“Am I qualified for a Housing Loan?”


Buying a home or a real estate property can become frustrating. It can become difficult and stressful trying to raise an amount for expensive properties out there. Home financing should not stop a family or an individual in buying their dream property or home. One of the housing financial options in the Philippines is through Pag-IBIG or Home Development Mutual Fund. Here is a helpful guide on housing loan application thru Pag-IBIG Fund.


Your Pag-IBIG Membership


You need to remember the following basic requirements for Pag-IBIG Fund Members.

  • You must be an active Pag-IBIG member for at least 2 years and has contributed a minimum of 24 monthly contributions.

  • Both the principal borrowers are subject to the above mentioned requirement.

  • Up to three Pag-IBIG Members may avail of a single housing loan (same collateral) provided they are related within the second civil degree of consanguinity.


Question: Can I pay 24 months one-time and then avail of the Pag-IBIG Home loan immediately?


Answer: Not anymore, the new Pag-IBIG Law of 2009 has changed the rule. But, you may still pay 24-months one time (Pag-IBIG will be more than happy to accept it) and wait for another 24 months to apply. (Other branches will allow you to wait for just 12 months.)

Pag-IBIG Financing Tips on Membership:

  • To re-activate your Pag-IBIG Membership is very simple: just pay for the monthly contribution.

  • If you have been moving from one company to another, always make sure that you consolidate your Pag-IBIG contributions past and present. You can do this by requesting it from the Pag-IBIG Office.

  • Don’t be in a hurry to get a housing loan. You need to establish a good record so that your application will be easier by the time you do it.

Your Age


  • You must not be more than 65 years old at the time of loan application.

  • You must not be more than 70 years old at the date of maturity.

  • You must be insurable.

  • Advanced age really is a hindrance to getting a housing loan. And take note that this is true whether you are using Pag-IBIG or any Bank.


Pag-IBIG Financing Tip:

  • If you can afford it, apply for a housing at a young age.


Your Capacity To Pay


As a general rule, your monthly amortization should not exceed one-third of your gross income. This is the rule used by many financial institutions when qualifying a loan applicant.


But when it comes to Pag-IBIG Financing, your monthly amortization (principal + interest) should not be more than 40% of your Net Disposable Income.


Pag-IBIG Financing Tips:

  • Have your finances in order by saving enough for the Down Payment (or Equity).

  • You need to show some proof of income. Prepare the following documents: Pay Slips, Income Statements, Employment Contract (with indicated salary).

  • Learn about the 5’s of Credit

  • If your income is insufficient, you may take on a relative (within the second civil degree of consanguinity) or your spouse and tack-in your contributions then apply for a housing loan.

Pag-IBIG Housing Loan Eligibility

You must meet the following requirements before you apply for housing loan in HDMF.

  • Pag-IBIG active member and have contributed of at least 24 months of contributions.

  • Attend a seminar about the application of housing loan. They will discuss all the processing steps and they will tackle all requirements and points regarding your housing loan application.

  • Submit 3 sets of the following requirements in folders

What if you already had the 24 months of contributions but you’re no longer an active member?

Just resume being active and you can apply.


What if you’re a new member?

Pay lump sum payment to complete the required 24 months and submit the PFR (Pag-IBIG Fund Receipt) upon filing of loan application.

Pag-IBIG Housing Loan Application Requirements

  1. Housing Loan Application Form (download it here) – paste your recent 1X1 photo

  2. Membership Status Verification Slip (download it here) – attach photocopy of your 2 valid IDs

  3. Proof of Income Documents


For Locally Employed, any of the following:

  • Notarized Certificate of Employment and Compensation (Employer’s Format) and for government employees 1 month payslip, within 3 months prior to the date of loan application

  • Latest ITR for the year immediately preceding the date of loan application – attach W2 form, stamped received by the BIR/Certificate of Tax Withheld (BIR Form 2316)

For Self-employed / Other Sources of Income, any of the following:

  • ITR, Audited Financial Statements and Official Receipt of Tax Payment from bank supported with DTI Registration and Mayor’s Permit/Business Permit

  • Commission Vouchers reflecting the issuer’s name and contact details (for the last 12 months)

  • Bank Statements or passbook for the last 12 months (in case income is sourced or derived from foreign remittances, pensions, etc.)

