In this fourth installment of our series on the Pag-IBIG Housing Loan Program, we will go over the steps in the processing of your Pag-IBIG loan application. Now that you have checked your eligibility for loan application, determined your loan amount and compiled your requirements, you can now start your loan processing.
Pag-IBIG Loan Application Process
Step 1: Get a Housing loan Application Form and Checklist of requirements from any Pag-IBIG office nationwide or at their official website www.pagibigfund.gov.ph. Attend a loan counseling session at the Pag-IBIG office and accomplish a Preliminary Loan Counseling Questionnaire, Housing Loan Application (HLA) and Membership Status Verification Slip (MSVS). If eligible secure Checklist of Requirements (COR) (requirements would depend on the loan purpose).
Step 2: Submit the accomplished Application Form together with the complete requirements to the Pag-IBIG office whose jurisdiction covers the property subject of the loan. Pay the partial processing fee of P1,000. You may also file your application online via www.pagibigfund.gov.ph (click “E-Services”). The processing of application is 16 working days, provided that all required documents are submitted on time and without issues.
Step 3: Upon receipt of the Notice of Approval (NOA)/Letter of Guaranty (LOG), sign the loan documents.
Step 4: Accomplish the NOA requirements for check release. Proceed to the following:
- Bureau of Internal Revenue for payment of documentary stamps and capital gains tax.
- Registry of Deeds for transfer of the title and annotation of mortgage.
Step 5: Receive the loan proceeds from Pag-IBIG. (The check payee is either the borrower, seller, or a third party to which the loan proceeds are assigned to be released). Bring two (2) valid IDs and twelve (12) Post-Dated Checks (if payment is not through Salary Deduction). Submit the following documents to Pag-IBIG for the release of loan proceeds:
- Original Transfer Certificate of Title (TCT) in the name of the applicant with annotated mortgage
- DOAS with original RD stamp
- New Tax Declaration in the name of the applicant
- Updated Real Estate Tax Receipt (for house and lot, if applicable)
- Occupancy Permit (secured from LGU Engineering Office, if applicable)
- Assignment of Loan Proceeds
Step 6: Payment of monthly amortization starts one (1) month from Check Date.
If you have any questions or clarifications on the topic of Pag-IBIG Loan Application, comment or send us a message! If you have any real estate related topics you want to us discuss, tag us in Facebook with #PropertyProINeedToKnow and we’ll talk about it here!
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Disclaimer: Please note that we are neither affiliated with the Pag-IBIG Fund nor experts on the housing loan process. These articles are written as a broad guide for would be borrowers. For any clarifications, contact your broker or directly inquire with Pag-IBIG.