves several purposes.
Aside from the Pag-IBIG Cash Loan offer, the Fund also offers the Housing Loan. You may apply for it for the purpose of financing a residential property acquisition, a house construction, a home renovation, and a take-out of an existing loan.
There is a short list of the eligibility requirements in applying for the Pag-IBIG Fund Housing Loan offer. To qualify, the member-borrower must meet the following eligibility criteria:
- at 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
- 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
With regards to the Pag-IBIG Home Renovation Loan requirements this 2023, most of the documents required pertain to the property to be renovated. Here are the documents that you must prepare and submit to the government agency:
- two (2) copies of the Pag-IBIG Housing Loan Application Form (HQP-HLF- 068/HQP-HLF- 069) with recent ID photo of borrower/co-borrower (if applicable)
- one (1) valid ID
- Principal Borrower
- Co-borrower
- Seller
- Developer’s Authorized Representative and Attorney-in-Fact
- Spouses of the parties involved, if applicable
- proof of Income
- If employed, prepare any the following documents:
- Certificate of Employment and Compensation (CEC)
- indicating the gross monthly income and monthly allowances or monthly monetary benefits received by employee
- duly signed by the authorized signatory of the employer
- Latest Income Tax Return (ITR) for the year immediately preceding the date of loan application
- one (1) month payslip, within the last three (3) months prior to date of loan application
- Certificate of Employment and Compensation (CEC)
- If self-employed, prepare any of the following documents:
- Commission Vouchers reflecting the issuer’s name and contact details (for the last 12 months)
- ITR, Audited Financial Statements, and Official Receipt of tax payment from bank supported with DTI Registration and Mayor’s Permit/Business Permit
- Copy of Lease Contract and Tax Declaration (if income is derived from rental payments)
- Bank Statements or passbook for the last 12 months
- Certified True Copy of Transport Franchise issued by appropriate government agency (LGU for tricycles, LTFRB for other PUVs)
- Certificate of Engagement issued by owner of business
- If overseas Filipino worker (OFW), prepare any of the following:
- Employment Contract
- Employment Contract between employee and employer or POEA Standard Contract
- Notarized Certificate of Employment and Compensation (CEC)
- CEC written on the Employer/Company’s official letterhead or CEC signed by employer
- Employment Contract
- If employed, prepare any the following documents:
- Updated Tax Declaration (House and Lot)
- 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
Prepare the Pag-IBIG Home Renovation Loan requirements 2023. Submit your documents to a branch of the Pag-IBIG Fund nearest to you. The loan processing may take three (3) weeks up to four (4) months. Wait for an update from the government agency regarding the status of your loan application.