Pag-IBIG House Refinancing Loan 2023 — How To Apply & the Requirements

Guide on Pag-IBIG House Refinancing Loan 2023 Application Process & Requirements

PAG-IBIG HOUSE REFINANCING LOAN 2023 – Here is a guide on how to apply for the Pag-IBIG Housing Loan for the purpose of refinancing.

In the Philippines, millions of Filipinos are members of the Pag-IBIG Fund. The member populace mostly includes locally-employed individuals and self-employed individuals. There are also overseas Filipino workers (OFW) who maintain an active membership to the government agency.

Pag-IBIG House Refinancing Loan 2023
Photo Credit: Quick Loans Yye

One of the offers of the government agency is the Housing Loan which serves several purposes. It is under it that you may apply for Pag-IBIG House Refinancing Loan 2023. Undeniably, the offer has more affordable interest rates and flexible loan term.

Pag-IBIG Fund
Photo Credit: CNN Philippines

The loanable amount under the Pag-IBIG Housing Loan 2023 depends on the assessment of the government agency but the lender has posted a high maximum loanable amount. The maximum loan term is 30 years thus you can really have affordable monthly payments.

Also, the government agency has low interest under the Pag-IBIG House Refinancing Loan. The rates are based on the re-pricing period. There is an easy process on how to apply for the loan offer.

Check the Qualifications. The Pag-IBIG Fund has set eligibility requirements to qualify for the loan offer. To qualify, the member-borrower must meet the following qualifications:

  • has at least 24 months savings
  • not more than 65 years old at the date of loan application and not more than 70 years old at the date of loan maturity
  • has legal capacity to acquire and encumber real property
  • no Pag-IBIG housing loan foreclosed, cancelled, bought back, or voluntarily surrendered

Prepare the Requirements. There are documents needed in applying for the Pag-IBIG House Refinancing Loan 2023 offer. Here are the documents that you need to prepare:

  • 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
    • Principal Borrower
    • Co-borrower
    • Seller
    • Developer’s Authorized Representative and Attorney-in-Fact
    • Spouses of the parties involved, if applicable
  • Transfer Certificate of Title (TCT)
  • Updated Tax Declaration
  • Updated Real Estate Tax Receipt (photocopy)
  • Latest Statement of Account on Outstanding Loan Balance duly signed by the Manager or the account officer, together with any of the following:
    • Official receipt (or any valid proof of payment) for the past 6 months
    • Subsidiary Ledger
  • Vicinity Map/Sketch of the Property
  • 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

Apply at Pag-IBIG Fund. Go to a branch of the government agency nearest to the property. Submit the requirements and wait for an update from the government agency regarding the status of your loan application.

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