2 years or 24 months contribution to funds , Qualify for Pag - Ibig Housing Loan . Borrowing up to 2 million pesos to fund for the following : * Purchase of fully developed lot in a residential area . * Purchase of a lot and construction of house . * Purchase of house and lot , townhouse or condo unit * Construction of a house on a lot owned by member . If your , monthly contribution is 500 pesos , your loanable amount is 1milliom to 1.1 million Reminder : The lot to be acquired using the loan must be free from any encumbrances The maximum term of a Pag - Ibig housing loan is 30 years Loan - to - collateral ratio : Some subdivisions or property developers offer a buy - back provision for housing unit sold through various financing schemes . The provision serves as guarantee that the property developer will reacquire housing units foreclosed by financing institutions due to non payment of borrowers. Pag - Ibig covers housing units costing up to 300,000 pesos even without a buy-back guarantee and over 300,000 up to 750,000 with buy-back guarantee . The fund will covers 90% of the cost of housing units worth over 300,000 up to 750,000 pesos without a buy - back guarantee . Housing units that cost over 750,000 up to 1 million pesos are only 95% covered if with a buy-back guarantee and 85% covered if without . Pag - Ibig covers 90% of the cost of housing units worth over 1 million to 2 million pesos if with buy-back guarantee and 75% of the cost if without . ACTUAL NEED : This presents the amount of the housing units as stipulated in the contract to sell , licensed to sell , amount of loan applied for , or cost estimates . CAPACITY TO PAY Pag - Ibig fund takes into consideration the members capability to pay the monthly amortization of his or her housing loan . It requires that the monthly amortization of the members of his or her loans must not be more than 40 percent of his or her net disposable income . Hence , if a members take home pay 20,000 monthly , his or her monthly amortization must not exceed 8,000 pesos . Other uses of Pag - ibig housing loan , aside from the mentioned above are : Home improvement and refinancing of an existing loan in institution acceptable to the fund . Aside from meeting the contribution requirements , Pag - ibig also requires that the borrowers must not more than 65 years old at the time of loan application and not be more than 70 years old at the dateof loan maturity , must not have any outstanding loan either as a borrower or co-borrower , no arrears in their multi-purpose loan repayment . Pag - Ibig charges 3,000 pesos for housing loan processing fee . The 1,000 pesos is paid at the time of processing while the remaining 2,000 pesos is taken from the loan proceeds upon its released. The monthly amortization of the housing loan may be paid in two ways through : 1 . salary deduction 2. issuing 12 post dated checks to cover 1 year of payment Payment of the monthly amortization starts a month after the full or released of the loan . Buy fully developed lot , Pag-ibig mass lands that is free from squaters , with access to electricity and water , with provision for drainage and road-right- of-way and with existing land movements . CONTRIBUTION AND LOAN AMOUNT PAG-iBIG 1&2 AMOUNT P200.00 - up to P500,000 250.00 - over P500,000 - P600,000 300.00 - over P600,000 - P700,000 350.00 - over P700,000 - P800,000 400.00 - over P800,000 - P900,000 450.00 - over P900,000 - 1M 500.00 - over 1M - 1.1M 550.00 - over 1.1M - 1.2M 600.00 - over 1.2M - 1.3M 650.00 - over 1.3M - 1.4M 700.00 - over 1.4M - 1.5M 750.00 - over 1.5M - 1.6M 800.00 - over 1.6M - 1.7M 850.00 - over 1.7M - 1.8M 900.00 - over 1.8M - 1.9M 950.00 - over 1.9M - 2M happy loan , blowout naman kayo !!!
You've seen a property that you want to acquire , check it out , in fact , and you're convinced that its the right one for you . You're a Pag- Ibig fund member and want to acquire the House and lot where you want to build your home through Pag-Ibig housing loan , go about this steps : STEP 1 Attend a housing loan counseling session at the Pag-ibig fund office nearest you . All applicant are ask to accomplish a preliminary loan counseling questioner , housing loan application form , and membership status verification slip ( MSVS ). Based on these documents , Pag-ibig officers will determine if applicant is eligible for housing loan . Eligible applicant are given a checklist of requirements that they must comply with before move on to step 2 THE REQUIREMENTS : Certificate of employment with salary breakdown ( notarized ) Latest one month payslip of employer Income tax return ( ITR ) and W2 for the last 2 years Photocopy of company ID or any valid ID with signature Proof of billing ( Meralco , PLDT , Manila water etc. ) Birth certificate Merried certificate Cedula ( residence certificate ) 1 x 1 picture ( 4 copies ) For overseas workers : Special Power of Attorney ( SPA ) ( red ribbon ) ID with signature of person designated in SPA Photocopy of passport ( pages 1 and 2 ) Latest job contract POP contribution with record book Step 2 Submit to Pag -ibig your loan application form together all the requirements in the checklist and pay the processing fee of Php 1,000 (pesos) the amount is non-refundable, even your loan gets disapproved . STEP 3 Wait for the notice of approval or letter of guarantee from Pag-ibig on your housing loan . After your loan is approved , you will need to sign loan documents in the Pag-ibig office . STEP 4 ( if with developer,they do the job and charge miscelenous fee) Proceed to BIR and present the deed of sale , tax declaration, tax receipt, tax clearance , certified thru copy of TCT, between you and the owner of the property . Go to ONETT for the computation of capital gains and documentary stamp, pay these to their designated banks in that area to avoid penalty . They will issue CAR, a certificate authorizing registration after a week or two . Photocopy all the documents . STEP 5 After getting CAR from the BIR , proceed to notary public and have your loan mortgage agreement notarized LMA ) . Have all the requirements photocopied in 3 sets . STEP 6 Go to your municipal or city hall Treasury department , pay the transfer tax . The next agency to visit is the Register of Deeds . Pay the registration fee for transfer of title and the annotation of mortgage .After getting the new TCT ,photocopied it STEP 7 To assessors office where you will need to secure your tax new tax declaration of your property by changing previous owner to your name . STEP 8 After securing all the pertinent documents from those gov't agencies , go back to Pag - ibig fund office armed with the ff: documents : * Original transfer of TCT on your name which has the annotation on it . * DOAS with original RD stamp * new tax declaration * Updated real tax receipt * Occupancy permit * Assignment of loan proceeds STEP 9 Second to the last step is to receive the loan proceeds that you will use to pay the seller of the property . STEP 10 The last is to start paying the monthly amortization based on the scheduled date . Interest rate are set : six percent ( 6% ) for loans up to 300,000 pesos seven percent ( 7% ) for loans above 300,000 up to 750,000 pesos ten point five percent ( 10.5% ) above 750,000 up to 2 million pesos
