How to apply for pag-ibig housing loanPosted: Nov 19, 2020 07:48:59 PM
If you have already purchased a property and on the process of paying your down payment, then your next step would be to look for a financial institution that would approve your housing loan application.
One housing loan institution is the Home Development Mutual Fund (HDMF) or commonly known as Pag-IBIG (Pagtutulungan sa Kinabukasan: Ikaw, Bangko, Industriya at Gobyerno) Fund, the country’s national savings program for the Filipino worker.
With interest rates ranging 3% to 10% with maximum of 30 years to pay, Pag-IBIG housing loan is one of the more affordable and flexible financing scheme in the country.
The following are tips on how to apply for a Pag-IBIG Housing Loan for Developer Assisted Applications:
- Update Membership Contribution at the Pag-Ibig Fund Branch
- Secure and accomplish Membership Status Verification Slip and Pag-IBIG Housing Loan Application form together with the checklist of requirements from the Developer
- Submit accomplished HDMF H1-1 form with complete requirements, and pay the initial processing fee of P1,000.00
- Receive Notice of Approval and loan documents; Request member-borrower to sign loan documents. Member-borrower shall present a valid ID card before signing the loan documents.
- Submit the required documents upon loan approval.
- Start paying the monthly amortization. If payment of amortization is not thru salary deduction, the borrower must issue 12 post dated checks (PDCs) upon receipt of loan proceeds.
To this day, Pag-IBIG Fund continues to harness the four sectors of the society - Ikaw, Bangko, Industriya at Gobyerno to work together towards providing Fund members with adequate housing through an effective savings scheme.