To apply for a home loan from Pag-IBIG Fund, you need to have the following documentary and technical requirements:

Documentary

·         Pag-IBIG Housing Loan Application Form (PHLAF) and the borrower’s recent ID pictures

·         Membership Status Verification Slip (MSVS)

·         Proof of income, such as income tax return (ITR) for locally employed, bank statement for the last 12 months for self-employed, or employment contract for OFWs

·         Back-to-back photocopy of one valid ID of the principal borrower and spouse, co-borrower and spouse and attorney-in-fact, if applicable. Remember to present this same ID during validation.

·         Authorization to conduct a credit background investigation

·         For OFW members: Special Power of Attorney that has been either notarized before departure date, or duly certified and authenticated by the Philippine Embassy or Consulate of the country where he is working

·         Insurance coverage (a health statement form and full medical examination for borrowers over 60 years old; and a health statement form from OFW members over 60, or borrowers over 60 years old who are applying for a loan over P2 million)

·         Marriage contract for married borrowers and co-borrowers

·         Birth certificate or any proof of relationship if member has a co-borrower

Technical

·         Certified  true copy of Transfer Certificate of Title (TCT) or  Condominium Certificate of Title (CCT) by the Registry of Deeds

·         Location plan and vicinity map

·         Photocopy of tax declaration and real estate tax receipt

Additional requirements (depending on loan purpose)

·         For purchase of residential property – contract to sell or any similar agreement between the buyer (the borrower) and the seller

·         For refinancing

a.       Statement of account on outstanding loan balance

b.      One of the following: an official receipt for the past year, a subsidiary ledger or a valid proof of payment for the past year

·         For house construction, lot purchase and house construction, and home improvement – building plans, specification and bill of materials signed by the licensed civil engineer or the architect

Loan application process

To secure a Pag-IBIG Housing Loan, go to the Pag-IBIG NCR/Regional Branch and present one valid ID and get the MSVS. Upon accomplishing and submitting the MSVS, you will get it back, along with an acknowledgement receipt (AR), the PHLAF and the Checklist of Requirements (COR).

Proceed to the Pag-IBIG NCR/Regional Branch that has territorial jurisdiction over the property for which the loan is being obtained. Here, you will submit two accomplished copies of the PHLAF, along with the complete required documents. Fill up or update the data in the on-line Membership Registration System and claim the system-generated Member’s Data Form (MDF) bearing the registration tracking number (RTN).

After claiming the payment order form (POF), present it and pay a processing fee of P1,000 to receive a Pag-IBIG Fund Receipt (PFR). Submit a photocopy of the PFR to the Member Services Support Division-Servicing Department (for NCR) or the Housing Loans Division (for Regional Branches), to get an acknowledgement receipt.

(Any findings by the Mortgage Loans Specialist during the credit investigation will be made known to the member within 5 working days. The member will also be informed by the property appraiser on the schedule of the appraisal within 5 working days, and any findings will be made known 2 working days after the appraisal.)

The third article of the series will cover the approval and release of your Pag-IBIG Housing Loan.

Jillian Cariola, Writer

(cover image by dinostock)