The striving dream of all Overseas Filipino Workers (OFWs) is to secure a comfortable home for their families in the Philippines. You can fulfill this dream through our PAG IBIG housing loan.
On account of our estimation, around 2.3 million OFWs face the challenges of working abroad to provide a better life for their loved ones.
However, the Home-Development Mutual Fund (HDMF), commonly known as PAG-IBIG, offers OFWs the opportunity to apply for housing loans. This offer is accessible online via our PAG-IBIG website or at our designated PAG official Desks. These offices are located in verified Philippine Embassies worldwide.
This loan opportunity turns the dreams of OFWs to own their homes into a more achievable reality. It proves as a symbol of their hard work and sacrifices for their families back home.
It’s an affordable shelter financing offer in the Philippines that permits OFWs and various other employers to obtain over P6,000,000 amount. As an OFW individual, you’re proficient in acquiring low-interest market rates and friendliest terms as well. Such prime discounts enable you to accomplish your dreams.
Therefore, you can acquire the loan amount according to your payment capacity and your salary in this PAG program. Meanwhile, the majority of borrowers preferred the usual fixed disposable income, which is 40% amount of their whole income. If you’re new to our loan opportunity approach, you may know that to avail of a PAG IBIG OFW loan, you must fulfill our requirements regarding this loan scheme.
What are the basic Qualifications for applying to PAG IBIG?
PAG-IBIG is a dedicated agency to assist the OFWs and Filipinos. Meanwhile, this agency is based on exclusive eligibility criteria of OFWs:
24 months Contribution to PAG Agency
Employment source proof letter (must stamped from POEA)
Membership owner of PAG IBIG
OFW person won’t be 65 years old while applying for this loan. He must not be more than 70 Years old when the loan reaches its maturity date.
Your loan process must not comprise foreclosed, canceled, voluntarily surrendered, or repurchased unofficially.
Your legal proficiency to acquire this loan is preferred.
Payments must be updated when OFWs enjoy any existing short-term or housing loan as well.
What are the Requirements for OFWs to acquire a PAG IBIG Loan?
Loan Application Form:You must fill out your housing loan application form. This form also comprises your fresh ID photos.
Valid ID Photocopy: Here, you may need to accomplish the valid ID copies of Principal Borrower > (Spouse) > Co-Borrower > (Spouse) > Titled owners.
Employment Proof: This letter provides evidence of your income, including an Income Tax Return from the employment country, CEC, or original employer’s employment contract.
Transfer Certification of Title (TCT): To obtain the housing loan, borrowers may prepare the TCT. This TCT comprises the properties copy and CCT; Condominium Certificate of Title.
Birth Certificate and Relationship Proof: In case there are other co-borrowers with you, you must submit a marriage or no marriage certificate (CENOMAR). So besides this certificate here is also need a birth receipt as well.
Real Estate Tax Agreement and Tax Declaration: Here, you submit the real estate and Updated Tax declared contract for your chosen lot and house application.
Property sketch or Vicinity Map: Actual sketch or map of your selected property.
Building Plans: This contract comprises your comprehensive plan for building your home or property. It contains sanitary and electrical permits, materials bills, etc. Your professional Architect or Engineer must verify this letter.
Mortgage Documents: This Mortgage Agreement must be verified with a Disclosure Statement, a Notarized Promissory Notice, and a Registry of Deeds for your loan payment transactions.
Once you’ve gathered these documents, you may organize them appropriately in an envelope, a folder in a secured place, or a clear book to prevent them from misplacement.
How can you Apply for OFWs PAG IBIG Loan?
When you’ve analyzed that you’re fulfilling our PAG criteria of requirements and qualifications. You’re surely eligible to apply for your OFW loan in PAG IBIG. Regarding this, you must undergo these steps to apply it:
Accomplish all the basic requirements of PAG IBIG according to your purpose of achieving this loan.
Before filling out your application form, you must estimate your loanable amount according to your demands.
Complete your documents
Fee: P2,000 appraisal fee and P1,000 processing fee.
Application form
Membership verification (2-year contribution or equivalent sum)
Authorized Credit information investigation
Borrowers title letter
Valid Special Power of Attorney (SPA) letter
ID copies
Tax documents
Property details
Income proof
Loan amount and age consideration statement
Additional documents
Fill and submit your Loan contract along with the required documentary to our Virtual application program.
Enter your MID, select OFW loan type, and proceed with your process.
Once you’ve submitted your application to the virtual platform or nearby official PAG branch. Now may wait for your OFW loan approval. This step takes almost 17 days for approval. (In addition to these days, the system takes three to ten further days from your post-approved agreement. These additional days are essential for your loan release or claiming your loan.)
When your loan application is approved, you obtain the letter of guarantee (LOG) and Notice of Approval (NOA) letter.
Accomplish your documentary and other requirements related to NOA in three months.
Claim your PAG IBIG loan check
Start your monthly amortizations; this repayment will start after one month of the loan release date.
Final Verdict
PAG IBIG loan is viable to those OFWs who satisfy the eligibility criteria and are officially verified. So, when you’re looking to transform your dreams into reality, you must know our official requirements and prepare yourself for this loan offer.
Afterward, you may select your desired property to purchase with this loan amount. Various OFWs also prefer this loan opportunity to accommodate their other duties as well, including renovating their existing property, making their retirement time convenient, etc.
Hence, when you’ve prepared your documents, you simply visit our office or webpage and apply for this milestone offer. Ultimately, you may utilize your loan amount wisely.
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.
