Pag-Ibig Fund
FREQUENTLY ASKED QUESTIONS
1. How can I buy a house thru Pagibig? I'm locally employed but not yet a Pagibig member.
You must apply for Pagibig membership first to be eligible to buy a house thru Pagibig.
Who are eligible to borrow?
* Must be a member under the Pag-IBIG I or Pag-IBIG II program for at least 24 months as
evidenced by the remittance of at least 24monthly contributions at the time of loan application:
* Must be a member under the Pag-IBIG Overseas Program (POP) for at least two years.
* A member under Pag-IBIG I & II or the POP shall be allowed to make a lump sum payment
equivalent to the required number of monthly contributions to satisfy this requirement;
* Under the Pag-IBIG Overseas Program (POP), must have remitted an amount equivalent to his
savings for at least 12 months.
* Must not be more than 65 years old at loan maturity and must be insurable;
* Must have the legal capacity to acquire and encumber real property and currently employed;
* Must have passed satisfactory background/credit and employment/business checks of the
developer and the Fund;
* Had no Pag-IBIG housing loan that was foreclosed, cancelled, bought back or subjected to
"dacion en pago"
* Must have no outstanding Pag-IBIG housing loan, either as a principal borrower or co-borrower;
* Has no outstanding Pag-IBIG multi-purpose loan in arrears at the time of loan application. A
member whose multi-purpose loan is in arrears shall be required to pay his arrears over the
counter to update his account.
2. How can I join Pag-IBIG? I'm locally employed.
Employees who are not regularly employed can join the Pag-IBIG Fund on a voluntary basis.
a. Accomplished two (2) copies of the Members Data Form (MDF).
b. Submit the MDF form with all required supporting documents like:
1. Certificate of Employment & Compensation
2. Latest Payslip
3. Company ID
4. Two 1x1 picture
(bring all originals for authentication)
c. Present all verified and stamped documents to:
Marketing and Enforcement Division
Pag-IBIG Branch Office
(where company pays contributions)
d. Secure Payment Order Form (POF) from Marketing and Enforcement Division.
e. Proceed to Cash Division for payment of initial membership contributions (MC).
3. How can I join Pag-IBIG? I'm an OFW.
Click on this link to view Guidelines On Pagibig Overseas Program (POP).
In the Philippines - Mail or submit the accomplished Member's Data Form to:
Pag-IBIG Overseas Department
6/F Atrium of Makati
Makati Ave., Makati, M.M., Philippines 1200
c/o Vincent N. Nery or Voltair M. dela Rosa
4. What are the Steps in Applying Direct Pagibig Housing Loan with Profriends, Inc.?
a. Pay the reservation fee once you have choosen the block number and lot number of the
house. Get the list of required documents. An agent will assist you on this.
b. Attend a loan counseling session within 30 days after reservation date at Profriends' office
either in Imus or Carmona, Cavite and accomplish a Preliminary Loan Counseling
Questionnaire (HLA) and Membership Status Verification Slip (MSVS). Your agent will give
you the schedule of the counselling.
c. Pay your first equity and submit all required documents on the list, postdated checks and
Pagibig forms given during reservation.
d. After paying full equity, (3-12 mos) wait for Pagibig loan take out (estimated 3 months).
Only then can you move-in or transfer to your house.
5. I'm separated, is my spouse's signature needed in the Pagibig forms?
Yes. You may ask her/him to sign a Special Power of Attorney for you to process the
loan.
6. I stopped paying my monthly contributions, can i still use my Pagibig in buying a house?
Yes. Just reactivate your Pagibig membership. Update contribution payments and pay
reactivation fee.
7. Can my fiance and I apply jointly for a Pagibig housing loan?
No. Only married couple are allowed or relatives within the second civil degree of
consanguinity or affinity. Either you or your fiance will be the principal buyer. Just
change civil status as soon as you're married.
8. Can I apply for ADDITIONAL LOANS even if I still have a housing loan?
Yes. A member who is updated with his monthly contributions as well as his
monthly housing loan amortizations as of date of application for additional
loan shall be eligible for the said loan.
A qualified Pag-IBIG member who has an existing housing loan may avail
himself of an additional housing loan for the following purposes:
1. House construction on a lot purchased or refinanced through a Pag-IBIG housing Loan.
2. Home improvement.
9. During amortization period, Are we allowed to pay partial or full amount in advance?
Yes. A borrower shall be allowed to prepay his loan in full or in part without
prepayment penalty.
Accelerated payments – any amount paid in excess of the required monthly amortization
shall be applied automatically to principal.
The treatment of excess payment the borrower prefers must be
noted on and properly disclosed in the Pag-IBIG Fund Receipt (PFR).
10. When can I apply for another Pagibig housing loan?
A Pag-IBIG member may avail himself of a second Pag-IBIG housing loan provided he has fully paid his first housing loan, whether as a principal borrower or as a co-borrower.
11. What are the importance of Fire Insurance (FI) & Mortgage Redemption Insurance (MRI)?
The borrower shall be compulsorily covered by mortgage/sales redemption insurance and fire insurance.
Application of Insurance Proceeds
In the event of death, Pag-IBIG Fund shall apply the proceeds of the member’s mortgage/sales
redemption insurance (MR/SRI) to his outstanding housing loan balance, and the excess, if any,
shall be paid to the member’s designated beneficiaries.
In case the insurance proceeds shall not be sufficient to pay the member’s housing loan balance
fully, the Fund shall offset the remaining amount against the member’s TAV.
12. What is the maximum loan term?
The loan shall be repaid at a maximum term of thirty (30) years .
The borrower shall be allowed to lengthen or shorten the loan term only once during the life
of the loan.
13. Who are accepted as co-makers if my salary did not meet the required amount?
A maximum of three (3) qualified Pag-IBIG members may be tacked into a single loan which
is secured by the same collateral, provided they are related within the second civil degree
of consanguinity or affinity.
14. Will there be recomputation or repricing of my loan after 3 years?
Yes. For loans over Four Hundred Thousand Pesos (P400,000.00) up to Three Million Pesos (P3,000,000.00), Pag-IBIG Fund shall reprice the interest rate of the loans every three years
at rates based on prevailing market rates at point of repricing,
15. How shall I pay my Pagibig housing loan?
a. Post-dated checks issued by the borrower, co-borrower or relatives up to the first civil
degree of affinity or consanguinity, initially to cover the monthly amortizations.
Staggered payments for an amortization/installment period shall be allowed provided the
amortization is paid in full on or before the due date.
16. How much is my penalty if I cannot pay on due date?
The borrower who fails to pay the full monthly amortization and/or other loan obligations
when due shall pay a penalty of 1/20 of 1% of the amount due for every day of delay.
More info:
http://www.pagibigfund.gov.ph
