Share on facebook
Share on twitter
Share on email
Share on google
Jump to Section
How to apply for a PAG-IBIG Housing Loan in 2022 for Your Dream House (2)

How to Apply for a PAG-IBIG Housing Loan in 2022 for Your Dream House

Owning a house is one of the most ultimate dreams one can ever hope for. It is a dream for many of us and we are still striving for it because nothing beats the sense of fulfillment of having a land title with your name on it. Yet still, a lot of Filipinos are thriving now to provide their families a home that they can call their own.

In acquiring a house there are three common financing options a buyer can avail of. The first is In-house Financing. The second is through Bank Financing. The third is through PAG-IBIG Housing Loan.

Being a PAG-IBIG Fund member allows you to avail of their housing loan. With their program, you can have the money to purchase a residential house and lot, buy a fully developed lot not exceeding 1,000 sqm, have a residential unit, and purchase a townhouse or condominium unit that includes a parking slot.

Summer Pines Subdivision, a residential development of Bilkenn Corporation, which has a good track record on PAG-IBIG housing loan approvals, is offering assistance for their member home buyers to make their housing loan application easier. No need to take a day off their work and go back and forth to fix your loan requirements and application.

Know more and follow these easy steps as you get close to making one of your dreams come true:


1. Membership.

You must be a member of the PAG-IBIG Fund, if not a member yet please do register first.

2. Housing Loan Eligibility.

A Pag IBIG Fund member with 24 months’ worth of contributions at the time of application.

New members who have been paying contributions for at least 12 months can also complete the required amount of contributions through lump-sum payment.

Members who have contributed for at least two years and whose housing loans exceed Php 500,00 will be required to pay the upgraded membership contribution rates upon approval of the said loan and onwards.

3. Pre-approval of Documents

In order to avail of a PAG-IBIG housing loan, you must submit the required documents and the documents from the developer. It is important for you to submit all the necessary documents, as this will speed up the processing of your loan applications

The requirements are:

  • 3 Sets Housing Loan Application with ID photos of the borrower (properly accomplished)
  • 3 pcs 1 x 1 ID Picture
  •  Verified Tax Identification Number
  • Employee Statement of Accumulated Value
  • Birth Certificate. If Married – Marriage Contract
  • Foreign Marriage -Passport Copy of Spouse and 2 Valid ID’s with 3 Signatures
  •  2 Valid ID’s (Company/ Passport/ Government ID’s) Photocopy 3 sets with 3 signatures (If married please include Spouse ID’s; If OFW, Visa ID / Resident Identity Card)
  • Notarized Original Certificate of Employment with Compensation ( Local and Private Employer only)
  • Photocopy of COEC and Overseas Employment Certificate (OEC) from POEA (OFW). If Original of COEC, Provide a Photocopy of Employment
  • Contract from Employer (OFW)
  •  Photocopy of Employment Contract (OEC) from POEA with E-ticket (SEAMAN)
  •  Original Latest 3 months Pay Slip with the signature of HR/Employer (GOVERNMENT)
  •  Online Job- Proof of Income Receipt like converted to Philippine Peso like GCASH/ Paypal/ Bank Statement
  • Latest 2yrs Bank Statement with Bank Certificate (Online & Commission Basis)
  • 2307 and Company Permits (Commission Basis)
  • SPA PAG-IBIG Format Red Ribbon or Notarize SPA PAG-IBIG and Photocopy of Passport with proof of entry and exit in the Country (OFW)
  • Authorization Letter prior to Employment Verification
  • Latest Business Permits -Mayor’s Permit, DTI, COR & 3 Years ITR w/ Bureau of Internal Revenue (BIR) Stamp and Detailed Business Sketch with Landmark (SELF & LOCAL EMPLOYED)
  •  Members Data Form (MDF)

Once the Notice of Approval has been released by PAG-IBIG, the developer will fix all the necessary documents for signing by the buyer and annotation of the title.

4. Loan Counselling.

One of the requirements as a pre-loan approved member is to attend Loan Counselling.

5. Ocular Inspection.

A prerequisite to loan releasing, an inspection of the property shall be conducted upon completion.

*Subject property should have been requested and undertaken prior to submission of required documents.

The required documents for loan takeout are:

  • Confirmation of Appraisal with Lot Plotting
  • CI Report
  • BVS
  • Original TCT/CCT with annotation of mortgage (1 original copy)
  • CTC of TCT/CCT with annotation of mortgage (1 Certified True Copy)
  • Original Deed of Assignment with SPA with RD Stamp (2 copies) (FLH250-2a)
  • Original Notarized Promissory Note (2 copies) (HQP-HLF-086)
  • Tax Declaration/Undertaking for Land/Building (2 copies)
  • Disclosure Statement (Original with 2 photocopies) (HQP-HLF-085)
  • Notice of Loan Approval (NOA)
  • Certificate of Acceptance/Certificate of House and Lot Acceptance (CHLA)
  • Occupancy Permit
  • Undertaking of Power or Water Supply/Extension Time to Develop (if applicable)
  • Buyer’s Conformity (If with power and water undertaking) (HQP-HLF-371)
  • Loan and Mortgage Agreement (7 originally signed) (HQP-HLF-163)
  • Deed of Absolute Sale (7 original copies) (HQP-HLF-237)
  • Promissory Note (3 originally signed copies) (HQP-HLF-087)

6. Claim PAG-IBIG loan check.

Once the check is available for pick-up, you will get another call. Releasing of Loan Documents for successful turnover of the property, Check, or Loan Proceeds will be given directly to the developer.

