Info About Pag-IBIG Housing Loan Program
Pag-ibig housing loan program is the best and No. 1 benefit of Pag-ibig. This program has helped many Filipinos here and abroad realized their dream of buying a home for their family.
What is the Pag-IBIG Housing Loan program?
This program aims to help Pag-ibig members acquire a house and lot or lot only with lower interest rates compared to Bank Financing Loans.
What are the Two Ways of Applying a Housing Loan Program?
There are two ways of applying for a Pag-IBIG housing loan
- Developer-Assisted – House Developer assists the member in his/her housing loan application. This refers to housing projects offered for sale by Developers that requires a downpayment or equity.
- Retail – the member applies directly to Pag-IBIG Fund and process the loan by himself. He will transact directly with Pag ibig Fund office. No Developer is involved in this transaction.
What are the Guidelines of Pag-IBIG Housing Loan Program
Presently, these are the 2 guidelines that Developer or Individual Applicant refer to when applying for a housing loan.
1. Pag-IBIG Circular No. 310 – Amended Guidelines on the Pag-IBIG Fund end-User Home Financing Program
These guidelines apply to housing loan with loan value up to Php 6,000,000.00
This is applicable for houses bought from a Developer (Developer-assisted loan) or if house is bought from other sources and you will directly or personally apply the loan with Pag ibig.
2. Pag-IBIG Circular No. 312 – Guidelines on the Pag-IBIG Fund Affordable Housing Program
These guidelines apply to housing loan with loan value up to Php 750,000.00 only
This is also applicable for houses bought from a Developer (Developer-assisted loan) or if house is bought from other sources (not Developer) and you want to directly or personally apply the loan with Pag-IBIG. With maximum loan amount is Php750,000.00
For better understanding, please read more:
Pag-IBIG Circular No. 310 – http://www.pagibigfund.gov.ph/
Pag-IBIG Circular No. 312 –http://www.pagibigfund.gov.ph/
What Are The Loan Purposes?
Circular No. 312 – For Affordable Housing up to Php 750,000.00 Maximum Amount
The Pag-IBIG housing loan may be used to finance any one of the following
- Purchase of a fully developed residential lot or adjoining lots not exceeding 1,000 square meters;
- Purchase of a residential house and lot, townhouse or condominium unit which may be;
- Old or brand new
- A property mortgaged with Pag-IBIG Fund
- An acquired asset
- Construction or completion of a residential unit on a lot owned by the member.
Circular No. 310 – For End-User Home Financing up to Php 6,000,000.00 Maximum Amount
The Pag-IBIG housing loan may be used to finance any one or a combination of the following:
- Purchase of a fully developed lot or adjoining lots not exceeding one thousand square meters (1,000 sq. m.), which should be within a residential area;
- Purchase of a residential house and lot, townhouse or condominium unit, inclusive of a parking slot, which may be:
- Old or brand new
- A property mortgaged with the fund
- An acquired asset or
- Adjoining houses and lot / townhouses / row houses.
- For retail housing loans, the subdivision where said residential units are located must have complied with all the required facilities pursuant to PD No. 957 and BP No. 220.
- Construction or completion of a residential unit on a lot owned by the member;
- Home improvement, i.e any alternation in an existing residential unit intended by a homeowner to be a permanent integral part thereof, which will enhance its durability and material value;
- Refinancing of an existing housing loan with an institution acceptable to the Fund; provided that, the account reflects a perfect repayment history for at least one (1) year prior to date of application as supported by the borrower’s official receipts.
- Combination of loan purposes shall be limited to the following
- Purchase of a fully-developed lot not exceeding one thousand square meters (1,000 sq. m.) and construction of a residential unit thereon
- Purchase of a residential unit, whether old or new, with home improvement
- Refinancing of an existing mortgage with home improvement or
- Refinancing of an existing mortgage, specifically a lot loan, with construction of a residential unit thereon.
Source
http://www.pagibigfund.gov.ph/
NAGHAHANAP KA BA NG BAHAY THRU PAG-IBIG FINANCING?
NAGHAHANAP KA BA NG BAHAY THRU PAG-IBIG FINANCING?
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