May 282013
pag-ibig housing loan qualification

You can personally determine if you are eligible for a housing loan based on the following:

Your Pag-IBIG Membership Status

  1. You must be an active Pag-IBIG member for at least 2 years and has contributed a minimum of 24 monthly contributions.
  2. Both the principal borrowers are subject to the above mentioned requirement.
  3. Up to three Pag-IBIG Members may avail of a single housing loan (same collateral) provided they are related within the second civil degree of consanguinity.TIPS: If you have been moving from one company to another, always make sure that you consolidate your Pag-IBIG contributions past and present. Don’t be in a hurry to get a housing loan. You need to establish a good record so that your application will be easier by the time you do it. To re-activate your Pag-IBIG Membership is very simple: just pay for the monthly contribution.

Your Age

  1. You must not be more than 65 years old at the time of loan application.
  2. You must not be more than 70 years old at the date of maturity.
  3. You must be insurable.
    NOTE: Advanced age really is a hindrance to getting a housing loan. And take note that this is true whether you are using Pag-IBIG or any Bank.
    TIPS:If you can afford it, apply for a housing at a young age.

Your Capacity To Pay

  1. Pag-IBIG Housing Loan Interest
    As a general rule, your monthly amortization should not exceed one-third of your gross income. This is the rule used by many financial institutions when qualifying a loan applicant.
  2. Pag-IBIG Financing
    Your monthly amortization (principal + interest) should not be more than 40% of your Net Disposable Income.

    • Have your finances in order by saving enough for the Down Payment (or Equity).
    • You need to show some proof of income. Prepare the following documents: Pay Slips, Income Statements, Employment Contract (with indicated salary).
    • If your income is insufficient, you may take on a relative (within the second civil degree of consanguinity) or your spouse and tack-in your contributions then apply for a housing loan.

Other Pag-IBIG Loans

  1. You are only allowed one Housing Loan at a time. If you want to take another one, you have to pay your existing loan.
  2. If you have previously availed of the housing loan, make sure that it was not foreclosed, cancelled, bought back, or subjected to dacion en pago.
  3. If you have an outstanding Multi-Purpose Loan, your payments must be updated and it must not be in arrears at the time of application.