STEP by STEP PAG-IBIG HOUSING LOAN APPLICATION
Buying a House? A Condo Unit? Here are the step by step process of acquiring Pag Ibig Loan approval if you are a member (consistently and actively contributing) of the National HDMF program.
- Attend a Loan Counseling session at the concerned Pag-ibig office near you and be briefed on the eligibility requirements. You also need to accomplish a preliminary loan counseling questionnaire, Housing Loan Application(HLA) and Membership Status Verification Slip (MSVS). This step will verify of any (if any) outstanding obligation with Home Development Mutual Fund (HMDF). Once eligible, secure the following requirements:* Members Status Verification Slip (MSVS)
* Notarized Housing Loan Application (HLA), with the Principal / Co-borrowers
* Latest payslip duly certified by your employer (Indicate in printed name and the designation of assigned signatory)
* A duly Notarized Certificate of Employment Compensation (CEC)
* Latest Income Tax Return (ITR) with W2 form
* Proof of billing address (Electric bills, PLDT, subscriptions, water bills, letters)
* Certified true Certificate of Title (CCT). The latest title and its trace back through the Registry of Deeds
* Tax Declaration of the property
* Tax Receipts of the property
* Contract to Sell (CTS)
* Special Power of Attorney (if applicable) (SPA). a) Marriage contract / Birth Certificate. B. Valid ID’s (Passport, Voters I.D. SSS I.D., Company I.D., License)
* Location Plan and vicinity map signed and completed by surveyor
* Building, Electric, Sanitary Permits
* Building / Floor plans to be signed by the borrower
* Specification and Bill of Materials signed by a licensed Engineer.
* License to Sell, Certificate of Registration and Development Permit (if applicable)
* Note: Incomplete documents will not be accepted. Submit two (2) sets of documents. Original / photocopy. Always bring the original for authentication and verification. Filing fee: P1,000 ( which is nonrefundable)
- Submit HLA along with the Complete Requirements listed above and Pay the processing Fee of P 1,000.00 ( which is nonrefundable)3. Wait for the Notice of Approval / Letter of Guarantee from Pag IBIG and sign loan documents4. Proceed to BIR and present Deed of Absolute Sale (DOAS) between owner of the property and applicant; and other necessary documents (e.g. tax declaration, tax receipt/clearance) for payment of capital gain tax and documentary stamps and Secure Certificate of Authorizing Registration (CAR)5. Proceed to Notary Public for Notarization of Loan Mortgage Agreement (LMA)6. Proceed to the Registry of Deeds for payment of Transfer Tax and Registration Fees for the Transfer of Title and Annotation of Mortgage.
7. You need to secure occupancy permit from the local government Unit.
- Proceed to Assessor’s Office to secure new Tax Declaration for the house and lot (as the case maybe) under the name of the loan applicant.9. Submit the following documents to nearest Pag-ibig office:* Original Transfer Certificate of Title (TCT) or Condominium Certificate of Title (CCT) in case of a condo unit loan, in the name of the applicant with an annotated mortgage.
* DOAS with an original Registry of Deeds stamp.
* New tax declaration (house and lot, *if applicable) from your local Assessor’s Office
* Updated real estate tax receipt (*if applicable)
* Get the Occupancy Permit
* Assignment of Loan proceeds to the developer/individual10. Release of loanable amount to the developer/ or to an individual if applying for an individual loan11. Start paying monthly amortization the month AFTER loan Take out.
Important Note: If Loan Application is with a developer, agent or Realty firm/consultant can assist the buyer in submission of documents to Pag Ibig without any fees/charges.