You can personally determine if you are eligible for a housing loan based on the following:
Your Pag-IBIG Membership Status
- You must be an active Pag-IBIG member for at least 2 years and has contributed a minimum of 24 monthly contributions.
- Both the principal borrowers are subject to the above mentioned requirement.
- 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.
- You must not be more than 65 years old at the time of loan application.
- You must not be more than 70 years old at the date of maturity.
- 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
- 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.
- 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
- You are only allowed one Housing Loan at a time. If you want to take another one, you have to pay your existing loan.
- 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.
- 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.