Most people have a dream of acquiring their own homes. The majority of them have to postpone this dream for years. You can get your required loan and accomplish your goal better.
When it comes to a house loan, you need to choose a trusted agency. A familiar Government agency that offers funds for Mutual Housing Development, PAG-IBIG. It’s a Philippines-based Government agency.
This state-leading company has assisted various Filipino families in fulfilling their dreams.
Application Form: Complete the housing loan application form (HLA). Download from here
Proof of Income: This could be payslips, income tax returns, employment contracts for OFWs, etc.
Valid ID: Provide a government-issued ID.
Other Documents: Depending on the purpose of the loan (purchase of a lot, house construction, home improvement), different documents will be required. This might include land titles, tax declarations, building plans, etc.
Step #4 Property Inspection and Insurance
The property you wish to purchase or construct will be inspected by Pag-IBIG.
You may also need to arrange for property insurance.
Submit your application and all the required documents.
Pay the processing fee.
Pag-IBIG will process your application, which includes credit investigation and property valuation.
Step #6 Loan Approval and Release
If approved, you will receive a Notice of Approval/Letter of Guaranty and sign your loan documents.
Proceed to the Bureau of Internal Revenue (BIR) for payment of documentary stamps and capital gains tax, and to the Registry of Deeds for the transfer of the title and annotation of mortgage.
Once all legal documents are ready, the loan amount will be released.
How can you apply for PAG-IBIG Loan for your House?
Therefore, PAG-IBIG brings loan opportunities, including multipurpose loans, calamity loans, and housing loans, among many others. Its well-known source of popularity is Housing loans for purchasing residential properties.
The application guide for the popular PAG IBIG loan is demonstrated here. You can select the loan that acquires your house requirements. This company can provide your contributed loan monthly or the way you have chosen. You must follow these steps before confirming your loan agreement.
Steps:
To acquire the loan, users need to prove that they are eligible for this purpose, and it is confirmed by those who got the loan contribution for at least one year.
Now they can achieve their payment via lump sum amount. Hence, if you are interested in getting the loan for two years, your loan will increase to more than 500PHP. Now, you need to fulfill all the contributions of agency membership when the agency approves the loan.
The most important step is to prepare your documents and every detail for your loan.
The fundamental requirements are:
When buying or constructing a home, your common action is to check the best location on Google. Then, next is to find our loan offer. You need to visit our official page for other users’ reviews and different newsfeeds. Once you have picked up your location and required budget from our PAG-IBIG. You can contact our team or that agent who can bring you close to your loan destination.
When our team gets your call, your order is verified through our innovative system. Whether your loan requirements are suited to your work demand or not. We do check your genuine appearance and your house model. We can suggest the best way to dress up and furnish your home or equip it at affordable prices.
This next is to register for your agreement letter. Your contract will be reserved after some initial details. These are
Colored ID copy of PAG-IBIG Company
Statements slip of latest (1 month) good standing
Two colored copies of IDs are required with three signatures (Passport, Postal, SSS, UMID, TIN, PRC, etc.)
These are the developer’s identification verifications that are being double-checked. If you are eligible for this loan and all the details are accurate, that you have updated.
After these details, your unit for the loan is reserved. Our down payment is initiated after a month. Your developer can display us the Post-Dated-check PDC. For example, our system will offer twelve PDC for your whole year’s down payment. Thus, PAG brings this quiet way to monitor your loan. You don’t bother to visit the office for the remaining PDC assessment and get benefits on the shopping side with this payment method.
Once you have selected your schedule, you must settle on an entire 4 or 6 months timeline. Although, it is the most convenient way for both the employer and the agency.
Moreover, your monthly payment is ready, and additional requirements are necessary after reservation. This information is essential; you must go through it:
COEC; Certification of Employment along with Compensation
ESAV Slip that is received from which branch of our agency PAG-IBIG
Birth and marriage certification
Income Tax Returns approach (ITR)
Reconfirmation of House loan; you have to resubmit these legal papers that will ensure you are still our employer. You or your developer can send these details to the agency with ESAV. This reconfirmation is compulsory within twelve months after your down-payment contract.
Our administration will assign you a legit notice of approval (NOA). It represents the firm document for the user’s best practice. Our system closely looks at your details and then makes the company’s proof notice about your housing loan.
Finally, when you said, ‘My Loan is Taken Out,’ it signifies that you are capable of moving to your dream home.
Further Steps
Well, your house loan is permitted officially. You need to stay connected and get your monthly payments. For your best experience, IBIG has issued a complete yearly payment PDC.Â
Various other customers prefer to get their monthly deductions over a whole year. In this case, they need to reconfirm via their personal Account Management, Billing, and Loan Organization; Billing. Hence, the debt amount is being received and completed, and your repayment will be initiated.
Most employers take an automatic contract for a housing loan. It is possible via pay-promoters and bank details. These agreements are under the collection service of PAG-IBIG. The majority of people have selected this package in partnership with other employers.Â
Final Verdict
Although, taking a loan to execute your dreams is a task of patience. PAG IBIG has perfect and strict ways to check the employer’s correctness. Once you have completed your agreement unit, reconfirmations are necessary. Suppose sometimes your signature appears different from your submitted documents. IBIG will suddenly ask for your accurate signs. Finally, you achieved your house loan from the state PAG IBIG Company, and now you can assist others for this purpose.
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.
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I want Pag Ibig I’d
To obtain a Pag-IBIG ID, you’re likely referring to getting a Pag-IBIG Loyalty Card or registering for a Pag-IBIG Membership ID (MID) number.