Pag-IBIG House Construction Loan Amounts 2023 Members May Borrow

Details about the Pag-IBIG House Construction Loan Amounts 2023 for Qualified Members

PAG-IBIG HOUSE CONSTRUCTION LOAN AMOUNTS 2023 – The details below discuss about the loan offer including how much you may borrow.

When it comes to house construction financing, members of the Pag-IBIG Fund who have qualified accounts can turn to the government agency for a loan assistance. The state institution has several loan offers for its members and it is undeniably most popular for helping countless Filipinos gain a residential property in an affordable way.

Pag-IBIG Fund
Photo Credit: CNN Philippines

The Housing Loan offer of the Pag-IBIG Fund serves several purposes. A qualified member may apply for it for the financing of a lot purchase, a residential property purchase, residential property construction, home renovation, and home loan take-out. The Fund also allows combined purposes now under a single loan account.

Pag-IBIG House Construction Loan Amounts 2023
Photo Credit: Lamudi

Purpose served under the Pag-IBIG Housing Loan:

  • purchase (plus cost of transfer) of residential lot or adjoining residential lots (max 1,000 sq.m.)
  • purchase (plus cost of transfer) of residential house & lot, townhouse or condominium unit (old or brand new, property mortgaged w/ the Fund, adjoining houses/units) inclusive of a parking slot
  • house construction
  • home improvement
  • refinancing of existing home loan
  • combined Loan Purposes

With regards to the Pag-IBIG House Construction Loan amounts 2023, a member may borrow up to P6 million. All loan applications are subject to the assessment and approval of the government agency. To qualify, the borrower must meet the following qualifications:

  • active member with least 24 months savings
  • not more than 65 years old at the date of loan application
  • not more than 70 years old at the date of loan maturity
  • Legal capacity to acquire and encumber real property
  • No Pag-IBIG housing loan foreclosed, cancelled, bought back, or voluntarily surrendered
  • If with existing Pag-IBIG Housing account or Short Term Loan (STL), payments must be updated

The Pag-IBIG House Construction Loan amounts 2023 can be repaid for up to 30 years. Thus, there is really an option if you want light monthly installments. To apply for the loan offer, prepare the requirements for Pag-IBIG House Construction Loan 2023.

Go to a branch of the Pag-IBIG Fund nearest to the location of the property and submit your documents to apply. The loan application assessment may take between three (3) weeks to a month. Wait for a notification from the government agency.

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