Details about the Pag-IBIG Housing Loan Amount 2023 & the Requirements
PAG-IBIG HOUSING LOAN AMOUNT 2023 – You can check the details below for a guide on how much you may borrow under the loan offer.
Are you wondering about the details of the Housing Loan offer of the Pag-IBIG Fund? It has its own unique set of loan purposes, loan amounts, loan terms, interest rate, and several other factors. It is one of the best turn-tos for members who are in search of a housing loan.
Aside from the Pag-IBIG cash loan, the Fund also offers a Pag-IBIG Housing Loan that is open for several purposes. You may apply for it to finance a house construction, a lot purchase, the combination of a lot purchase and house construction, a home renovation, and refinancing an existing home loan.
Under the offer, the Pag-IBIG Housing Loan amount 2023 allowed for borrowing is up to P6 million. A maximum of three (3) members of the Fund can be combined borrowers for a single loan in case there is a need to reach a certain amount.
The Pag-IBIG Fund allows loan repayment of up to 30 years. Thus, you really have the option for light monthly installments. The interest rate to be implemented on the Pag-IBIG Housing Loan amount is based on the chosen repricing period for this year, 2023.
For a Pag-IBIG member to qualify for the loan offer, the borrower must be an active member with least 24 months savings, not more than 65 years old at the date of loan application but not more than 70 years old at the date of loan maturity, has a legal capacity to acquire and encumber real property, and has no Pag-IBIG housing loan foreclosed, cancelled, bought back, or voluntarily surrendered.
If the member-borrower has an existing Pag-IBIG Housing account or Short Term Loan (STL), the payments must be updated. For the purpose of lot purchase, here are the documents needed to apply for the loan offer:
- two (2) copies of the Pag-IBIG Housing Loan Application Form (HQP-HLF- 068/HQP-HLF- 069) with recent ID photo of borrower/co-borrower (if applicable)
- one (1) valid ID of the applicable parties
- Principal Borrower
- Co-borrower
- Seller
- Developer’s Authorized Representative and Attorney-in-Fact
- Spouses of the parties involved, if applicable
- proof of Income
- If employed, prepare any the following documents:
- Certificate of Employment and Compensation (CEC)
- indicating the gross monthly income and monthly allowances or monthly monetary benefits received by employee
- duly signed by the authorized signatory of the employer
- Latest Income Tax Return (ITR) for the year immediately preceding the date of loan application
- one (1) month payslip, within the last three (3) months prior to date of loan application
- Certificate of Employment and Compensation (CEC)
- If self-employed, prepare any of the following documents:
- Commission Vouchers reflecting the issuer’s name and contact details (for the last 12 months)
- ITR, Audited Financial Statements, and Official Receipt of tax payment from bank supported with DTI Registration and Mayor’s Permit/Business Permit
- Copy of Lease Contract and Tax Declaration (if income is derived from rental payments)
- Bank Statements or passbook for the last 12 months
- Certified True Copy of Transport Franchise issued by appropriate government agency (LGU for tricycles, LTFRB for other PUVs)
- Certificate of Engagement issued by owner of business
- If overseas Filipino worker (OFW), prepare any of the following:
- Employment Contract
- Employment Contract between employee and employer or POEA Standard Contract
- Notarized Certificate of Employment and Compensation (CEC)
- CEC written on the Employer/Company’s official letterhead or CEC signed by employer
- Employment Contract
- If employed, prepare any the following documents:
- Transfer Certificate of Title (TCT)
- Updated Tax Declaration (House and Lot)
- Updated Real Estate Tax Receipt
- Contract-to-Sell or smiliar agreement between buyer and seller
- Vicinity Map/Sketch Map
If you want to apply for the loan offer for the purpose of financing a house construction, there is a different set of requirements for Pag-IBIG House Construction Loan 2023.
