FeatureFinance

Document checklist: Pag-IBIG Housing Loan requirements

Finding proper financing is one of the challenges for OFWs once they have decided to purchase their own home. The blog, BalikBayad lists all of the documents required to apply for PAG-IBIG Home Loan:

Get to Know PAG-IBIG Home Loan for OFW
The Home Development Mutual Fund (HDMF) is a program of the government established to provide affordable housing loan schemes for OFWs. As a member of PAG-IBIG, you can borrow as much as P6 million, depending on your housing needs and your capacity to pay.
• Keep in mind that the PAG-IBIG home loan is obtained for the purpose of acquiring a housing property, improving an existing unit, or refinancing an existing loan. The property can be a residential area, condominium unit, or unit that calls for further construction. Consequently, you can use the funds to pay for brand-new, previously mortgaged with HDMF, or under a rent-to-own program.

OFW as an Eligible Borrower
In case you want to avail of the Home Loan of PAG-IBIG, you should be able to present the following:
• Employment Contract, with English translation if the contract is written in foreign language
• Original Employer’s Certificate of Income. In case you don’t have the original, photocopy is acceptable provided it is duly validated and certified by HDMF Information Officer assigned in the country where you work.

PAG-IBIG Home Loan Requirements
Make sure you have the following documents when applying for a Home Loan:
• PAG-IBIG Home Loan Form or Application with attached recent ID picture
• Membership Status Verification Slip (must have remitted at least 24 months contribution or pay in lumpsum if you are a new member who wants to avail of housing loan)
• Proof of Income such as employment contract, original employer’s certificate, or any other documents to prove such income as long as duly validated and certified by HDMF Information Officer assigned in the country where you work
• Photocopy of one valid ID of the borrower. A photocopy of one valid ID is likewise required on spouse, co-borrower, or Attorney-in-Fact, whichever is applicable
• Duly signed Authorization to Conduct Credit Background Investigation
• If abroad, Special Power of Attorney notarized before the date of departure or duly certified and authenticated by the Philippine Embassy or Consulate in the country where you are working
• Health Statement Form and Full Medical Examination for borrowers above 60 years old or loan amount of more than P2 million – This form is available at any PAG-IBIG Regional Branch, Members Services Support Division – Servicing Department if you are from Metro Manila, or downloadable online
• Marriage Contract, if borrower is married
• Certificate of No Marriage (CENOMAR), if you are single
• Birth Certificate or any proof of relationship if you have co-borrowers

Apart from the documentary requirements, you also have to prepare the following technical requirements:
• Certified true copy of the latest TCT/CCT by the Registry of Deeds
• Location Plan and Vicinity Map of the property
• Photocopy of Tax Declaration and latest Real Estate Tax Receipts

Depending on your loan purpose, you must also present the following requirements:
Purchase of Lot / Residential Unit – Contract to Sell or similar agreement between the buyer and seller
Construction of House / Home Improvement – Building plan and Specification and Bill of Materials signed by licensed architect or civil engineer
Refinancing – Statement of Account on outstanding loan balance and indicating loan purpose, and any of the following: official receipt for the last 12 months, valid proof of payment for the last 12 months, or subsidiary ledger

Related Articles

Back to top button