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.
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.
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
- 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:
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.
