What is PAG-IBIG upgrading contribution?

Upgrading contribution is the additional Pag-IBIG membership contribution of the buyer in order to avail of a housing loan. It is usually advanced by the developer to facilitate processing of documents.

What is the first step in housing loan application?

• Attend a housing loan Counseling session at the concerned Pag-IBIG office.
• Accomplish a Preliminary Loan Counseling Questionnaire, Housing Loan Application (HLA) and Membership Status Verification Slip (MSVS). If eligible, secure a checklist requirement.
• Submit HLA with complete requirements. Your developer can assist you with your housing loan application.

What is the PAG-IBIG Overseas Program (POP)?

The Pag-IBIG Overseas Program is a voluntary savings program which aims to provide Filipino overseas contract workers, immigrants, permanent residents and seafarers the opportunity to save for their future and avail of a housing loan of as much as PhP2,000,000.00.

How much is the contribution rate?

A POP member shall contribute monthly an amount equivalent to US$5. Should he decide to apply for a housing loan and wish to avail of a higher amount, he would be required to upgrade his membership contribution. All Pag-IBIG branches may accept membership contribution.

Who are eligible to become members of the PAG-IBIG Overseas Program?

A Filipino who works overseas as a contract worker or is an immigrant, permanent resident or seafarer may enlist as a member. To register, accomplish and submit the Member’s Data Form (MDF) together with the required membership contributions. Also attach a photocopy of the Passport or Contract and a 1” x 1” ID photo.

What is equity?

Equity is the balance of the loan payable to the developer after a loan amount is applied to Pag-IBIG.

What is a Loan Value?

Loan Value is the amount of loan applied to Pag-IBIG depending on the housing loan applicant’s capacity or his/her request of the loan amount.

If I am a civilian borrower, when is my first monthly amortization?

• Your first monthly amortization will commence one (1) month from loan take-out date.
• You may check the Notice of Installment/Amortization sent by HDMF after your loan take-out.

What is NOA?

NOA means Notice of Approval. This is processed by the developer if the loan is under Contract to Sell (CTS). It is stipulated in the NOA the amount of loan applied, the housing unit applied for and other additional fees approved by Pag-IBIG Fund. After the buyer has signed the NOA signifying acceptance of the loan, this is now being processed for take-out.

What is the process of moving-in?

1. Fill up the request form. A buyer’s loan must be taken out and updated with 3 months payment to Pag-IBIG. Equity must be fully paid.
2. A letter for inspection is mailed to buyers whose loans are taken-out.
3. Buyer must go the site and inspect his/her unit.
4. If there is no rectification, a buyer accepts the unit and signs the Buyers Acceptance Form.
5. If there is rectification, the engineers on site will request for rectification in the office depending on the specifications and scope of rectification.
6. Upon completion of the rectification, buyers will sign the acceptance and the forms will be submitted to the office for clearance.
7. Upon signing of the clearance by the Developer, the buyer is now ready for move-in.

How long is the repayment period or loan term?

The loan term shall be based on the term chosen by the member at the time of enrollment. Thirty (30) years is the longest period a member can avail of, however, age at the time of enrollment will also be considered.

What are the applicable loan purposes?

• The Pag-IBIG housing loan may be used to finance any or a combination of the following:
• Construction or completion of a residential unit on a lot owned by the member.
• Purchase of a lot and construction of a residential unit thereon.
• Purchase of a residential house and lot, townhouse or condo unit.
• Purchase of a fully developed residential lot not exceeding 1,000sqm.
• Major repairs, expansion or renovation of an existing residential building, townhouse, or condominium unit.
• Refinancing of an existing mortgage loan with an institution acceptable to HDMF which is current
and updated for the past 24 months.
• Home Improvement.

What other documents submitted to PAG-IBIG before take-out?

Housing Loan Application
TCT with the Deed of Assignment
Certificate of Acceptance and duly annotated Contract To Sell
Conformity to Assignment of the CTS
Disclosure Statement on Loan Transaction
Occupancy Permit
Tax Declaration
Updated Real Estate Tax Receipts

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