PAG IBIG House Construction Loan full process including calculator, requirements

PAG IBIG House Construction Loan (Requirements, Calculator, Form)

8 Comments / Blog / By /
What calculation would you like to perform?
Desired Loan Amount:
Gross Monthly Income:
Estimated Value of Property:
Preferred Repayment Period: Desired Fixed Rate Term:

The income required for your desired loan amount is approximately:  
Additional estimated amounts:
Principal & Interest:
Insurance:
Monthly Amortization:
Estimated Equity:
Gross Monthly Income:
Note: Other fees not yet included.
Please be reminded that:
  • The interest rates are valid starting 2023, and are subject to change without prior notice.
  • The outcome produced by this calculator is solely for informational purposes and is NOT considered official.
  • The actual amount available for borrowing may differ based on the assessment and review of Pag-IBIG Fund.
  • The preferred fixed pricing duration is the length of time you want to keep your selected rate secure.
  • Specific terms and conditions are applicable.

We are going to guide you about pag ibig house construction loan, its requirements, how to get the form, and what is the whole process to apply.

Everybody yearns to construct a house for his family at a time in his family. You may dream of protecting your loved ones in your home. Somehow banks are not eligible to fulfill everyone’s dream by supporting them. In such circumstances, the Philippines government has established an agency PAG IBIG that provides the House Construction loan to Filipino workers. 

  • PAG IBIG prefers to check your area of interest, like your work plans towards building your shelter.
  • PAG ensures that customers don’t spend their money somewhere else than the purpose of the loan

CHECK: PAG IBIG House Renovation Loan

PAG IBIG assists you in sponsoring required projects

  • The lot and Home Purchase
  • Lot property purchasing offer only
  • House construction loan
  • House renovation and improvement loan

We discuss the house managing loan, which includes all the basic needs essential to building a home. PAG IBIG loan is availed for fundamental renovation requirements. 

Pag ibig House Construction Loan Requirements
PAG IBIG House Construction Loan

Why is a Home Construction Loan a bit Tricky?

Likewise, you are familiar with our PAG loan preferences. Here you must go through its necessities before submitting your application. You can follow similar prerequisites of loan criteria. The quite different documents necessary to accomplish before attempting your loan letter are mentioned here;

  • Property building plan slip
  • Occupancy permit letter
  • Sanitary, electrical, and construction permits
  • Tax receipt of Real Estate

Specifications of materials, including bills of each, this letter must be assigned by an architect or official civil engineer.

CHECK: Pag ibig House Construction Loan Calculator

How to Apply for PAG IBIG House Construction Loan?

Before your construction loan application, make sure you have prepared your official documents. Moreover, follow these steps to obtain your loan;

  • First of all, decide which kind of home you want to build. 
  • Arrange your required document, including annual tax, pay slips of lot tiles (collaterals) that are being used, and income proof. 
  • Please meet with our PAG IBIG official members. Then obtain your pre-approval letter on account of your affordable requirements.
  • Must hire a house builder or manager with a strong and loyal reputation.
  • Once you have managed all basic documents, now attempt your application, submit it to your lender, and wait for your loan approval. These official leaflets are submitted for loan approval. Next, your home specifications and plans documents, vicinity map, builder agreement, ITR, TTC, MSVS, updated photographs, total constructing estimates, etc., must be prepared and verified as proof.
  • Then our PAG team can visit or evaluate your constructions. We can analyze your work plans and work percentage. After all verifications, your loan payments will be issued, which entirely depends on your work accomplished. 
  • Usually, lenders prefer to provide the loan payments at each interval of loaner work. We are paying your whole year’s outlays at once or when you want to get your money. And then, after your loan acquirement, your amortizations are initiated. 
Process of acquiring your PAG IBIG House Construction Loan

Major tips to Apply for PAG Home Construction Loan

In the Philippines, the application and approval of the PAG home construction loan application are pretty complicated. Meanwhile, it’s not impossible for PAG borrowers to get their loans. There are some vital tips to ease your loan approval. 

