PAG IBIG HOUSING LOAN: 2019 Pag Ibig Housing Loan Requirements
PAG IBIG HOUSING LOAN:
Yes, Pag Ibig offers an affordable Housing loan to its members! Members can apply for a loan if they plan to purchase a residential “lot” not exceeding 1,000 sqm, a residential house and lot, a townhouse, a condominium unit or even for house constructions.
PAG IBIG HOUSING LOAN REQUIREMENTS:
Members are welcome to apply for housing loan as long as they comply with the following requirements:
1. Must have remitted 24 monthly contributions (2 years) under Pagibig Membership Program, The 24 months contributions can be paid in lump sum, so this is a good news for Pag Ibig’s new members.
2. Has a gross monthly min income of Php 17,500.00 for NCR workers and Php14,000.00 for non-NCR workers.
3. Age qualification is not more than 65 years old (with no outstanding pagIbig housing loan).
4. Has NO outstanding Pag ibig Short Term Loan in arrears at the time of loan application.
5. Have the legal capacity to acquire a property.
6. Have passed the Pag Ibig background and employment check.
7. Has NO Pagibig housing loan that was foreclosed or canceled.
PAG IBIG HOUSING LOAN INTEREST RATES:
Pag Ibig offers a very low interest rate of 3% per anum, BUT this is only applicable to housing loans amounting to Php 450,000.00 and below for members with a maximum monthly salary of Php15,000 for NCR and Php12,000 Regional. Yes! Housing loan borrowers earning up to Php15,000 for NCR and Php12,000 for regionals can borrow up to Php 450,000 and can enjoy a very low interest rate of 3% per anum for the first five (5) years of the 30-year loan term. Members with up to Php 17,500 monthly income for NCR and Php14,000 Regional can borrow up to Php750,000 with a fixed interest rate of 6.5% per anum for the first ten (10) years of the loan. At the end of the 10th year period, the interest rates will be repriced based on the prevailing rates.
A qualified Pag-ibig member can loan a maximum of Php750,000.00 (Seven hundred fifty thousand pesos) or more according to his needs; the lone entitlement will be based on the member’s gross monthly income or his capacity to pay. According to Pagibig, a maximum of 3 qualified members may be tacked into the single loan as long as they are related within the second civil degree of consanguinity.
For the loan appraisal value ratio, the loan amount of up to Php 450,000 has a 100% loan to appraisal value ratio and 90% for over Php450,000 to Php750,000.
If you are planning to loan a bigger chunk of money (Bigger than 750,000.00) ex. 3 million, I think some BANKS still offer more competitive interest rates compare to Pag big. However, Pagibig grants the longest payment terms of up to 30 years.
Please see below for the latest Pag Ibig Housing Loan interest rates offered this 2018.
PAG IBIG HOUSING LOAN INTEREST RATES: 2019
1 YEAR – 5.375%
3 YEAR – 6.375%
5 YEAR – 7.270%
10 YEAR – 8.035%
15 YEAR – 8.585%
20 YEAR – 8.800%
25 YEAR – 9.050%
30 YEAR – 10.000%
* Please note that Pag ibig is offering much lower interest rates this 2018.
PAG IBIG PROCESSING FEE:
Charges or fees are Php2,000 for the processing fee, Php1,000 upon filling of loan application and Php2,000 for loan takeout.
PAG IBIG PROCESSING TIMEFRAME:
Processing time is 15 working days, provided that the borrower submitted all the necessary requirements.
[ TO KNOW MORE ABOUT PAG IBIG HOUSING LOAN REQUIREMENTS CLICK HERE ]
[ FOR YOUR GUIDE IN BUYING A HOUSE A LOT CLICK HERE ]
[ FOR BEST BANKS TO APPLY FOR HOME LOAN CLICK HERE ]
Download Pag Ibig Housing Loan Application Form [ HERE ]
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