Housing Loan for OFWs Through Pag-IBIG, Your Way to Owning A House
Mar 3, 2014
Many Filipinos work away from home to pan out their families way of living, and not to mention, driven by the strong desire to own a house. Among the many options, Home Development Mutual Fund (HDMF)/Pag-IBIG dedicates an equally affordable housing loan scheme for OFWs.
Foremost, an OFW must be a member under Pag-IBIG I or II or a Pag-IBIG Overseas Program (POP) for at least 24 months. Eligible members can apply through any the three modes for a Pag-IBIG housing loan:
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Window 1 – the developer assists the member in his/her housing loan application and offers a buyback guaranty in case the borrower defaults in the payment of amortization and/or monthly contributions;
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Window 2 – the developer still assists the member in his/her housing loan application but does not offer any buyback guaranty; and
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Window 3 – the member applies directly to the Fund
Now that you determine your mode, avail HDMF's financing scheme in any of the following cases:
Lot only:
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Purchase of a fully developed lot within a residential area;
House and lot:
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Purchase of a lot and construction of a house thereon;
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Purchase of a residential house and lot, townhouse, or condominium unit with a parking slot under the following conditions:
- Old or brand new;
- Property previously mortgaged with HDMF; or
- An acquired asset either through sealed public bidding, negotiated sale or Rent-to-Own Program
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Home Improvement;
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Refinancing of an existing mortgaged loan with with an institution acceptable to Pag-IBIG;
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Purchase of a fully developed lot not exceeding 1,000 sq. m. and construction of a residential unit thereon;
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Purchase of a residential unit with home improvement;
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Refinancing of an existing mortgage with home improvement; or
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Refinancing of an existing lot mortgage with construction of a residential unit thereon
REQUIREMENTS FOR HOUSING LOAN (FOR OFW)
Documents required upon loan application:
A. DOCUMENTS/FORMS FROM PAG-IBIG
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Housing Loan Application (HLA) Form
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Certificate of Attendance of Seminar
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Membership Status Verification Slip (MSVS)
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Preliminary Loan Counseling Questionnaire (PLCQ)
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Membership Data Form (MDF)
B. DOCUMENTS FROM BORROWER
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Latest Community Tax Certification (cedula)
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1x1 picture of borrower and spouse (if married)
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Marriage Contract, if borrower is married
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Certificate of No Marriage (CENOMAR), if borrower is single
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Legal Separation , if separated
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Photocopy of valid IDs (e.g. TIN, SSS, Postal ID, Driver’s License, Passport, PRC, etc.)C. DOCUMENTS FROM ATTORNEY-IN-FACT
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Latest Community Tax Certification (cedula)
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Proof of Relationship from the Borrower (e.g. Marriage Contract, Birth Certificate)
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Photocopy of valid IDs (e.g. TIN, SSS, Postal ID, Driver’s License, Passport, PRC, etc.)
D. PROOF OF INCOME OF BORROWER
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Valid Employment Contract or Employer’s Certification with OWWA/POEA Stamp and with English translation if in foreign language
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Original Employer's Certificate of Income (with English if in foreign language). If the document submitted is photocopied, it shall be validated and certified (with signature/initial) by a Pag-IBIG Fund Information Officer assigned in the country where the borrower-member works. Original copy must be presented for validation.
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Other proofs of income whether original or photocopied, shall be duly validated and certified be a Pag-IBIG Fund Information Officer assigned in the country where the borrower works
PROPERTY DOCUMENTS
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Certified true copy of Transfer Certificate Title (TCT) of the property by the Registry of Deeds (latest title)
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Updated Tax Declaration
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Updated Real Estate Tax Receipt or Tax Clearance
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Location Plan and Vicinity Map of the propertY
F. ADDITIONAL REQUIREMENTS
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Notarized Special Power of Attorney (SPA) prior to date of departure or duly certified and authenticated by the Philippine Embassy or Consulate in the country where the member works, if abroad. If SPA is without the red ribbon of Consulate Office, the SPA must have a duly stamped notarial seal.
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Notarized SPA, if executed by an OFW borrower while in the Philippines
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Photocopy of passport showing stamp of arrival and departure dates from the Philippines
Documents required upon loan approval to be provided by Pag-IBIG:
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Loan Agreement/Loan and Mortgage Agreement
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Duly notarized Promissory Note
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Pag-IBIG Fund Receipt (PFR) representing payment of one-year insurance premium
For more information, please check Pag-IBIG Fund's official website here.
Read Housing Loan for OFWs Through Pag-IBIG, Your Way to Owning A House Part 2 for steps and procedures on how to avail a Pag-IBIG housing loan.