Pag-IBIG Housing Loan 2024 — A Guide for Member Application

How To Apply for Pag-IBIG Housing Loan 2024 Offer for Members

PAG-IBIG HOUSING LOAN 2024 – Here is a guide for the Pag-IBIG Fund members in applying for the Housing Loan offer.

In the Philippines, countless members of the Pag-IBIG were able to obtain residential properties under affordable terms through the Housing Loan offer of the government-run institution. Undeniably, it is one of the most popular offers in the field.

Pag-IBIG Fund
Photo Credit: CNN Philippines

One of the excellent features of the Housing Loan offer is that the loan term can be stretched for up to 30 years, thus, there is really an option if you want light monthly installments. The loan offer is open for several purposes.

Pag-IBIG Housing Loan 2024
Photo Credit: Rumah-I

A member of the Pag-IBIG Fund may apply for the loan offer to finance any of the following purposes:

  • purchase of a fully developed residential lot or adjoining residential lots not exceeding 1,000 square meters
  • purchase of a residential house and lot, townhouse or condominium unit
    • pre-owned or brand-new units
    • property mortgaged with Pag-IBIG Fund
    • adjoining house and lots / townhouses / row houses / condominium units
  • construction or completion of a residential unit on a residential lot owned by the borrower or a relative of the borrower
  • home improvement
  • refinancing of an existing housing loan, provided, that the borrower must be regularly paying the amortizations of the said loan without any payment made beyond thirty (30) days past due for the last six (6) months from the date of application

Although the loanable amount under the Pag-IBIG Housing Loan may vary, the Fund has set a huge maximum borrowing amount allowed under the offer. The Pag-IBIG Housing Loan interest rates depend on the chosen on loan term.

Here are the steps for the Pag-IBIG Housing Loan 2024 Member Application Process:

Step 1 — Check the eligibility criteria set by the Fund. To qualify for the loan offer, here are the eligibility requirements that the member-borrower must meet:

  • has posted at least twenty-four (24) monthly membership savings
  • age of not more than sixty-five (65) years at the date of application and not more than seventy (70) years at maturity of the loan
  • has the legal capacity to encumber real property
  • possesses the ability to pass satisfactory background / credit and employment / business checks of Pag-IBIG Fund
  • has no outstanding Pag-IBIG Short-Term Loan (STL) in arrears at the time of the loan application
  • has no Pag-IBIG Housing Loan that was foreclosed, cancelled, bought back due to default, or subjected to dacion en pago
  • If with an existing Pag-IBIG Housing Loan as a principal buyer / borrower or co-buyer / co-borrower, the account must be updated

Step 2 — Prepare the required documents. The Fund checks all the original copies of the requirements for the Pag-IBIG Housing Loan application thus it is important to prepare them even those that will be submitted in the form of photocopy.

Step 3 — Go to a branch of the Pag-IBIG Fund nearest to where the property is located. Submit the requirements. The processing and evaluation will take around three (3) weeks and the Fund will notify you regarding the result of your loan application.

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