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

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

PAG-IBIG HOUSE REFINANCING LOAN INTEREST 2023 – Here is a guide for members of the Pag-IBIG Fund on the interest rate under the offer.

Are you planning to have your existing home loan refinanced by another entity? If you are a member of the Pag-IBIG Fund, you may have it refinanced by the government agency. It is one of the purposes under its Housing Loan which is its most popular offer.

Pag-IBIG Fund
Photo Credit: CNN Philippines

Under the Pag-IBIG House Refinancing Loan, you can have up to 30 years of loan term thus there is really an option for light monthly installments. Undeniably, the Pag-IBIG Fund is one of the entities with the best offers to its members in terms of residential properties.

Pag-IBIG House Refinancing Loan Interest 2023
Photo Credit: Jacaranda FM

To qualify for the loan offer, the member-borrower must meet the following eligibility requirements set by the government agency:

  • 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

If the member-borrower has an existing Pag-IBIG short-term loan, the payments in the said loan must be updated. With regards to the loanable amount under the Pag-IBIG House Refinancing Loan 2023, it is a case-to-case basis but the government agency has set a ceiling .

The Pag-IBIG House Refinancing Loan interest 2023 is based on the fixing period chosen during the loan application and approval. Here is a guide:

1-Yr* Fixing5.750%
3-Yr Fixing6.375%
5-Yr Fixing6.625%
10-Yr Fixing7.375%
15-Yr Fixing8.000%
20-Yr Fixing8.625%
25-Yr Fixing9.375%
30-Yr Fixing10.000%

The Pag-IBIG House Refinancing Loan interest 2023 continues until it is fully paid. The implementation is based on a diminishing principal balance. Here are the documents needed in applying for the loan offer to qualified members:

  • 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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