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Housing Loan Process

7 Most Popular How-To’s On Pag-IBIG Fund

by Pag-IBIG Financing Admin

Since this website has been online, the Pag-IBIG Financing Team has encountered questions that are repeatedly asked by site visitors. Of course, we have made the FAQ section to address some of the most common questions that they raise. But, as it appears, a lot of folks seem to overlook that page when searching for the answer to their questions. That section should be the first stop for anyone who wish to find some answers related to Pag-IBIG Fund and its services.

This article is also a handy guide to the How-To type of questions that we received from site visitors.

We hope that by providing this, you’ll easily get access to the right information that you are seeking. Please browse the whole article to see if you also have similar queries.

1. How To Apply For A Pag-IBIG Housing Loan

This is one is the favourite questions of most Pag-IBIG Fund members. Here’s a sample inquiry that we received: “I would to ask how can I make a loan. I was planning to buy a parcel of land somewhere in Laguna but I have no idea on how to apply for the loan and what the procedures are.”

Best Answer: The Pag-IBIG Housing Loan Process.

2. How To Pay the Pag-IBIG Fund

For the locally employed Filipinos, this one should not be a problem since their employers should take care of this by way of salary deduction.

But for the self-employed and the Overseas Filipinos, here are some of the best ways to send your payment: 5 Ways To Pay The Pag-IBIG Fund.

Note: You may choose to pay monthly or quarterly. It is always best if you can pay over the counter, at the collecting office. And for all your payments, make sure that you keep the Official Receipt as evidence of the payment.

3. How To Apply As Voluntary Member

The mandatory membership to the Pag-IBIG Fund has already been expanded to include the Overseas Filipino Workers. Please consult article we had about the Home Development Mutual Fund Law of 2009 to check if you are under the mandatory coverage or not.

Now, here’s a list on who can become voluntary members to the Pag-IBIG Fund.

  • Non-working spouse, provided the other partner is also a member
  • Filipino employees of foreign government or international organization, or their wholly-owned instrumentality based in the Philippines, in the absence of an administrative agreement with the Fund
  • Leaders and members of religious groups
  • A member separated from employment, local or abroad, or ceased to be self-employed but would like to continue paying his/her personal contribution
  • Public officials or employees who are not covered by the GSIS

Here’s how to apply as a voluntary member.

4. How To Apply For A Short-term Loan

pag-ibig financing how-toWhether you want to call it a Personal Loan, a Salary Loan or by any other name, it belongs to the Short-term Loan program of Pag-IBIG.

Here’s how to apply for a short-term loan.

5. How To Withdraw Your Savings

Take note that your total savings, also called Total Accumulated Value, is the sum total of all your contributions, that of your employers (if applicable), plus the accumulated dividends.

But, you can’t just withdraw it anytime as you would your savings bank account. You should know about specific guidelines on how to withdraw that money.

6. How To Check If You Qualify For a Home Loan

Nothing can be so annoying than spending some previous time applying for a home loan only to be denied because you did not qualify. You can do a lot in the way of preparation.

Here’s how to do a pre-qualification before you go to the office and apply for a home loan.

7. How To Check My Membership Status, Contributions and Payments, etc.

There are some questions that only the Pag-IBIG Office or branch can answer. This one is among them.

However, you may want to read this Q and A about your Pag-IBIG Membership.

~~~

“The 7 Most Popular How-To’s On Pag-IBIG Fund”
is written by Carlos Velasco.

Filed Under: Pag-IBIG Fund QA Tagged With: Housing Loan Process, Multi-Purpose Loan, Remittance, Salary Deduction, Savings, Voluntary Membership

The Pag-IBIG Housing Loan Process

by Pag-IBIG Financing Admin

This can be filed as one of the frequently asked questions: “How can I apply for a Pag-IBIG Housing Loan?”

This article addresses that question in a very straight-forward and easy-to-understand manner.

So without further ado, here are the steps to take.

Step #1: Attend The Loan Orientation. Officially, it’s called Loan Counselling Session. It’s conducted at any Pag-IBIG Office all over the Philippines. Check your nearest Pag-IBIG Fund office to check their scheduled Loan Counselling Session.

Step #2: Fill Up Some Documents. Normally, you will be asked to accomplish the following documents:

  1. Preliminary Counselling Questionnaire – Some basic questions that are easy to answer.
  2. Membership Status Verification Slip (MSVS) – This will be used by the assigned staff to check your records and contributions to the Pag-IBIG Fund.
  3. Housing Loan Application (HLA) – This is the official document where you signify your intention of getting a loan.

If you are qualified for a loan, you will be given the Checklist of Requirements (COR) depending on the purpose of your housing loan. Fill-up the HLA only after knowing your status. (Read Step 3)

Related: Are you qualified for a Pag-IBIG Housing Loan? Click here to find out.

Step #3: Submit HLA And Other Required Documents. This will probably take a couple of days to comply. But once all of the documents in the requirement checklist are ready, submit them together with the Loan Application Form. You will be asked to pay the processing fee, which is non-refundable.

Step #4 Wait for The Notice of Loan Approval or Letter of Guaranty. Or if you can’t wait on your mail box, phone them to follow-up the status of your loan application.

Step #5. Sign Loan Documents. There are some and will be provided at the Pag-IBIG Fund office.

Step #6: Visit the Bureau of Internal Revenue and Registry of Deeds.

  • Pay for the documentary stamps and capital gains tax at the BIR.
  • Have the Registry of Deeds put an annotation of mortgage on the Land Title.

Step #7. Get Loan Proceeds. But you have to show Pag-IBIG Fund the following documents:

  • Original Transfer Certificate of Title (TCT) in the name of the applicant with annotated mortgage
  • Deed of Absolute Sale with original stamp from the Registry of Deeds
  • New Tax Declaration in the name of the applicant
  • Updated Real Estate Tax Receipt (for house and lot, if applicable)
  • Occupancy Permit (secured from LGU Engineering Office, if applicable)
  • Assignment of Loan Proceeds

That’s it for the Pag-IBIG Housing Loan process — only seven steps.

Most likely, you will also be asked to make an advanced payment on the first monthly amortization immediately following the loan release. So have your cash or check ready.

Further Note: If you are buying a property from a real estate developer, this whole process would be easier. All that are needed is for you to follow Steps 1 to 3. Ask your agent or broker if he/she can assist on the housing loan application most often you will be extended an assistance.

Other Articles Related to Pag-IBIG Housing Loan:

  • Income vs Loan Amount vs Contribution
  • Housing Loan Document Requirements

~~~

The Pag-IBIG Housing Loan Process is written by Carlos Velasco in response to website visitor requests.

Filed Under: Buying Tips, Housing Loans, Real Estate Finance Tagged With: Capital Gains Tax, Documentary Stamp Tax, Documents, Housing Loan Process, Land Title, Loan Proccess, Membership Verification, Pag-IBIG Housing Loan, Requirements

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