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How to apply for a Pag IBIG Housing Loan?

IBIG has great home loans for you

by Maria Laura
7 June, 2022 - Updated on 23 August, 2022
in Student loans
How to apply Pag IBIG Housing Loan?

Acquiring a home of your own is the dream of most people; however, due to different situations, it can be a goal that is postponed for several years. To get closer to your destination, you can opt for IBIG’s home loan.

The Mutual Housing Development Fund, better known as Pag Fund – IBIG, offers contributing members to finance the purchase of their home at a rate adjusted to their means.

Contents

  • Steps to apply for an IBIG home loan
    • Attend the loan counseling and home inspection
  • The monthly amortization payment
    • Postdated check payments (PDC)
    • Pay through payroll deduction
    • Other payment methods

Steps to apply for an IBIG home loan

Primarily, you must prove loan eligibility for new members to the program who have at least 12 months of contributions; they can complete the required amount of contributions through a lump sum payment.

Those who have been members for at least two years and have housing loans exceeding Php 500.00 must pay the enhanced membership contribution rates when their loan is approved.

The next step is to prepare all the necessary documents for the loan; having everything in order before proceeding with the application will help you speed up the procedure. The basic requirements are:

  • Three copies of the home loan application with identification photos of the borrower
  • Verified tax identification number
  • 3 1 x 1 copies of the ID picture
  • Employee’s Statement of Good Standing
  • If there is a foreign marriage, the spouse’s passport and two valid IDs with three signatures are required
  • Birth certificate
  • Marriage certificate
  • Original labor certification issued by a notary with compensation. Only for private and local employers
  • Photocopy of COEC and certificate of employment abroad
  • Employer’s contract
  • Original pay stub for the last three months showing the signature of human resources
  • Photocopy of POEA employment contract with E-ticket
  • If you have an online job, you must present proof of payment via GCASH, bank statement, or PayPal.
Check ➤  Where does the word mortgage come from?

Likewise, before you start with the application, you can log on to the PAG – IBIG website and evaluate the requirements at the moment.

Attend the loan counseling and home inspection

As an approved pre-loan member, you will be required to attend loan counseling. The home inspection is a requirement for loan release, at which point the property should have been applied for and assumed by the applicant before loan application.

Once the above steps have been completed, it is time to claim the check; you will receive a call to pick it up at the nearest office.

The monthly amortization payment

After your loan is approved, you must continue with the monthly loan payment until the debt is paid off. There are several ways to make monthly payments; you can choose from:

Postdated check payments (PDC)

With this method, you must issue and send twelve post-dated checks to the PAG – IBIG fund when the loan is released. That way, they will cover the monthly repayment for one year. 

Pay through payroll deduction

Most employees choose to pay by monthly payroll deduction; to use this method, you must send authorization to the Billing/Account Management Division and Billing/Loan Management department.

After receiving the loan, they will begin the monthly deduction of the monthly repayment; the employer will indicate this on the pay slips.

Other payment methods

You can enter into an automatic debit agreement with the bank and pay accredited promoters with a Collection Service contract with the PAG Fund – IBIG. You can also apply to accredited collection partners.

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      • Technical Interview
      • Sample thank you email after interview
      • You were fired on an application
    • Job Application
      • Kohl’s Job Application
      • Baskin Robbins Hiring Age
      • Subway Hiring Age
      • Target Hiring Age
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    • Transfer funds with Routing and Account Number
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    • Increase Total Loan Balance
    • Bad Credit Loans Urban BCL
    • Reduce Total Loan Cost
    • Canceling Student Loan Debt
    • Unsubsidized Student Loan
    • Borrow money from a millionaire
    • H&R block Emerald Advance
    • Chevy offer 0 Financing
    • Days Mortgage Approval
    • Mortgage on 1 million
  • Insurance
    • Subscriber Id Insurance Card
    • United American Insurance Provider Portal
    • Unregistered Vehicle with Insurance
    • Home Insurance Claim Adjuster Secret Tactics
    • Agi renters condo insurance
    • Walgreens accepted insurance
    • Dentist that take caresource
    • Redpoint county mutual insurance company
    • Insurance walgreens accepts
    • Cricket wireless insurance claim
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    • Stop paying child support
    • Home depot health check
    • Beat contempt of court for child support
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