Prequalified for a construction loan

Let’s know about your financial capacity before acquiring any loan, either home or another purpose. Make your assets, liabilities, monthly income, and further payslips for borrowing. Prequalified doesn’t represent your loan’s pre-approval, but it’s related to preparing yourself for enhancing your loan acceptance chances.

Pre-approval for Loan

Once you have managed your latest income tax returns, recent bank statements, employment certification, and additional bank slips. You have ultimately achieved the opportunity to apply for your desired loan. Thus your loan application can be preapproved now. 

PAG IBIG Housing Loan

In the Philippines, you can get a housing construction loan for your standard of living. Hence, PAG IBIG brings the series of payments of your loan. There are minimal necessities and affordable interest rates, so every worker can quickly get a loan and construct a home. Various organizations, applications, and even banks are associated with PAG IBIG’s official center. All these PAG centers aim to assist and make straightforward ways for your loan achievement. 

Interest Rates for loan

You have the whole guide of interest rates, and now you can pick your suitable interest rate according to your loan. Consider your monthly amortization, title transfer fees, taxes, and related housing loan fees. 

Major tips to Apply for PAG Home Construction Loan

Customers must need to know the House Construction Loan

One of our borrowers shared his experience acquiring the home construction loan specifics. We inquire about various banks and estimate our requirements and income source. There were multiple banks, such as East West Bank and many other organizations, but we found the most reliable is PAG IBIG. Besides, more documentation is required for PAG loan acceptance, but it provides customer-friendly packages. Finally, we pursue the PAG for our housing construction. 

We prepare and provide our papers, such as identification cards, vicinity maps, employment certificates, tax declarations, proof of income, bank statements, income tax returns, and other pay slips mentioned on the PAG IBIG form. 

The official site informed us to wait for our loan approval letter, and we got a confirmation letter after 2 months. Then official managers visited our home locality and verified our documents. Then get our installment of about P6 Million with 30 years of relaxing loan amortizations. We borrow that amount and construct our furnished home at a well-suited location. 

At that time, we realized other organizations offer the payments after watching your work progress. For this purpose must initiate your construction before your loan application. Meanwhile, by assigning our application to PAG IBIG, I got the payment slips at once and stayed linked with the official counter for additional instructions. Within some time, we shifted to our equipped and newly constructed house. We love to discuss with our friends acquiring a housing loan from PAG and leading your dreamy life. 

FAQs

How many days are required to process a house construction loan?

The PAG IBIG loan process takes a minimum of two days to a few months to process your loan applications. Thus after your loan approval, you may get more than 80% of your regular savings. 

Can you get your house construction loan easily from PAG IBIG?

Yes, whether you are a beginner or a loan member of PAG, you may apply for a PAG IBIG House Construction loan anytime. After fulfilling the eligibility criteria for getting your loan, attempt your construction loan form. 

Conclusion

Getting a housing Construction loan from PAG IBIG is the best decision for Filipinos. Thus the PAG membership means future securing offers accessibility. It’s the perfect time to eliminate the headaches from your life and put your energy into constructing a shelter for your family. You can accomplish your pretty challenge to comply with your dream and home construction. 

Author

  • Marina Aguilar is a freelance writer and editor with a passion for personal finance and real estate. She has been writing about finance and housing for over five years and has worked with various clients, including banks, financial institutions, and real estate developers. Marina believes that everyone deserves access to affordable housing and is committed to helping Filipino workers achieve their dream of homeownership through the Pag-IBIG Fund's housing loan program. In her free time, Marina enjoys hiking, reading, and spending time with her family.

    View all posts

Related Posts

8 thoughts on “PAG IBIG House Construction Loan (Requirements, Calculator, Form)”

  1. Mary Ann Romano

    I tried to apply for housing Construction loan from PAG IBIG, i think you can only avail of this type of loan if you are already rich.
    the house should be 90% complete before you get the full amount of loan.

    1. Marina Aguilar

      If the land you acquired through a Pag-IBIG loan from bidding is still under loan and you wish to apply for a house construction loan to build on it, here’s what you generally need to know:

      1. Consolidation of Loans: Pag-IBIG allows the consolidation of your existing land loan with a new house construction loan, subject to their evaluation and approval. This means you can apply for additional financing to construct a house on the land you’re currently paying for through Pag-IBIG.