7. Pay monthly amortization.

Basically, it refers to the monthly payments that you will make for the next coming months and years to pay off the housing loan.

There are different ways to pay your monthly amortization:

a. Payment through post-dated checks (PDCs).

  • If you choose this, you need to issue and submit 12 post-dated checks to the PAG-IBIG Fund upon loan release. These checks will cover 1-year monthly amortization.
  • Get the Acknowledgment Receipt (AR).
  • Return to the PAG-IBIG upon consumption of the 10 PDCs (exclusive of the remaining 2) to issue another 12 checks.
  • Always claim and keep the receipts from each time you issue a check.

b. Payment through salary deduction.

  • If you opt for amortization payment via salary deduction (as most Filipino employees do), you need to submit Authority to Deduct to the Billing Division/Accounts Management and Billing Department/Loans Management and Recovery Housing Business Centre/Members Services Branch.
  • Upon loan takeout, an equivalent of one-month amortization will be deducted from the loan proceeds.

c. Other modes of payment.

  • Auto debit arrangement with banks.
  • Accredited collection partners (available for both local and overseas remittance).
  • Payment to an accredited developer with a Collection Servicing Agreement with the PAG-IBIG Fund.
  • Other methods of payment may be implemented in the future.

*For Bilkenn Corporation, all loan proceeds of the buyer are directed to Bilkenn’s Development Bank of the Philippines (DBP) account. We are notified through email once the loan proceeds have been credited.

PAG-IBIG Housing Loan FAQs

How much is the PAG-IBIG Loan?

You can loan up to Six Million Pesos. However, the amount that will be granted to you still depends on whichever is the lowest between the exact amount you need or your loan entitlement which will be based on your capacity to pay or your loan-to-appraised value ratio.

How much is the interest in PAG-IBIG Housing Loan?

The interest rate will depend on the repricing period under the Full Risk-Based Pricing Framework that you chose.

How long is the processing of the PAG-IBIG Housing Loan?

Your loan will be processed within 17 days after you have submitted your loan application.

What does loan maturity date mean?

Loan maturity date is when you are already at the end of your payment agreement. If you signed up to get a loan, it is crucial that you have a clear understanding of what is going to happen when your loan reaches maturity.

Can a member with an outstanding PAG-IBIG housing loan apply for additional loans?

Yes. A member with an updated monthly contribution as well as monthly loan amortization on the date of the application can apply for additional loans.

Tips and Advice for your PAG-IBIG Housing Loan Application

A. Good Credit Score

Just like when you’re applying for a credit card, your credit score may also be reviewed during the evaluation of your application. A credit score contains vital personal information as well as your past financial transactions with banks and lending institutions.

Make sure your credit score is up-to-date, accurate, and isn’t tarnished by unpaid debts. You can secure a free copy of your credit score from the Credit Information Corporation (CIC) or any of its accredited credit bureaus.

B. Don’t go to Pag IBIG empty-handed.

Before applying for a housing loan, you should already have saved up at least 20% of the property’s value for the down payment.

The higher the down payment you can afford to pay, the more likely your housing loan application will get approved. This will also make managing your money a lot easier because a higher down payment can lower your interest rate, monthly mortgage, loan-to-value ratio, and loan term.

C. Have a solid employment history. 

 For the employed, the key to getting approved is to show you have a solid employment history. Job hopping and gaps in your employment history may be seen as red flags. Employment tenure means income stability and the capability to pay off your housing loan.

D. Find a co-debtor.

If you’re afraid you might not be qualified due to insufficient income, convince someone with a regular job and good credit history to take you as a co-borrower.

Pag IBIG allows a principal borrower to share the housing loan with up to two co-borrowers who can be a relative or not.

E. Assess your income.

Carefully assess your current income and determine how much of it you can set aside for the monthly amortization. Ideally, the loan amount should not exceed your three-year salary while your mortgage or monthly amortization shouldn’t go beyond 20-30% of your gross monthly income.

What’s next after your PAG-IBIG house loan has been approved?

After your housing loan has been approved, you can now start building your dream house where you can create new memories with your loved ones. These memories are best created in a culturally relevant, developed, and safe neighborhood.

If these were your ideal setting, you should definitely consider buying a house and lot in Cavite – a city that witnessed numerous historical events and has been continuously progressing throughout the years. Cavite is where Philippine Independence was born and the site of multiple major battles of our heroes against the Spanish colonizers. Cavite is also located near Manila making it an ideal location for individuals who want both city and provincial life.

Find your perfect home with Bilkenn.
Best House Locations in Luzon
Best House Locations in Luzon

Are you choosing a potential location for your next house? Perhaps you’ve been thinking about the characteristics of the place that would best suit your

House Turnover Guide_ House Turnover Checklist
House Turnover Guide and Checklist

It’s the moment you’ve been waiting for. After going through the tedious process of choosing and zoning in on your future house, you’re a few