Are You Qualified for a Pag-IBIG Housing Loan?

Wondering if you are already qualified to apply for a housing loan with Pag-IBIG?  Here’s how you can run a quick assessment based on the requirements published by Pag-IBIG.

There are four key considerations you need to take note of when applying for a housing loan:

1. Your Pag-IBIG Membership
2. Your Age
3. Your Capacity to Pay
4. Other Pag-IBIG loans you may have

What do you need to check before you submit your housing loan application?

1. Your membership status.
   • Your membership must be tagged as active and you must have made a minimum of 24 monthly contributions at the time of your loan application.
   • If you have not made consecutive monthly contributions within the last 24 months, you may make a one-time payment to update your account. However, you need to wait for another 24 months before you can apply for a housing loan (some branches allow 12 months).
   • If there are more than one member who will be applying a loan for the same property, all of them must meet the membership status requirement.
   • Pag-IBIG allows up to three members to avail of a single housing loan provided that they are related with the second civil degree of consanguinity.
2. Your age.
   • The borrower member must not be more than 65 years old at the time of the loan application.
   • The borrower member must not be more than 70 years old at the date of maturity.
   • The borrower member must be insurable.
3. Your capacity to pay.
   • Your monthly amortization should not be more than 40% of your Net Disposable Income. You may request for a Monthly Amortization and Net Disposable table from Pag-IBIG; you may use this as a reference of monthly amortization rates based on the total loanable amount.
   • You must be prepared with the funds for down payment or equity.
   • You must also have an updated file of your proof of income such as your Pay Slips, Income Statements, Employment Contract where your salary is indicated.
4. Other Pag-IBIG Loans.
   • You may only apply for and be granted one housing loan at a time.
   • Any previous housing loans with Pag-IBIG must not have been foreclosed, cancelled, or bought back.
   • Payments for outstanding Multi-Purpose Loan must be updated and must not be in arrears at the time of application.

The best time to apply for a housing loan is while you’re in your 30s and early 40s.  Should you get disqualified on your first application, you can always try again after a year or two.

The secret is in keeping your Pag-IBIG contributions updated all the time and maintaining a good credit score.

Good luck on your housing loan application!

Sources:

http://www.pagibigfund.gov.ph/

How To Check If You Are Qualified For A Pag-IBIG Housing Loan