Pag-IBIG Housing in the Philippines

Pag-IBIG Housing in the Philippines 

Are you a planning to avail housing through Pag-IBIG Financing?

Pag-IBIG Housing has been the most affordable option for Filipinos to avail of their dream house, it has the longest term that gives the lowest monthly amortization with all the option. Pag-IBIG that means Pagtutulongan sa Kinabukasan: Ikaw, Bangko at Gobyerno has Housing programs as follows.

* Purchase of a fully developed Lot
* Purchase of a residential house and lot
* Construction or Completion of residential unit on a lot owned by members
* Home improvement for an existing residential unit
* Refinancing of an existing home mortgage
* And others, please refer to website.

In this site, we can only discuss the housing program that is the * Purchase of Residential House and Lot through Developers.
To avail of Pag-IBIG Housing through developer, there are steps to follow and required documents to submit. Clients need to be eligible first with the Pag-IBIG Fund to qualify for their program, then must qualify for the requirement of Housing Developer. The Required Net Disposable Income (NDI) is very important to consider before to avail, not only as requirement but also would fit to clients budget.

Pre-Qualify Yourself
- are you a Pag-IBIG member, had been an active member with atleast 24 months of contribution. Has no existing housing loans or being co-borrower, no cancelled housing loan, boughtback and foreclosed, currently employed and could provide income documents. Not more than 65 years old at the time of application provided you are no more than 70 years old at the time of loan maturity and is qualified with income requirements based on the loanable amount.

Net Disposable Income
How to determine the the Net Disposable Income(NDI)? The NDI is an income requirement in order that you to qualify for a Loanable Amount with your housing loan.

Here’s how to compute for a sample 749,000 Loanable Amount:

NDI = MA / 35%
NDI = 4,983 / .35
Php. 14, 237 is the required NDI.

Required Documents

For Local Employee:

Certificate of Employment and Compensation, Latest 3 months Payslip. Latest Income Tax Return, 2 Valid (Gov't) IDs, Proof of Billing, TIN Number, 4 pcs 1x1 pictures.

For OFW:

Job Contract, Latest 3 months Payslip, 2 Valid (Gov't) IDs, Proof of Billing, TIN Number, 4 pcs 1x1 pictures, Special Power of Atty - SPA (Pag-IBIG Form & Developer Form)

Additional Requirement - Filled out Membership Status Verification Slip (MSVS), Filled out Housing Loan Application Form

Housing loan are going to processed once the house is constructed and applicant can move in once approved and will start paying their monthly amortization.

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About the Author


Realtor & Webmaster

Good day! I'm Jerome, your friendly Real Estate Broker with PRC License 0012399 and HLURB registration. Just sharing simple tips, please share if you find it useful! Thanks!

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