With the recent announcement regarding deductions on their interest rates, now seems to be the perfect time to finally apply for a housing loan.

Effective June 2015, Pag-IBIG has implemented lowered interest to make it easier and more affordable for their members to have their dream homes. Those availing of 3-year loan periods will only have to pay a total of 6.5% (formerly 7.985%) while a 5-year loan will be 7.27% (formerly 8.895%).

Loans under the 10 years category will have an interest of 8.035% (formerly 9.750%) while a 15 and 20 years loan will respectively have 8.585% (formerly 10.375%) and 8.8% (11%). Finally, a 25-year loan will have an interest of 9.05% (formerly 11.5%) and a 30-year loan will have only 10% (formerly 12%).

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This is absolutely a wonderful opportunity if you are planning to apply for a Pag-IBIG housing loan. Compared with borrowing money from the bank, the interest will not be as huge so this is really a fantastic option.

Here’s a step-by-step guide on how you can qualify:

Step 1. Obtain a checklist of requirements from your local Pag-IBIG office and complete the following forms:

  • Housing Loan application form.
  • Health Assessment form (Medical Questionnaire) for OFW members and borrowers ages 60 years old and above.

Step 2. Submit your requirements and pay the Php 1,000.00 partial processing fee.

  • Visit your local branch and submit the Pag-IBIG housing loan forms and other requirements.
  • Wait for the Credit Investigation and Property Valuation.
  • Usually, processing period takes up about 20 working days.

Step 3. Receive Notice of Approval (NOA), Letter of Guaranty (LOG).

  • Sign the loan documents

Step 4. Fulfill all NOA requirements within 90 days and wait for release of your check.

  • If you are purchasing a house and lot, a condominium unit, or lot, you will need to give the LOG to the seller. In addition you will also need to visit BIR, pay for Capital Gains Tax and Documentary Stamp Tax, and get a Certificate Authorizing Registration. Next, go to the Local Government Unit (LGU) for Transfer Tax payment and transfer of Tax Declaration. After that, transfer the title and mortgage annotation with the Registry of Deeds (RD).
  • If you are purchasing a house and lot mortgaged with Pag-IBIG fund, you will only need to do the same requirements except giving LOG to the seller.
  • If you are constructing a house from scratch or are improving an existing one, you will be asked to submit a Documentary Stamp Tax from BIR and an annotation of mortgage from Registry of Deeds.
  • If you are applying for refinancing, give the Letter of Guaranty (LOG) and Mortgage Agreement (MA) to your bank or financial institution.

Step 5. Bring 2 valid IDs and claim your loan at the Pag-IBIG office.

Step 6. Start paying your amortization.

  • Usually, you will begin payment at least one month before the DV/check date.

By following these steps, you will be able to successfully complete all the necessary requirements. Your dream home will be within your reach as you qualify for a Pag-IBIG housing loan.

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