How to Avail Housing Loan thru Pag-ibig
More often than not, most of the members of Pag-ibig are not that so aware about the Housing loan privilege that they have a member. Fund Member most of the time is not clear on how to proceed with their housing loan.
There are some other financing options such as bank financing or in-house financing available to you as a buyer but you need to weigh in which means can you save the most. For the benefit of comparison, Pagibig offers longer loan terms up to 30 years as compared to bank of 20 years and as such it will give you lesser monthly amortization. Although bank can be beneficial for shorter terms as it will give a lower rates in the short terms.
Here’s the data that I got comparing Pag-ibig rates to bank rates based on fixed repricing:
| Repricing period | Pag-ibig Interest rates | Bank Rates |
| 3 years | 7.985% | 7.5% |
| 5 years | 8.985% | 8.5% |
| 10 years | 10% | 10% |
| 15 years | 10.75% | 11% |
| 30 years | 12.25% | none |
As we focus our discussion here in Pagibig housing loan process, here are the procedures that you should undertake if you will apply individually for a housing loan.
Please note that if the Developer is accredited with Pagibig, they are the one who will process it for you, you just need to provide the requirements and just follow some procedures still necessary for you to comply with Pagibig housing loan.
PAG-IBIG Housing Loan Process:
- Loan Counselling.
This is the Loan orientation usually conducted at any PAG-IBIG offices.
- Fill Up The Following Forms.
- Preliminary Counselling Questionnaire
- Membership Status Verification Slip (MSVS)
- Housing Loan Application (HLA)
These forms will help the PAG-IBIG officers qualify your eligibility for a loan. If you are qualified, you will be given a COR or a Checklist of Requirements.
- Complete Housing Loan Application (HLA) And Submit Requirements.
Submit your completed HLA and other required documents, and pay a processing fee of P1,000. (The processing fee is non-refundable, whether your loan gets approved or denied)
- Wait for The Notice of Loan Approval or Letter of Guaranty.
Once your loan is approved, you will be asked to sign the loan documents at the PAG-IBIG office.
- Proceed to the Bureau of Internal Revenue, Registry of Deeds, City Engineering Office, and Assessor’s Office.
Present the Deed of Sale to BIR and submit other necessary documents:
- Tax Declaration
- Tax Receipt
- Documentary Tax Stamps and Capital Gains
- Certificate Authorizing Registration (CAR)
- Put an annotation of the Land Title Mortgage on the Registry of Deeds, pay transfer tax and registration fees for the transfer of title.
- Secure an occupancy permit from the city’s Engineering Office.
- Secure a tax declaration at the Assessor’s Office for use as a basis for your real property taxes.
- Go back to PAG-IBIG office and present the following documents cited below.
- Original Transfer Certificate of Title (TCT) in the name of the housing loan applicant with mortgage annotation on it.
- Deed of Absolute Sale (DOAS) with original stamp from the Registry of Deeds
- New Tax Declaration
- Updated Real Estate Tax Receipt
- Occupancy Permit from the Engineering office where the property you’re purchasing is located.
- Assignment of Loan Proceeds
- Receive Loan Proceeds from PAG-IBIG so you can pay the seller of the property.
There you have it. These are the steps you need to follow to apply for a housing loan in PAG-IBIG. These steps will come in handy if the developer you’re buying your property from does not offer PAG-IBIG terms to finance the loan and you have to file for the loan individually.
