When starting a family it is important that you secure their future by providing the kind of home they deserve. If you are thinking of buying your dream house and wants a more flexible way of paying for it, apply for a PAG-IBIG Housing Loan!
In today’s blog post, we will tackle some of the basic information you need to know before applying for a loan. Understanding how PAG-IBIG loan works and knowing your eligibility can save you a lot of time, and make it easier for you to own your first home.
What are the objectives of PAG-IBIG?
- To help its members acquire a fully developed lot in a residential area, sized 1,000 sq.m. and below.
- To help its members acquire a pre-owned or brand new house and lot, a condominium unit, or a townhouse along with a parking space. (Can be a property mortgaged with PAG-IBIG or an acquired asset)
- To help pay for the construction of a residential house in a lot owned by the member.
- To help in financing the renovation or home improvement of a member’s existing home.
- To refinance their mortgage in relation to the following conditions:
– The loan should not be in default within a year before the application date
– The loan has a repayment history of at least2 years with the original mortgagee
- To help pay for the refinancing of a lot loan bought for the construction of a residential unit, or the combination of the following:
– A and C
– B and D
– E and D
How can I apply for a PAG-IBIG Housing Loan?
- The developer can assist a member in applying for the loan. The said developer can offer a buyback guarantee in case that a member defaults in his/her amortization payments or monthly contributions.
- The developer can assist the member throughout the whole process but will not offer a buyback guarantee.
- The member can apply for a loan on his or her own.
How can I be eligible for a PAG-IBIG Housing Loan?
- Become a member of the following PAG-IBIG Programs for 24 consecutive months, as indicated by at least 24 monthly contributions at the time of the loan application:
– PAG-IBIG I Program
– PAG-IBIG II Program
– PAG-IBIG Overseas Program
* If a member lacks the required number of contributions, they can pay a lump sum according to the mandatory monthly membership contribution rates.
- A member should be 65 years old and below at the date of the application. He/she should also be insurable and not be more than 70 years of age upon maturity of the loan.
- The member should have the legal capacity to acquire and encumber real property.
- The member should pass the PAG-IBIG Fund’s background/credit, as well as employment/business checks.
- The member should not have an outstanding housing loan from PAG-IBIG may he/she be a principal or co-borrower.
- The member should not have any housing loan from PAG-IBIG that has been cancelled, foreclosed, subjected to dacion en pago, or bought back due to default.
- The member should not have any outstanding PAG-IBIG multi-purpose loan in arrears at the time of application.
Now that you know the basics of the PAG-IBIG Housing Loan, you can now go ahead and apply for a loan. Remember that a real estate property is one of the best types of investments you can have, so making the necessary preparations and adjustments could help you secure your family’s future home.
If you are planning to buy a home in Lancaster New City Cavite, Pro-Friends may assist you by allowing pag-ibig loan through in-house financing, requiring you a bigger down payment of 30%. But you might have to secure your application personally. Chat with our property specialist now for more info!
Original source: www.pagibigfund.gov.ph