      2. Eligibility and Requirements:

        • You must be an active Pag-IBIG member with at least 24 monthly contributions. If you haven’t reached this, you may be allowed to make a lump sum payment to meet this requirement.
        • The existing loan (for the land) must not be in default, and all payments should be up to date.
        • You must have a stable source of income to support the monthly payments for the consolidated loan.
        • You’ll likely need to submit a construction plan, building permits, and a bill of materials for the house you plan to build, among other documents.

      3. Application Process:

        • Contact Pag-IBIG directly to inquire about the possibility of consolidating your loans and the specific steps you need to follow. This may involve filling out new loan application forms and providing additional documentation for the construction loan.
        • The process will include an appraisal of the property and an evaluation of your financial capacity to pay the consolidated loan.

      4. Approval and Loan Release: If approved, Pag-IBIG will provide guidelines on the loan release, which often happens in tranches based on the construction progress.

      5. Considerations:

        • The interest rate for the consolidated loan may differ from your existing loan, so it’s essential to clarify this with Pag-IBIG.
        • Ensure that you understand the terms and conditions, especially regarding repayment schedules, interest rates, and the duration of the loan.

      Given the complexity of consolidating loans and applying for new financing, it’s best to directly consult with Pag-IBIG. They can offer personalized advice and guidance based on your specific situation and the current policies for house construction loans on land still under a Pag-IBIG loan.

    1. Marina Aguilar

      Upang mag-apply para sa Pag-IBIG Home Renovation Loan, dapat mong matugunan ang mga sumusunod na pamantayan sa pagiging karapat-dapat:

      • Maging aktibong miyembro ng Pag-IBIG na may hindi bababa sa 24 na buwang ipon.
      • Maging 65 taong gulang o mas mababa sa oras ng aplikasyon ng pautang at hindi hihigit sa 70 taong gulang sa petsa ng maturity ng pautang.
      • Magkaroon ng legal na kapasidad na kumuha at magsanib ng real property.
      • Walang Pag-IBIG housing loan na na-foreclosed, nakansela, nabili dahil sa default, o boluntaryong sumuko.
      • Kung mayroon kang kasalukuyang Pag-IBIG Housing account o Short Term Loan (STL), tiyaking na-update ang mga pagbabayad.

      Ang proseso ng aplikasyon ay nangangailangan sa iyo na maghanda at magsumite ng ilang partikular na dokumento, kabilang ang:

      • Dalawang kopya ng Pag-IBIG Housing Loan Application Form na may kamakailang ID photo ng borrower/co-borrower (kung naaangkop).
      • Isang valid na ID para sa lahat ng partidong kasangkot (pangunahing borrower, co-borrower, nagbebenta, awtorisadong kinatawan ng developer at attorney-in-fact, at mga asawa, kung naaangkop).
      • Mga dokumento ng patunay ng kita. Para sa mga may trabahong indibidwal, maaaring kabilang dito ang mga payslip, income tax return, o sertipikasyon ng kita ng employer.

      Kasama sa mga layuning sakop ng Pag-IBIG Housing Loan ang pagbili ng residential lot o house and lot, pagpapatayo ng bahay, pagpapaganda ng bahay, muling pagpopondo ng isang umiiral na home loan, at pinagsamang layunin ng pautang. Ang halaga ng pautang at ang termino para sa pagbabayad ay sasailalim sa pag-apruba ng Pag-IBIG, batay sa iba’t ibang salik. Maaari mong bayaran ang utang sa loob ng hanggang 30 taon, na nagbibigay-daan para sa mas magaan na buwanang installment​​​​​​.

      Para sa detalyadong impormasyon sa proseso ng aplikasyon, mga kinakailangang dokumento, at iba pang nauugnay na detalye, isaalang-alang ang pagbisita sa opisyal na website ng Pag-IBIG o direktang makipag-ugnayan sa kanilang customer service.

      1. Aileen A.

        Pano nga mag aapply sa house construction loan kung klngan mo rin gumastos para maapprove loan requirements. Kaya nga magloloan kase wala full badget para magpagawa ng bahay.

Leave a Comment

Calculator
Calculator