  • Copy of Lease of Contract and Tax Declaration (if income is derived from rental payments)

  • Certified True Copy of Transport Franchise issued by appropriate government agency (LGU for tricycles, LTFRB for other Public Utility Vehicle (PUVs)

  • Certificate of engagement issued by owner of business

  • Other document that would validate source of income or funds

For OFWs, any of the following:

  • Employment Contract (with English translation if in foreign language)

  • Original Employer’s Certificate of Income (with English translation if in foreign language). If document submitted is photocopy, it shall be duly certified/initiated by Pag-IBIG Fund Information Officer assigned in the country where the member works.

  • Other Proofs of Income, whether original or photocopy, shall be duly certified/initiated by Pag-IBIG Fund information officer assigned in the country where the member works.

  • Photocopy (back-to-back) of 1 primary valid ID of Principal Borrower and Spouse, Co-borrower and Spouse, Seller and Spouse and Developer’s authorized representative and Attorney-in-Fact, if applicable.

  • Authorization to Conduct Credit/Background Investigation (download it here)

  • For OFWs, Special Power of Attorney notarized prior to date of departure or duly certified and authenticated by the Philippines Embassy or Consulate in the country where the member is staying, if abroad. If SPA is without the Red Ribbon of Consulate Office, the SPA must have duly stamped notarial seal.

  • Health Insurance Coverage

a. Health Statement Form (Medical Questionnaire)
OFW members over 60 years old
Loans over 2 Million pesos to 6 Million pesos and for borrowers aged up to 60 years old
b. Health Statement Form (Medical Questionnaire) and Full Medical Examination

  • Borrowers over 60 years old

  • Marriage Contract (for all married borrowers, co-borrower/s, spouse, family member/s included on the computation of aggregate income)

  • 9. Birth Certificate of or any proof of relationship, if with co-borrower/s or family member/s included on the computation of aggregate income.

  • Certified True Copy of Transfer Certificate of Title (TCT) – from Registry of Deeds.

  • Photocopy of Updated Tax Declaration and Updated Real Estate Tax Receipt – from Municipal’s Assessor’s Office

  • Location Plan and Vicinity Map

  • Approved letter request to re-avail of a Pag-IBIG housing loan – for members with housing loan that was foreclosed, cancelled, bought back due to default or subjected to dacion en pago).

For Construction of House and Home Improvement:

  • Building Plans, Specification and Bill of Materials duly signed by the Licensed Civil Engineer or Architect, Building Permit

For Refinancing

  • Statement of Account on Outstanding Loan Balance, indicating loan purpose

  • Any of the ff:

    • Official Receipt for the past 12 months

    • Subsidiary Ledger

    • Any valid proof of payment for the past 12 months

For Purchase of Lot or Adjoining Lots and Purchase of Residential Unit, Townhouse or Condominium Unit inclusive of a parking slot

  • Contract to Sell or similar agreement between the buyer and seller. If the seller is a Developer, submit the following:

a. Certificate of registration, License to Sell, Development Permit, and Secretary’s Certificate
b. Photocopy (back-to-back) valid primary ID from Corporate Secretary

For Purchase of Lot and Construction of House

  • Building Plans, Specification and Bill of Materials duly signed by the Licensed Civil Engineer or Architect, Building Permit

  • Contract to Sell or similar agreement between the buyer and seller. If the seller is a Developer, submit the following:

a. Certificate of registration, License to Sell, Development Permit, and Secretary’s Certificate
b. Photocopy (back-to-back) valid primary ID from Corporate Secretary

Pag-IBIG Housing Loan Interest Rates

Loan amount up to 6 Million

3 years – 7.985%
5 years – 8.895%
10 years – 9.750%
15 years – 10.375%
20 years – 11%
25 years – 11.5%
30 years – 12%

*source: HDMF* (Interest rates may change without notice, always check for updated interest rates)

Steps in Pag-IBIG Housing Loan Application

  1. A checklist of requirements will be given after the seminar

  2. Home buyer is require to prepare documents in 3 set of copies and compile them in folders

  3. Fill out all detailson the forms

  4. Check your Pag-IBIG MID Number

  5. Wait for the Notice of Approval if your loan was approved.

  6. Pag-IBIG or your real estate agent will contact you in case there are additional documents required.

  7. Cheques are given in 4-gives wherein the first 3 cheques would be the 30% amount of your loan and the last one will be the remaining 10%

It is important that you take note of the information presented here before you apply for a housing loan from Pag-IBIG.

