Potential homebuyers willing to purchase their dream home have a common concern about the housing loan process in PAG IBIG. It’s because most people are not sure about the entire process of a PAG Ibig Housing Loan. Fortunately, we’ve brought the step-by-step guide for you; going through it, you may get noteworthy information about PAG Loan processing.
CHECK: How to apply for PAG IBIG Housing Loan?
Steps to Process the Housing Loan in PAG IBIG
Suppose you desire to acquire a housing loan; there are the following fundamental steps. By obeying these vital steps, you can understand the actual process of the Housing loan scheme. The Process to Obtain PAG Housing Loan:
Loan Counseling
Various PAG IBIG branches focus on this orientation of loans. Though, you must consider it consciously.
Secure the Requirements Checklist
These requirements are essential to accomplish for processing your loan:
CHECK: Pag ibig Housing Loan Requirements
These documents must be according to the eligibility of PAG-IBIG. Once your documents are prepared and then you can qualify for the housing loan, this checklist of loan requirements is essential to note.
HLA Preparation and Submission
House Loan Application is completed, brought required documents, and submitted to PAG IBIG main branch. You may go to any of these branches; Shaw Boulevard, JELP Business Solutions Building, Mandaluyong City.
Alternatively, you are also proficient in visiting your closest PAG IBIG branch. Recheck your documents to see whether these are completed and accurately arranged according to PAG criteria. Now you have to pay the PHP 1,000 charge for processing. Remember that this Processing cost is non-refundable whether you may qualify for your house loan or not.
Wait for an officially recommended time until you get NOA and LOG
Your letter of guarantee LOG and Notice of Approval of your loan will be transferred to you when your loan is officially approved. You are proficient in claiming these letters at the Servicing Department and second-floor office.
These documents may take 17 days to accomplish the loan process. Our representative will send the letter to you and say to sign your home loan documents for further verification.
NOA requirements Accomplishment
Once the loan is approved, your documents are processed to the City Engineering Office, Registry of Deeds, Assessor’s Office, and Bureau of Internal Revenue before release. You need to submit these NOA-required documents:
PAG IBIG provides 90 days for the housing loan applicant to submit these required letters.
Acquire your Housing Loan Proceed from PAG funding Organization.
Borrowers need to submit their accomplished documentation to the Serving Department of PAG-IBIG. However, your proceeds payment is released from the official counter after ten business days. You possess your payments and transfer them to your property seller.
Monthly Amortizations
Once you have obtained your housing loan payments, your loan amortizations will be initiated next month. After your check is accomplished date, your repayments are issued, and you have to pay them within the due date. You can learn the best-suited ways of PAG IBIG amortization (Virtual, in-person, credit card payments, salary payments, GCash, etc.)
These are the significations steps of the PAG IBIG housing loan achievements process. You must go through these steps deeply and prepare for loan eligibility. Then you are surely qualifying for your desired loan. Furthermore, if your employer fulfills these steps, you can get your loan; otherwise, you must prepare your documentary file individually.
FAQs
How much time duration is required for PAG Housing Loan Processing?
The housing loan processing letter takes only twenty business days. Because of PAG IBIG, once you have submitted your House loan certified file, the entire loan file is processed in 17 days. If you’ve fulfilled the PAG criteria, your payment will be released in 3-days after loan approval.
If I don’t possess the 24 months’ contributions, what measures my eligibility for qualifying for a Home loan in PAG IBIG?
Suppose you don’t have a previous contribution record in the PAG IBIG funding scheme. It’s not a big problem; PAG IBIG also permits lump-sum contributions to members. So, you’ve payments in your hand, and you can make single-time payments to PAG IBIG. Now you are capable of complying with all these requirements and successfully qualify for the loan.
What amount is officially sufficient for monthly income approval?
PAG offers that borrowers’ monthly repayments won’t exceed 35% of their monthly income. Suppose your monthly repayment is PHP 7,000; your income must be more than PHP 20,000. It’s the verified criteria to process the borrowers’ installments.
Final Thoughts
Eventually, the PAG IBIG Housing Loan Process may vary slightly depending on your current status and required property. Suppose loaners are purchasing a home property from the developer (assisted developer). You have to pay your required property reservation fee and reverse your home.
Afterward, fill out the documents and application letters; and sign your developer’s provided documents. Now he’ll process your property loan documents with the PAG branch. After the mentioned days, the developer will guide you completely until you get your housing loan from PAG IBIG.
Meanwhile, suppose you’re purchasing your housing property from non-developer sources under PAG IBIG. Then directly accomplish all the above-explained documents for your members individually. After paying your PHP 1,000 fee, you can process your Housing loan successfully.
However, we recommend you visit your nearest Official branch and contact PAG IBIG’s customer representative. He will give you the most accurate way and perfect information regarding your Housing loan Process.
