Here are the step-by-step processes for obtaining a housing loan through Pag-IBIG financing in the Philippines:
Determine your eligibility
Check if you are eligible for a housing loan through Pag-IBIG by meeting the following criteria:
- membership with Pag-IBIG for at least 24 months,
- no outstanding Pag-IBIG loans or foreclosed properties,
- not more than 65 years old at the date of the loan application,
- have a stable source of income, and
- meet the minimum income requirement based on the loan amount.
Choose a property
Look for a property that you would like to purchase and verify that it is eligible for financing under Pag-IBIG’s guidelines.
Get a loan application form
Obtain a housing loan application form from any Pag-IBIG branch or download it from their website.
Prepare and submit the required documents, such as income documents, employment certificates, valid IDs, proof of billing, and property documents, to the Pag-IBIG branch where you plan to apply for the loan.
Attend loan counseling
Attend a loan counseling session at the Pag-IBIG branch. During this session, you will learn more about the loan process, your obligations as a borrower, and other essential information.
Wait for loan approval
Pag-IBIG will process your loan application and will notify you of the loan status within a few weeks.
Sign loan documents
If approved, you will be asked to sign the loan documents and pay the processing fee, which is a percentage of the loan amount.
Wait for loan disbursement
Once the loan documents are signed and the processing fee is paid, Pag-IBIG will release the loan proceeds to the developer or seller, depending on the terms of the loan.
Start repaying your loan
Repay your loan through monthly amortizations over the loan term, which can be up to 30 years, depending on the loan amount and term.