1. What are the requirements for applying a Pag-ibig Loan?
These are the requirements for applying for a Pag-ibig Loan. Usually approval takes up to 2-3 months.
Eligibility Requirements
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- 2 Valid ID's (Passport, PRC, Voter's ID, TIN ID, SSS ID, Postal ID, Company ID)
- Birth Certificate for Single & Marriage Contract for married
- Latest Cedula
- 3 1x1 pictures
- Proof of Billing Address
- Special Power of Attorney (if representative)
Additional Income document requirements:
For Locally Employed, any of the following:
- Notarized Certificate of Employment and Compensation (Employer’s format) and for government employees one (1) month payslip, within 3 months prior to date of loan application
- Latest Income Tax Return (ITR) for the year immediately preceding the date of loan application,with attached W2 form, stamped received by the BIR/Certificate of Tax Withheld (BIR Form No. 2316)
For Self Employed/Other Sources of Income, any of the following:
- ITR, Audited Financial Statements, and Official Receipt of tax payment from bank supported with DTI Registration and Mayor’s Permit/Business Permit
- Commission Vouchers reflecting the issuer’s name and contact details (for the last 12 months)
- Bank Statements or passbook for the last 12 months (in case income is sourced from foreign remittances, pensions, etc.)
- Copy of Lease Contract and Tax Declaration (if income is derived from rental payments)
- Certified True Copy of Transport Franchise issued by appropriate government agency (LGU for tricycles, LTFRB for other Public Utility Vehicle or PUVs)
- Certificate of Engagement issued by owner of business
- Other document that would validate source of income
For Overseas Filipino Workers (OFW), any of the following:
- Employment Contract (with English translation if in foreign language)
- Original Employer’s Certificate of Income (with English translation if in foreign language). If document submitted is photocopy, it shall be duly validatedand certified/initialed by Pag-IBIG Fund Information Officer assigned in the country where the member works.
- Other Proofs of Income, whether original or photocopy, shall be duly validated and certified/initialed by Pag-IBIG Fund Information Officer assigned in the country where the member works.
To be eligible to apply for a bank loan, the borrower must have no outstanding bad credit record for the last 10 years (credit cards and other loans). Usually the bank requires the borrower to have at least 50,000 combined monthly income (for spouses) to be eligible for a housing loan.
It takes up to 2-3 weeks for the approval of the application of a bank loan.
Documentary Requirements
- 2 Valid ID's (Passport, PRC, Voter's ID, TIN ID, SSS ID, Postal ID, Company ID)
- Birth Certificate for Single & Marriage Contract for married
- Proof of Billing Address
- Special Power of Attorney (if representative)
- Proof of Income (ITR and Certificate of Employment for employed, Audited Financial Statements for self employed, For OFW, Latest Job Contract)
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