Step-By-Step Guide on How to Get a Pag-IBIG Loan [Updated]
One of the great benefits of being a member of Pag-IBIG Fund is the housing loan. If you are not over 65 years old and have remitted 24 monthly contributions to Pag-IBIG Fund, you may avail of this housing loan. You should not have any outstanding housing or multi-purpose loans with Pag-IBIG, nor should you have a Pag-IBIG housing loan that had been cancelled, bought back, or foreclosed.
Even minimum wage earners can have the opportunity to buy their own home through the Affordable Housing Program. With the End-User Financing Program, members can borrow up to ₱6 million. The maximum repayment period for a Pag-IBIG Fund housing loan is 30 years. Know how to apply for one in just five steps.
Step 1: Get The Relevant Forms
You can get the housing loan application form and the checklist of requirements by visiting your nearest Pag-IBIG Fund office, or by going through the Pag-IBIG online portal which you can access by visiting www.pagibigfund.gov.ph. Click on the link that says “Forms” and you can download them for free.
You need to accomplish a medical questionnaire and undergo a full medical examination if you are over 60 years old and an OFW, or if you are 60 years old and borrowing over ₱2 million up to ₱6 million.
If you are curious about rates, you can easily do a quick check by using our online calculator. This will give you an idea on the current BPI housing loan interest rate in comparison to other banks.
Step 2: Submit Your Pag-IBIG Fund Housing Loan Application
After filling out the necessary forms and completing the requirements, you can submit your application. There is a non-refundable partial processing fee of ₱1,000 that you will need to pay upon submission of application.
If the property is located in NCR, you can head to the Pag-IBIG Fund offices in Shaw Boulevard, Kamias, or Imus. If it’s a provincial property, you can file the application at the nearest Pag-IBIG Fund office to the said property.
If you prefer to do it online, go to www.pagibigfund.gov.ph and click on E-Services. Note that it takes about 20 working days to process your housing loan. This includes property valuation and credit investigation already.
Step 3: Receive Your Notice of Approval
If your housing loan application is approved, you will receive your Notice of Approval (NOA) or Letter of Guarantee (LOG). You can now sign your loan documents.
If your loan application is disapproved, it could be because of several reasons. When evaluating your loan application, Pag-IBIG Fund will also check your records, employment status, and your capacity to pay. They will evaluate the property and its appraised value. If you fail to meet any of these requirements, your loan application will get disapproved.
Step 4: Complete Your NOA Requirements
You have 90 days to accomplish your NOA requirements. Note that there will be different requirements depending on the property you want to purchase. We suggest that you do it right away because some of the requirements take days, or even weeks to complete. Don’t do it at the last minute. The sooner you can submit complete and correct documents, the sooner your check will be released to you.
Step 5: Receive Your Loan Proceeds
You can now collect your loan proceeds from Pag-IBIG Fund. Just present two valid IDs. You should also bring 12 postdated checks with you if payment for the loan is not through salary deduction. Once you have the check with you, just give it to the seller of the property as your payment.
If you’re looking for more information, you can check our guide on everything you need to know in getting a pag ibig housing loan.