How to apply for PAG-IBIG Housing Loan and Get Approve?

What is your biggest dream in life? I suppose having your own house is one of those. Everyone wanted to have their dream house. Don’t worry it’s now possible and it made it easy to have it.

Pag-IBIG housing loan is open for all employees who paid monthly contribution to Pag-IBIG Fund, whether it is Kasambahay, OFW, or local employees who works in government or private Companies. Pag-IBIG housing loan is not only for those who have a high salary, it was also applicable for those minimum wage earners who wanted to have their own house at a lower rate of interest and affordable monthly amortization.

Pag-ibig housing loan for minimum wage earner

‘Not my photograph’ -Big thanks to the owner-

Here are the steps to avail PAG-IBIG housing loan:

1. Get a checklist of requirements.

Housing Loan Application
Vicinity Map of Property
Additional requirements by Loan Purpose
Proof of Income
Updated Tax Declaration and Tax Receipt
Valid ID’s
Certified True Copy of Title

2. Submit the housing loan application.

JELP Business Solutions Building, Shaw Blvd, Mandaluyong City, or any PagIBIG Branch near you. Ensure that the application form is completely and correctly filled out.

3. Receive the notice of approval (NOA ) and the letter of Guaranty (LOG).

After 17 working days, claim at Servicing Dept. 2/F JELP Bldg. Shaw Blvd. Mandaluyong City.

4. Accomplish the NOA requirements for the release of Loan Proceeds.

The borrower will be given 90 calendar days; Transfer of title; Annotation of mortgage

5. Receive loan Proceeds at the PagIBIG Fund.

Return annotated to Serving Dept., after 10 working days release of loan proceeds.

6. Start paying the monthly housing loan Amortization

Monthly amortization shall start exactly one (1) month from the DV/ Check date.

Refer to the Pag-IBIG website housing loan application for more details.

https://www.pagibigfund.gov.ph/Availmentofnewloan.html

As for my case, it’s very comfortable to find an agent and choose a home you really wanted to live in, I mean your dream house. Just find Developers like Camella, Fiesta Communities, Lumina, Amaialand, Ayala land, and other developers that are offering to acquire a home thru PAG-IBIG housing loan.

That was what I did, thru a post on Facebook, I saw a house that is good to live in and afford my budget. I ask the agent, the one who posted the advertisement and she gave me all the information I need. It’s better that you choose a better agent, by means of better, he will assist you in everything you need up to the end of your application. It is sometimes too much hassle in your case once he will leave you in the middle of the process.

In my case, after I know everything, I need to know how much the monthly installment and what are the requirements? I check myself and my capabilities and budget if I really can afford to pay its monthly amortization. When I’m done checking myself I contacted her and ask her if I can check the house. She approved it and schedule the tripping. Upon inspecting the house, they can show you only the model house, anyway it’s the same, the only difference is that the house you are going to get is empty while the model house, they arrange it to be more attractive to the buyer. If you want to check the area of the house, where the house is located, who are your neighbors, is it a good area to live in, you can ask your agent to do so? And they will let you see it, but only outside the house, only the surroundings, not inside the house.

After you made sure that you will be going to get it, you need to pay the reservation fee and you will be going to prepare all the requirements they need for the application of your PAG-IBIG Housing Loan. You don’t need to do the hassle of submitting it all to the Pag-IBIG Fund, just pass it all to your agent. As for my case I’m really busy with my work, there is something I need to get in the PAG-IBIG fund as one of the requirements, I ask my agent to get it for me and it’s ok with her, you just need to provide her an authorization letter and a photocopy of your valid ID.

After you provide all the requirements and completed the application form, it’s done now, you just need to wait for a call from PAG-IBIG as a background check. They will be going to call your employer too if you really work from there and to check if the salary you put in your housing loan application is correct.

If you really like the house but your salary requirement was not enough, you can have a co-maker, it can be your husband if he also has PAG-IBIG contribution, your family members, and anyone who are willing to be your co-maker, you just need to pass the co-maker requirement that is same with yours. After that you need to attend PAG-IBIG Fund orientation, they will be going to explain to you everything you need to know about your housing loan, how will you going to pay it, what happens if you didn’t pay it on time, what happens if you didn’t pay it at all, what is happen once there are a disaster and your house be affected, something like that and more.

The PAG-IBIG Fund will be going to check the house if it’s really worth the price and really worth living in. After that, you just need to wait for your PAG-IBIG Housing Loan Approval. Once it approved, your developer will be going to inform you and you just need to wait for the PAG-IBIG Fund notice of approval, and there you have it. You need to pay the fire extinguisher and wait for your developer schedule for your inspection, the developer will be going to construct the house, if it’s already constructed as in my case they will be going to let you do the inspection and once you are not comfortable and you want them to fix something in the house, they will be going to do it. Just let them know that you are not yet satisfied. After that, they will give you another schedule for inspection, and if still not satisfied you can still tell them until to the point that you are satisfied and comfortable to live there without any more problem. After you accept it you will be going to sign an Acceptance Form, the key of the house, and a Move-in form for you to have access to enter the subdivision and for you to apply all the utilities you need like water, power, and an internet connection, it’s all your expenses by the way. And there you have it, you can now move in. Congratulations!

Having your dream house now is not that difficult nowadays, Don’t waste this opportunity that the PAG-IBIG Fund offered to us. I know now since there’s Pandemic, they now offer PAG-IBIG Housing Loan interest at the lowest rate. So grab this chance now!