Requirements for Pag-IBIG Housing Loan 2023 for Financing Lot Purchase

Guide on the Requirements for Pag-IBIG Housing Loan 2023 for the Purpose of Lot Purchase Financing

REQUIREMENTS FOR PAG-IBIG HOUSING LOAN 2023 – You can check the list below for the documents needed in applying for lot purchase financing.

Do you want to purchase a vacant residential lot but, as of now, you cannot pay for it in full? If you are a member of the Pag-IBIG Fund, you may be eligible to apply for the Pag-IBIG Housing Loan 2023 offer of the government agency.

The Pag-IBIG Fund offers several loans for its eligible members. Aside from the Pag-IBIG cash loan offer through the Multi-Purpose Loan, the government agency also offers a Housing Loan that serves several purposes including the financing of a lot purchase and house construction.

Requirements for Pag-IBIG Housing Loan 2023 — Photo Credit: Muzli – Design Inspiration

Under the Pag-IBIG Housing Loan offer, you can have the option of low monthly amortizations as the loan term can be extended for up to 30 years. To qualify for the loan offer, the member-borrower must meet the following eligibility criteria set by the goveernment agency:

active Pag-IBIG Fund 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

Aside from the eligibility requirements for Pag-IBIG Housing Loan 2023 application, there are documents that you must prepare and submit to the government agency. The personal documents will come from the buyer of the property while the property documents must be provided by the seller.

Here are the documentary requirements for the Pag-IBIG Housing Loan 2023 application:

From the Buyer / Pag-IBIG Fund Member-Borrower:
- 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
  - 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
From the Seller:
- 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