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Are You Qualified For A Pag-IBIG Housing Loan? Check The Details Here!

As an OFW, am I qualified to get the Pag-IBIG Housing Loan?

That is the question that’s haunting OFWs for many years. It turns out that you can determine the answer by assessing yourself through these things: 

  • Applicant’s Pag-IBIG Membership Status
  • Applicant’s Age
  • Applicant’s Capacity to Pay
  • Applicant’s Other Outstanding Pag-IBIG Loans

Pag-IBIG Membership Status

These things should be remembered when planning to apply for loans in Pag-IBIG.

  1.  Must be a Pag-IBIG member that’s active for a minimum of 2 years, with a contribution of at least 24 months.
  2. Principal borrowers must obtain the requirements mentioned above.
  3. Minimum of 3 Pag-IBIG members can avail the single housing loan with the same collateral as long as they are related up to the second civil degree of consanguinity.

Question: Is it possible to pay a one-time payment of 24 months and immediately avail of the Pag-IBIG Home Loan?

Answer: According to the new Pag-IBIG Law of 2009, they won’t allow you to avail the home loan immediately though you can still pay a 24 months one-time payment. You will have to wait for 24 months to apply for the loan. However, some branches allow you to get a loan after 12 months.

Tips For Pag-IBIG Financing

• You only have to start paying again your monthly contribution to re-activate your Pag-IBIG Membership
• Make sure to consolidate your Pag-IBIG contributions when transferring from one company to another
• Never hurry when getting a housing loan. A good record is needed to be able to get your applications approved
Age Requirement
• Applicant must be insurable
• Applicant must not be 65 years old upon the application of the loan
• Applicant must not be more than 70 years old upon the date of maturity of loan

Pag-IBIG Financing Tip

As much as possible, apply for a housing loan at a young age, as long as you can afford to pay your dues.

Capacity to Pay

The general rule states that the monthly amortization should not exceed on 1/3 of your overall gross income. This rule is not applicable only in Pag-IBIG but also to other financial institutions out there. Take note that your monthly amortization must not be more than 40% of your Net Disposable Income.

Pag-IBIG Financing Tips:

  •  Save enough for the down payment of equity
  •  Prepare to show some proof of income. Secure the following:
    – Payslips
    – Income Statements
    – Employment Contract
  • In case your income is insufficient, you can tack-in the contributions of your spouse or relative within the 2nd degree of consanguinity.

Other Outstanding Pag-IBIG Loans

  • Only one housing loan is allowed at one time. You can only apply for another one after the full payment of the existing one
  • For applicants who have previously availed of the housing loan, see to it that it is not foreclosed, bought back, cancelled or subjected to dacion en pago
  • If the applicant has an outstanding Multi-Purpose Loan, the payments must be regularly updated and not in arrears during the time of application.

All Overseas Filipino Workers (OFW) are welcome to avail of this Pag-IBIG Housing Loan as long as you meet the requirements stated above.

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