Steps in Pag-IBIG House Construction Loan 2023 Application
PAG-IBIG HOUSE CONSTRUCTION LOAN 2023 – Here is a guide for the Pag-IBIG Fund members on the process in applying for the loan.
If you are a Pag-IBIG Fund member who wants to construct a house but needs to borrow an amount to finance the project, you may turn to the government agency. It has a Housing Loan offer that serves several purposes.
Under the Pag-IBIG Housing Loan offer, you may apply for the financing of any of the following residential property-related projects:
- 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
The loan offer of the Pag-IBIG Fund is payable for 30 years thus you can really stretch your loan for light monthly installments. Are you interested about the Pag-IBIG House Construction Loan 2023?
The maximum loanable amount under the Pag-IBIG House Construction Loan 2023 offer was posted but the exact amount you may borrow depends on the approval of the lender. The government agency considers the actual need for the project as well as the borrower’s financial capacity.
The borrowed amount will be under the Pag-IBIG House Construction Loan interest rates 2023 depending on the chosen repricing period. The interest will be implemented on a diminishing principal balance basis.
There is an easy process in applying for the Pag-IBIG House Construction Loan 2023. Here are the steps that you may follow to apply for the offer:
Step 1 — Are you qualified? The very first step is to check the qualifications set by the Pag-IBIG Fund for eligibility to the loan offer. The member-borrower must comply with the following criteria:
- 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
Step 2 — Prepare the documents needed. The documentary requirements for Pag-IBIG House Construction Loan 2023 must be prepared in original copies aside from the photocopies stated in the list. The government agency usually checks the original copies during the filing of the application for loan.
Step 3 — Go to Pag-IBIG Fund. Visit a branch of the government agency nearest to the target location where the property will be built. Submit your requirements, pay for the processing and appraisal fees, and wait for an update from the government agency on your loan application status.