Pag ibig Housing Loan Requirements

Housing loan plans are one of the most beneficial aspects to those who are unable to meet all their house-building expenditures at the same time. While seeking these loan plans, Pag IBIG offers you the best possible loan facilities to help you to buy your dream place. However, to meet these plans, you must carefully fulfill all the required requirements.

The Pag IBIG housing loan requirements contain only a few basic steps to cover up. The platform aims to facilitate you most conveniently. So here we are elaborating on all the requirements for the Pag IBIG housing loan in the section below.

Pag-IBIG Housing Loans

If you are looking for long-term housing loan plans, the Pag-IBIG is available to meet your plan requirements. It offers excellent deals that are convenient for average or low-income borrowers. The long tenors of plans for Pag-IBIG sometimes exceed 30 years.

So it will be easy to meet the loan-setting requirements by the people.

The other noteworthy point for these loan plans is that more than one person at a time can question the same property. So the chances of acceptance increase. Moreover, apart from all the age limits, you can apply to seek the property.

These plans need some procedural requirements, which you must follow up appropriately to earn the best favorable loans. So that you can pursue the proper procedure of application. The loan plan is not challenging to pursue, and you have to;

After all those procedures, the people could seek a loan and begin their monthly amortization. The central concern is to get a clue about requirements and essential documentation. You must complete all the requirements to get the notice of approval. Otherwise, it would not be reliable for you to seek loan approval.

List of Housing Loan Requirements

The requirements are one of the essential things to look for. For basic needs, check our eligibility criteria first. You would be eligible at a time when you are not seeking any Pag-IBIG loan before.

In addition, the age limit should be at most 65-year markup because the loan maturity is not more than 70 years. Also, the maximum tenor limit offered is around 30 years. This limited activity is more convenient for an average income holder.

The rest of the requirements fall for the documentation. You should have completed them because it is the primary and essential that the notice of approval requires. The personal needs that you should have are;

Other requirements vary as per the working and business activity you do. Some primary documents differ for those locally employed. If you are a self-employed person, the requirements would be different. 

Requirements For Locally-Employed

You have to attach the certificate of employment along with the documentation file.

In addition to the certificate, you must connect the latest ITR (Income Tax Report), 3-month pay slip, and your service record.

Also, add the latest ESAV copy along with the 24-month contributions.

Requirements For Self-Employed

If you are self-employed, you are up to Pag-IBIG loan plan requirements, and you must attach the business permit along with your application. Also, an SEC registration page proves to be worthy of your application file’s bookmark.

The audited financial statement for the last year and income tax return for one year will be worth attaching. It further requires proof from you for the tax payments and your secretary’s certificates for the approval notice. You have to add all of these to your application for more acceptance opportunities.

In the same way, the overseas can also avail of this loan opportunity. They have some different and varied requirements to go for. They must attach their;

It is worth adding this latest source of income for further authentication and reliance. After all these documents, you can send this basic file and belongings to the Pag-IBIG authorities. They overview all the profiles and examine the credentials as per their needs and requirements.

When the officers are fully satisfied by the people who applied for the loan, they would assign housing loans to the applicants.

After the NOA, the people will start the monthly amortization along with the post-dated cheques that have been added to the application documents.

Housing Loan Requirements for Freelancers

• Proof of Income: As freelancers typically do not have a fixed monthly income, they need to provide alternative proofs of income. This may include:
  1. Bank statements for the last 6 to 12 months.
  2. Copies of billing statements or paid invoices.
  3. Income Tax Return (ITR) with BIR stamp for the last two years.
  4. Official receipts of income payments.
• Active PAG IBIG Membership: Must be an active member and should have made at least 24 monthly contributions. For those who haven’t, they can make a lump-sum payment to meet this requirement.
• Membership Savings: Apart from the regular contributions, additional savings in PAG IBIG may be required to establish financial capacity.
• PAG IBIG Housing Loan Application Form: This form must be duly filled out and submitted.
• Valid ID: One or two government-issued IDs for identification purposes.
• Proof of Billing Address: Utility bills or other documents that confirm your current address.
• Certificate of Employment and Compensation (if applicable): For freelancers who have regular clients or companies they work with.
• Updated Statement of Account (if refinancing or purchasing a property with an existing mortgage).
• Collateral Documents: For the property being financed, including the title and tax declaration.
• Special Power of Attorney (if needed): If someone else will process the loan application on your behalf, especially relevant for OFWs.
• Other Documents: Depending on the specific situation or PAG IBIG’s requirements, additional documents may be requested.

The Final Statement

We have covered most basic needs and requirements for you about the Pag-IBIG housing loan plan. However, it is better to get the online website if you still need clarification on the necessities.

From there, you can seek the primary checklist option that helps you get an adequate understanding and loan analysis as per the personal interest and consideration.

Ref: https://www.pagibigfund.gov.ph/document/pdf/dlforms/housingrelated/HLF732_ChecklistRequirementsRetailPRUPLHCHI_V02.pdf#scrollbar=1&toolbar=1%22%20type=%22application/pdf