Pag-IBIG House Refinancing Loan Amount 2023 — A Guide for Borrowers

by in Categories Pag-IBIG Fund

Details about the Pag-IBIG House Refinancing Loan Amount 2023 for Qualified Members

PAG-IBIG HOUSE REFINANCING LOAN AMOUNT 2023 – Here is a guide for members of the Pag-IBIG Fund on the loanable amount under the offer.

In the Philippines, one of the biggest government agencies is the Pag-IBIG Fund. Millions of Filipinos from different fields are members of the said state institution. These includes locally-employed individuals overseas Filipino workers (OFWs), self-employed individuals, and voluntary members.

Pag-IBIG House Refinancing Loan Amount 2023
Photo Credit: IndusInd Bank

Aside from the Pag-IBIG House Construction Loan 2023, the government agency also has the Pag-IBIG House Refinancing Loan. You may apply for it in case you want your existing home loan to be taken out from another lender and transferred to the government agency.

Pag-IBIG Fund
Photo Credit: CNN Philippines

Members of the Pag-IBIG Fund submit a certain amount monthly to maintain an active and updated account with the government agency. It is the way to qualify for the loans and other services offered by the Fund to its members.

With regards to the Pag-IBIG House Refinancing Loan 2023, it is under the Housing Loan offer of the Fund which is its most popular offer. Under it, a member may borrow up to P6 million. All loan applications are subject to the approval of the government agency.

To qualify for the loan offer, here is the eligibility criteria that the Pag-IBIG Fund member-borrower must meet:

  • 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

In case the member-borrower has an existing short-term loan to Pag-IBIG Fund, the payments in the said loan must be updated. Aside from the eligibility requirements, there are also documents that the loan application must submit. Here are the documentary requirements set by the government agency:

  • 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

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