If you are a Pag-IBIG member and are qualified for their housing loan, these are the requirements that you need to complete:
- Pag-IBIG Housing Loan Application Form, or PHLAF, and recent ID picture of the borrower
- Member Status Verification Slip, or MSVS
- Proof of income, like a self-employed member’s bank statement for the last 12 months, a locally employed member’s income tax return or an OFW member’s employment contract
- A back-to-back photocopy of a valid ID of the principal borrower and spouse, a co-borrower and spouse and an attorney-in-fact, if it is applicable (The same ID should be brought and presented for validation)
- The member’s permission allowing Pag-IBIG to conduct a credit background check on him
- Members that are OFWs should also present a Special Power of Attorney that was notarized prior to his date of departure, or that has been authenticated and certified by the Embassy of thePhilippinesof the country where he is working
- Insurance coverage – health statement form and full medical examination for borrowers 60 years old and above; health statement form if borrower is over 60 and applying for a loan over P2 million or is an OFW over 60
- For married borrowers and co-borrowers – marriage contract
- Proof of relationship, such as a birth certificate, if with a co-borrower
- Certified true copy (by the Registry of Deeds) of the TCT (Transfer Certificate of Title) or CCT (Condominium Certificate of Title)
- Location plan or vicinity map
- Photocopies of member’s tax declaration and real estate tax receipt
Other requirements according to the purpose of the loan
- If buying a residential property – a document that proves the agreement between the seller and the buyer (the borrower), such as a contract to sell
- If getting a refinancing
- The statement of account of the loan’s outstanding balance
- Any of the following – a subsidiary ledger, a valid proof of payment from the previous year, or an official receipt from the previous year
- If building a residential property, buying a lot for the construction of a residential property, or improving an existing residential property – building plans, specification and bill of materials (should be signed by the licensed architect or civil engineer)
To begin the application procedure for the Pag-IBIG Housing Loan, proceed to the NCR or regional branch of Pag-IBIG with a valid ID and pick up an MSVS. Once you have finished and given back the MSVS, they will return it to you with an acknowledgement receipt (AR), the PHLAF and the Checklist of Requirements (COR).
Find out which branch of Pag-IBIG (whether NCR or a regional branch) has jurisdiction over the property that you are loaning for and go there. Once there, you are to surrender two filled-up copies of the PHLAF, as well as the required documents. Go to your online Membership Registration System, fill up or update the information and obtain a system-generated Member’s Data Form or MDF (The document should have a registration tracking number).
Once you have claimed a payment order form (POF), bring it to the cashier and pay them a processing fee of P1,000 to be given a Pag-IBIG Fund Receipt (PFR). Photocopy the PFR and give the copy to the NCR office Member Services Support Divisio-Servicing Department or your regional branch’s Housing Loans Division in exchange for an acknowledgement receipt.
(The Mortgage Loans Specialist should be given 5 working days to report any findings while conducting the credit investigation of the member. The property appraiser will let the member know within 5 working days when the appraisal will take place, and will also give the result of the evaluation 2 working days after the appraisal.)
The third and final installment of the Pag-IBIG Housing Loan series will cover loan approval and release.