Here are the step-by-step process of applying for housing loan thru PAG-IBIG Financing:

1. Attend a loan counseling usually conducted at any Pag-IBIG offices. Fill out the following forms:

•  Health Statement Form (Medical Questionnaire) – for OFWs over 60 years old and for loans over P2M

•  Preliminary Loan Counseling Questionnaire (PLCQ)

•  Housing Loan Application (HLA)

2. On the same event, request for a copy of your Membership Status Verification Slip (MSVS).

3. Submit requirements together with the completed forms stated and pay a processing fee of P1,000. The processing fee is non-refundable, whether your loan gets approved or denied. Processing period is usually 20 working days inclusive of credit investigation and property valuation.

Note: If you are to purchase under Window 1 or Window 2 (see Part 1), coordinate and submit all your documents to the developer's office. The developer may pay the processing fee in your behalf but you may opt to pay the fee in Pag-IBIG office personally and submit the receipt to the developer's office as this paper is also a necessary document.

Also, the succeeding steps are not applicable to borrowers purchasing a property under a real estate developer.

4. Wait for the Notice of Loan Approval (NOA) or Letter of Guaranty (LOG) and sign the loan documents. NOA will only be released to the borrower or to the attorney-in-fact of OFW borrower provided with the duly notarized Special Power of Attorney (SPA).

5. Accomplish the following steps as part of the NOA requirement for the release of loan proceeds within 90 calendar days:

For purchase of house and lot/condominium/purchase of lot:

a. Give LOG to the seller.

b. Proceed to the Bureau of Internal Revenue (BIR) and pay for the Capital Gains Tax and Documentary Stamps. You will be issued a Certificate Authorizing Registration. Present the Deed of Absolute Sale (DOAS), Tax Declaration and Tax Receipt.

c. Go to the Treasurer's office of the local government unit (LGU) concerned for payment of transfer tax.

d. Proceed to the Registry of Deeds for the transfer of title and mortgage annotation on the land title. Present the Tax clearance of the property, most recent tax declaration, mortgage contract and the BIR documentary stamps.

e. Secure an occupancy permit from the city’s Engineering Office.f. Secure a tax declaration at the Assessor’s Office for use as a basis for your real property taxes.

For purchase of house and lot mortgaged with Pag-IBIG Fund:

a. Proceed to the Bureau of Internal Revenue (BIR) and pay for the Capital Gains Tax and Documentary Stamps. You will be issued a Certificate Authorizing Registration. Present the Deed of Absolute Sale (DOAS), Tax Declaration and Tax Receipt.

b. Coordinate with Pag-IBIG office to schedule a trip to the Registry of Deeds for the transfer of title and annotation of mortgage. Present the Tax clearance of the property, most recent tax declaration, mortgage contract and the BIR documentary stamps.

c. Go to the Treasurer's office of the local government unit (LGU) concerned for payment of transfer tax.

d. Secure an occupancy permit from the city’s Engineering Office.




For construction of house/home improvement:

a. Proceed to the Bureau of Internal Revenue (BIR) and pay for the Capital Gains Tax and Documentary Stamps. You will be issued a Certificate Authorizing Registration. Present the Deed of Absolute Sale (DOAS), Tax Declaration and Tax Receipt.

b. Go to the Treasurer's office of the local government unit (LGU) concerned for payment of transfer tax.




For refinancing:

a. Give the Letter of Guarantee (LOG) and Loan and Mortgage Agreement (LMA) to the bank/financing institution

b. Proceed to the Registry of Deeds for the transfer of title and mortgage annotation on the land title.

6. Go back to Pag-IBIG and submit the following documents for the release of the loan proceeds:

• Original Transfer Certificate of Title (TCT) in the name of the borrower with mortgage annotation on it;

• Deed of Absolute Sale (DOAS) with original stamp from the Registry of Deeds;

• New Tax Declaration in the name of the borrower;

• Updated Real Estate Tax Receipt for Lot;

• Updated Real Estate Tax Receipt for House (if applicable);

• Occupancy Permit from the Engineering office;

• Assignment of Loan Proceeds (this document will be from Pag-IBIG);

Remember: Payee should bring two valid IDs to claim the check. Payee is either the borrower, the seller, or the third party to which the loan proceeds in the form of a check is assigned.

7. Receive Loan Proceeds from PAG-IBIG so you can pay the seller of the property.

8. Don't forget to pay the first monthly amortization on the month immediately following the loan take-out/final loan release. If the loan purpose is house construction or home improvement, the loan release shall be staggered based on progress of construction.

Steps may seem too technical.  But with enough determination to invest your hard-earned money to something that will last long, these process will eventually turn out to be your road towards sweetest reward you deserve.

 
You may download HDMF Housing Loan Application Form here and file online via

www.pagibigfund.gov.ph and click “E-Services”.

Review Housing Loan for OFWs Through Pag-IBIG, Your Way to Owning A House Part 1 for the list of requirements.

Related articles: Remit your PAG-IBIG Contribution via G-Cash, 

How to Pay for Your PAG-IBIG Contribution via Credit Card