Transferring loan payments to another person is challenging once you’ve verified your documents and obtained your housing loan from PAG IBIG. You need to accomplish PAG IBIG conditions in this regard. We’ve provided accurate guidance to learn how you can transfer your house loan to another person.
Contents
How to Transfer PAG IBIG Housing Loan to Another Person?
When PAG IBIG active membership owner wants to transfer the housing loan to another partner legally, the process includes certain requirements. You can accomplish this by going through these conditions and following the precise steps. This membership exchange procedure is known as ‘loan takeover’ or ‘assignment of loan’.
Afterward, the original loaners can officially hand over all the responsibilities and rights of the loan to a new person, who has become the loan’s principal head.
Requirements for transferring the loan balance:
CHECK: PAG IBIG Housing Loan Co-Borrower Requirements
Notable Points to Transfer the Loan
Hence, checking the PAG IBIG qualifying criteria, fee information, requirements, and process of transferring the loan from one person to another.
CHECK: PAG IBIG Housing Loan Deed of Sale
Step-by-Step Guide to Transfer the Loan Balance
Step 1: Loan Balance Transfer Application Submission
Firstly, transfer your loan balance to the other; you must submit the exchange application to the PAG IBIG. This application also includes the original documents, proof of letter of income, proof of identity (Photo & ID), and proof of address.
However, you must submit your original loan contract’s copy assigned to you while applying for it. Afterward, you need to prepare and submit the new person’s statement letter that ensures payment for this loan and his intentions regarding ownership for this loan payment. These letters and allocation applications are needed because these letters lead to the upcoming loan payments after the second member’s name.
Step 2: New Loan Agreement Accomplishment
When a loan payment transfer application is submitted, the next thing is to complete the exchange contract. For granting the loan payments to the new person, our PAG community asks for additional verifications you must fulfill.
Well, this agreement must comprise the full transaction details of both parties. It’s stated that the first borrower officially hands over his loan payments to another person. The former party isn’t responsible for loan payments after this agreement. So, when this agreement is prepared, both members sign it and then submit the original documents to PAG IBIG.
Step 3: Wait for your Approval Letter from the PAG office
Once you have completed all the transferring details to the PAG IBIG office, wait for the official response. The office management may take some time to verify your housing loan and its property. You must note that the PAG IBIG can also ask about further documentation. The additional information will ensure both parties are concerned about their loan exchange. After the entire sanction, PAG IBIG makes the new decision about loan transfer to the other person.
However, both principal members will be notified about the final loan balance transfer confirmation. The novel ownership period will be initiated with a second person and PAG IBIG. The upcoming loan will be allocated in his name, and he will submit the loan amortizations within the due date.
Risks of Unofficial Loan Balance Transfer
On the other hand, following the PAG regulations, the new loaner will pay the transferring fee, provide original documents, and assign the official letter. After the entire verification, your loan balance will be transferred to him. This official exchange process of loan transactions is quite risk-free.
How can I exchange my PAG House loan for another desired member?
When you’re willing to transfer your loan payment to any other member, it’s usually stated as a loan takeover. The new person will qualify for your loan based on official eligibility criteria. Submit his genuine documents, with verified photocopies and takeover fee, to the PAG IBIG counter. After successfully transferring the loan balance, the remaining loan will be issued to the new member’s name from the PAG office.
Final Thoughts
Once you’ve qualified and gained your housing loan from PAG, transferring it to the other person is challenging. PAG IBIG has offered convenient ways to ease this process. You can complete this loan exchange procedure by meeting the transfer criteria and following the steps.
Hi!
1. Will Pag ibig re-appraise the value of the property if we will do like this?