- Must be a member, and must have 24 monthly contributions to qualify. Members can pay 24 months in a lump sum.
- Not more than 65 years old
- No existing multi-purpose loan in arrears
- No other PAG IBIG housing loan that had been foreclosed, cancelled or bought back
- No membership needed, no contributions required, no need to have a savings account
- Must be Filipino citizen, or have a Visa requirement for foreigners
- Must have a monthly family income of Php40,000.00
- Must have a stable source of income, must have stayed at least 2 years in the current company or have 3 years of profitable operation if running a business orpractising profession.
- Can be used to purchase a lot not exceeding 1,000 sq. Meters.
- Can be used to purchase town house or condominium.
- Can be used to complete construction.
- Can be used to purchase a town house, condominium unit.
- Can be used to finance housing construction.
- Can apply for re-financing.
- Also offer home equity service.
How Much You Can Borrow
- Maximum of Php6,000,000.00
- Subject to other qualifiers like the actual need of the member, capacity to pay.
- Some banks offer a minimum of PHP 300,000.00 some offer minimum of PHP 500,000.00.
Loan Appraisal Value Ratio
- Loans not lower than Php400,000, 100%
- Loans more than Php400,000.00, 90%
1. Some banks offer 80% – 90%, some banks offer as low as 70%.
Interest Rates (subject to change)
- 6.99% for the first three years, subject to re-pricing up to 11.375% (30 years).
- Some banks offer as low as 5.50% for the first year, subject to re-pricing.
- Some banks offer a fixed rate of 6 – 7.5% for the first 5 years also subject to re-pricing.
- Due to regular re-pricing, on 20th Year, banks offers an average of 9- 12% interest rate.
PAG IBIG Maximum of 30 years
5 – 35 years
- Pag Ibig Housing Loan Application Form
- Membership Status Verification Slip
- TCT/CCT in the name of the borrower
- Photocopy of the New Tax Declaration
- The Collection Servicing Agreement or Post dated checks
- Proof of billing address
- Notarized Loan and Mortgage Agreement
- Notarized Promissory Note
- Disclosure Statement on Loan Transaction
- Occupancy Permit (if applicable)
- Building Plans (if applicable)
- Deed of Absolute Sale (if applicable)
- Application form
- Photocopy of government issued ID with photo & signature
- Marriage contract if applicable
- Alien Certificate of Registration for foreigners
- ITR for employees
- Last 3 months of payslips or Certificate of employment for employees
- Business Registration Papers for businessmen
- Financial Statements for businessmen
- Bank Statements for businessmen
- Trade References for businessmen
- Lease Contracts or copy of Title for businessmen
- Photocopy of TCT/CCT
- Building plan with vicinity map
- Master of Deed of Declaration of Restrictions for condominiums
- Building plan for construction
- Bill of materials and Labor Cost
- Statement of Account for Refinancing
- Php 1,000 during loan application
- Php 2,000 before the release of loan
- Appraisal Fee of Php3,500 – Php4,000.00
- Handling Fee of Php5,000.00
- Notarial Fee of Php 500
- Registration Fee
- Doc Stamps Tax
The insurance premium will be included in monthly amortization
- MRI or Mortgage Redemption Insurance in the case of death before the full payment of the loan
- Fire Insurance
15 business days
5 – 7 business days