Steps in Pag - ibig housing loan

You've seen a property that you want to acquire ,
check it out repeatedly , in fact , and you're convince
that its the right one for you .

You're a Pag - ibig fund member and want to acquire
the house and lot or the lot where you want to built
your home through Pag - ibig housing loan,
go about this :

Easy Steps :

Step 1

Attend the housing loan counseling session at the
Pag - ibig fund office nearest you .

Applicant are ask to accomplished a preliminary
loan counseling questioner , housing loan application
form , and membership status verification slip ( MSVS )

Based on this documents , Pag - ibig officers will
determine if the applicant is eligible for housing loan.
Eligible applicant are given a checklist of requirements
that they must comply with before they move to next .

The requirements :
* certificate of employment with salary breakdown
* latest 3 months payslip
* income tax return with W2 for last 2 years
* photocopy of company ID or valid ID with signature
* Proof of billing or authorization if named to others
* Birth certificate ( for single ) , marriage contract
* cedula / residence certificate
* pictures , 3 pcs, 1x1 and 2 pcs. 2x2
* 24 months Pag-ibig verification slip
* latest service record ( for government employees )
* job contract with visa or passport ( for OFWs )

ADDITIONAL for OFWs
* SPA - Special Power of Attoney ( from RP consulate )
* ID with signature of person designate in the SPA
* POP contribution with record book

Step 2

Submit to Pag -ibig your loan application form
together with all the requirements in the checklist
and pay the processing fee of P1,000 pesos.
The amount is non-refundable even you disapproved.

Step 3

Wait for notice of approval or letter of guarantee
from Pag- ibig on your housing loan . After your
loan is approved , you will need to sign loan documents
at Pag - ibig office .

Step 4

Proceed to BIR and present the DeeD of Absolute Sale
between you and the owner of the property . You will
also need to submit the other necessary documents
like ,
tax declaration
tax reciept
tax clearance
payment of capital gains
documentary stamp
certificate authorizing registration ( CAR )

Before buying , TCT must be free from any encumbrances

Step 5

After getting CAR from BIR , proceed to the notary
public and have your loan/mortgage agreement
notarized ( LMA ) .

Step 6

Go to cityhall and pay transfer tax , then go to
Register of DEEDs to register and pay registration fee
for the transfer of title and annotation of mortgage.

Step 7

If you've taken out a loan to purchase a new residential
unit or a lot where you've had a house constructed ,
you need to secure an occupancy permit from
engineering office in the cityhall where property is
situated .

Step 8

Go to Assessors office in the Cityhall where you will
need to secure tax declaration for your property .

Step 9

After visiting other government agency , you need to
go back to Pag-ibig fund office , armed with the
following documents :

1. Original transfer certificate of title with your name
and mortgage annotation on it .
2. DOAS with original RD stamp
3. New tax declaration
4. Updated real estate tax reciept
5. Occupancy permit
6. Assignment of loan proceeds

Step 10

The second to the last step is to recieved the loan
proceeds that you will use to pay the seller of the
property .

Step 11

The last step is to start paying monthly amortization
based on the scheduled date .

Interest rate are at six percent ( 6% ) for loans up to
P300,000 pesos , seven percent ( 7% ) for loans above
P300,000 to P750,000 and ten point five percent (10.5%)
above P750,000 and up to 2million pesos . ( Redefined already )



Jerry Tuazon
Rebap Ortigas Inc.
email : rebapOrtigas@gmail.com
cell no. 0906 456 5727