Friday, February 3, 2012

PAGIBIG Housing Loan 1



What Housing Programs are available for members?

An eligible member may avail of a housing loan under either the End-User Financing Program or the Magaang Pabahay, Disenteng Buhay Program.

Under the End-User Financing Program, a member may avail of a loan to finance any of the following (Circular 247):


a. Purchase of a fully developed lot not exceeding one 1,000 square meters, which should be within a residential area;



b. Purchase of a residential house and lot, townhouse or condominium unit, inclusive
        of a parking slot. The unit may be:
• Old or brand new;
• A property mortgaged with the Fund; or
• An acquired asset, which is disposed of through sealed public bidding, negotiated   sale, or the Rent-to-Own Program.


c. Construction or completion of a residential unit on a lot owned by the member;


d. Home improvement, i.e. any alteration in an existing residential unit intended by a        homeowner to be a permanent integral part of the property, which will enhance its durability and material value;



e. Refinancing of an existing mortgage with an institution acceptable to the Fund,
        provided that:
• The loan is not in default within the 12 months prior to the date of application;
• The said loan has a repayment history of at two years with the original mortgagee


f. Combination of loan purposes, which shall be limited to the following:
• Purchase of a fully developed lot not exceeding 1,000square meters and              construction of a residential unit thereon;
• Purchase of a residential unit, whether old or new, with home improvement;
• Refinancing of an existing mortgage with home improvement;
• Refinancing of an existing mortgage, specifically a lot loan, with construction of a residential unit thereon.

Under the Magaang Pabahay, Disenteng Buhay Program, a qualified member may purchase an acquired asset of the Fund either in cash or through a housing loan at very reasonable prices. A buyer who purchases an acquired asset in cash is entitled to a 20% discount on the property’s sales price, while a buyer who purchases through a housing loan is entitled to a 15% discount on the property’s sales price.

Who are eligible to avail of a housing loan under the End-User Financing Program?


To qualify for a Pag-IBIG housing loan, a member must satisfy the following requirements:a. Must be a member under the Pag-IBIG I for at least 24 months, as evidenced by the remittance of at least 24 monthly contributions at the time of loan application.


b. Not more than 65 years old at the date of loan application and must be insurable; provided further that he is not more than 70 years old at loan maturity;
c. Has the legal capacity to acquire and encumber real property;
d. Has passed satisfactory background/credit and employment/business checks conducted by the developer and the Pag-IBIG Fund;
e. Has no outstanding Pag-IBIG housing loan, either as a principal borrower or co-borrower;
 f. Has not availed of a Pag-IBIG housing loan that was foreclosed, cancelled, bought
 back due to default, or subjected to dacion en pago, which shall include cases where the borrower is no longer interested to pursue the loan and surrenders the property;
g. May have an outstanding Pag-IBIG multi-purpose loan but which is updated in payments at the time of loan application. A member whose multi-purpose loan is in
arrears shall be required to pay his arrears over the counter to update his account.


FLH050-4


I. DOCUMENTARY REQUIREMENTS (For Borrower)
1. Housing Loan Application (2 copies) with recent ID photos of borrower
2. Membership Status Verification Slip (MSVS)
3. Income Documents:
For Locally Employed, any of the following:
a. Notarized Certificate of Employment and Compensation  (Pag-IBIG format)
b. Notarized Certificate of Employment and Compensation (Employer’s format) and latest one (1)month
payslip
c. Income Tax Return/Certificate of Tax Withheld (BIR Form No. 2316) and latest one (1) month payslip
For Self Employed/Other Sources of Income
d. ITR, Audited Financial Statements, and Official  Receipt of tax payment from bank supported with DTI
Registration and Mayor’s Permit/Business Permit
e. Commission Vouchers reflecting the issuer’s name and contact details (for the last 12 months)
f. Bank Statements or passbook for the last 12 months (in case income is sourced from foreign remittances,
pensions, etc.)
g. Copy of Lease Contract and Tax Declaration (if income is derived from rental payments)
h. Certified True Copy of Transport Franchise issued by appropriate government agency (LGU for tricycles,
LTFRB for other Public Utility Vehicle or PUVs)
i. Certificate of Engagement issued by owner of business
j. Other document that would validate source of income
For Overseas Filipino Workers (OFW), any of the following:
k. Employment Contract (with English translation if in foreign language)
l. Original Employer’s Certificate of Income (with  English translation if in foreign language).  If document
submitted is photocopy, it shall be duly validated  and certified/initialed by HDMF Information Officer
assigned in the country where the member works.
m. Other Proofs of Income, whether original or photocopy, shall be duly validated and certified/initialed by
HDMF Information Officer assigned in the country where the member works.  
4. Proof of Billing Address
5. Photocopy (back-to-back) of one (1) valid primary ID of Principal Borrower and Spouse, Co-Borrower and
Spouse, and Attorney-In-Fact, if applicable.  The same ID must be presented during the conduct of borrower’s
validation.
6. Authorization to Conduct/Credit Background Investigation
7.  For OFW members, Special Power of Attorney notarized prior to date of departure or duly certified and
authenticated by the Philippine Embassy or Consulate in the country where the member is staying, if abroad
8. Insurance Coverage
a. Health Statement Form  (Medical Questionnaire)
OFW members over 60 years old
Loans over P2.0 M to P3.0 M and for borrowers aged up to 60 years old
b. Health Statement Form (Medical Questionnaire) and Full Medical Examination
Borrowers over 60 years old
9. Marriage Contract  (For all married borrower/s, co-borrower/s, spouse, family member/s included on the
computation of aggregate income)
10. Birth Certificate or any proof of relationship, if with co-borrower/s or family member/s included on the
computation of aggregate income
II.  DOCUMENTARY REQUIREMENTS (For Developer)
1. Notarized Developer’s Sworn Certification
2. Transfer Certificate of Title (TCT)/ Condominium Certificate of Title (CCT)/Free Patent Titles issued under RA
No. 10023/miscellaneous sales patents or sales patents issued under RA No. 730, as amended by
Presidential Decree No. 2004 with Deed of Assignment of CTS with SPA (With Buyer’s Conformity) duly
annotated thereon (Owner’s Duplicate Copy)
3. Certified True Copy of TCT/CCT/Free Patent Titles issued under RA No. 10023/miscellaneous sales patents
or sales patents issued under RA No. 730, as amended by Presidential Decree No. 2004 with Deed of
Assignment of CTS with SPA (With Buyer’s Conformity) duly annotated thereon (RD’s Copy)
4. Photocopy of Updated Tax Declaration and Updated Real Estate Tax Receipt
5. Loan Mortgage Documents
a. Deed of Assignment of CTS with SPA (With Buyer’s Conformity)
b. Contract-to-Sell (CTS)
c. Promissory Note
d. Disclosure Statement on Loan Transaction (pre-signed except for 1 copy)
e. Deed of Absolute Sale (pre-signed except for 1 copy)
f. Loan and Mortgage Agreement (pre-signed except for 1 copy)
6. Certificate of House and Lot Acceptance, if applicable
7. Occupancy Permit, if applicable
The Pag-IBIG Fund reserves the right to request additional documents to facilitate loan evaluation process.
(Revised/June 2011)


source: from the pagibig website

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