And if you are disqualified for some reasons, please remember that Pag-IBIG is not the only Home Financing option available. Or, you may want to try applying again in the future. Your loan application may be approved by that time.


Whatever loan you are availing, it is best to only borrow the amount you are comfortable and able  to pay. Consider your financial status and capacity to pay before you apply for a loan. If you’re able to pay the loan in 3 years, choose 3 years. Otherwise choose the longer term. Never underestimate interest rates, and use your calculator verify your resources and assets.



Fixed Rate


Your interest rate remains the same over the term of the loan – a good option if you would like your monthly principal and interest payment to remain unchanged. The most popular term is 30 years, but shorter terms are available.



Adjustable-rate mortgages feature lower rates and payments early on in the loan term. The interest rate is lower than a fixed-rate, however the rate fluctuates based on a set index. The lower initial payments may allow you to qualify for a larger loan than if you chose a fixed-rate type. 

How it works: 
The initial rate and payment amount on an ARM will remain in effect for a limited period. The interest rate changes periodically, usually in relation to an index, and payments may go up or down accordingly. An interest-rate cap places a limit on the amount your interest rate can increase. 

You might choose this type of loan if: 
- You plan to own the property only for a short time
- You expect your income will increase to cover any potential rise in the interest rate
- Interest rates are high at the time of purchase


A jumbo loan is a mortgage with a single loan amount over the conforming loan limit set by the Federal Housing Finance Agency. The current limit is set at $424,100 in most areas of the country. The limit is $625,500 in high-cost areas. 

Jumbo Mortgages are primarily designed for buyers who are able to afford a luxury home and higher monthly payments. 

Jumbo loans are: 
- Available as fixed-rate or adjustable-rate loans 
- For those qualified buyers that need a mortgage loan over the conforming limits 
- For those looking for a luxury vacation home or investment property



FHA offers a low minimum down payment of 3.5%, low minimum credit score requirement and relaxed qualifications. Programs are available with down payment allowable in the form of gift funds. Mortgage insurance is required. 

These programs are provided at higher loan-to-value ratios than the standard conforming guidelines and have the ability to review compensating factors that allow for more flexible underwriting standards. 

A loan insured by FHA is usually available at an attractive rate and is available to all qualified borrowers. The main advantage is that FHA home loans are a great option for those that may have a few credit blemishes or no traditional credit. The credit standards are usually not as strict as conventional loans. 

Who it's for: 
- Borrowers who don't have a significant down payment 
- Borrowers who need low minimum credit score requirements or flexible underwriting standards 
- First time home buyers 
- Those who have a few bumps and bruises on their credit.



For qualified veterans and military personnel, VA offers options for little to no down payment and relaxed credit and employment criteria. Jumbo loans may be available. 

One major benefit of VA loans is that 100% financing is available for veterans who qualify for purchases and refinances with no mortgage insurance required. Gift funds are allowed.



Helping to extend homeownership by offering 100% financing opportunities to individual and families who buy a home in designated rural areas.

This program assists in providing low to moderate income households the opportunity to own their own home in an eligible rural area.

USDA guaranteed loans are for those qualified individuals who meet the income and other eligibility requirements within the eligible rural areas.

Bond Program


Lower interest second mortgage loan programs for down payments available through local and state agencies dedicated to increasing housing access and affordability. 

State and local Housing Finance Agencies offer programs to assist low to moderate income homebuyers by offering eligible participants special loan or down payment assistance programs. 

For those qualified buyers who are within the income limits in need of help with a down payment.

Great for first time homebuyers.

Renovation Loans

Options for financing home repairs include FHA 203k (Full and Streamline) and HomeStyle renovation loans.

Reverse Mortgage

For homeowners age 62 or older, a reverse mortgage is a type of home equity loan that allows you to convert some of the equity in your home into cash while you retain home ownership.

A reverse mortgage is a government backed home loan that allows a homeowner to access the existing equity in their home and convert it to cash. Instead of making monthly mortgage payments like a traditional home loan, Reverse Mortgages are paid back in one lump sum when the borrower no longer resides in the home. 

For all qualified applicants at least 62 years old and occupy the home as their primary residence. There are no employment or health requirements.






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