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As a member of the Home Development Mutual Fund (HDMF), or simply Pag-IBIG Fund, you are entitled to participate in membership and savings, short-term, and housing loans.
HDMF was established to address a two-pronged need: 1) a national savings program and 2) a shelter financing for the Filipino workers. The Fund was created under Presidential Decree No. 1530.
Pag-IBIG Fund then operated under the National Home Mortgage Finance Corporation, under the Ministry of Human Settlements. It became an independent agency on June 4, 1979, by virtue of Executive Order No. 538.
Before discussing how to avail a Pag-IBIG housing loan, let’s take a look at these figures first.
Borrowers who may wish to avail the housing loan may use the proceeds for:
A borrower must:
For the borrowers, the following documents are required:
Pag-IBIG has different sets of income documentation requirements as follows:
For locally employed borrowers (any of the following):
Note: For government employees, the CEC or ITR and payslip must be submitted together
For self-employed borrowers (any of the following):
For OFW borrowers (any of the following):
Pag-IBIG accepts the following IDs:
Below are the six steps you need to go through when availing a housing loan.
There are seven requirements that you must prepare to proceed with the loan application process. These are the:
Bring the requirements to JELP Business Solutions Building, Shaw Boulevard, Mandaluyong City. Alternatively, you may submit them to any Pag-IBIG branch near you.
Make sure that the information are accurate, correct, and complete.
The NOA and LOG can be claimed at the Servicing Department, second floor, of the same address noted in Step 2.
Pag-IBIG processes both documents for 17 working days.
Before the release of the loan proceeds, you must submit the NOA requirements such as the:
Pag-IBIG gives the borrowers 90 days to accomplish the said requirements.
Bring the annotated documents to the Serving Department.
The loan proceeds will be released to the borrower after ten working days.
Monthly amortization starts a month after the check date.
Although the Fund says that borrowers can avail of up to Php6 million housing loan, the amount differs.
The actual amount that a borrower may receive depends on certain factors such as the exact amount needed and the loan entitlement based on the borrower’s capacity to pay or the property’s loan-to-appraised value ratio. For the latter, whichever is the lower applies.
Based on the table of interest the Pag-IBIG Fund issued on January 1, 2019, the following fixed pricing period interest rates apply.
|Fixed pricing period||Interest rate|
So it is between 5.375 and 10% depending on the chosen loan tenor, which could be up to 30 years.
Pag-IBIG has extended its list of modes of monthly mortgage payments. It now includes:
Apparently, Pag-IBIG embraces the utility of online facilities. Aside from the over the counter options to pay for the monthly amortization, borrowers have the option to pay online and through mobile applications.
You have to need the Housing Account Number (HAN) when paying either over the counter or online.