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How to loan for a pag-ibig housing
It’s not easy to own a home. Unless you have huge savings amounting to millions, it’s impossible to buy a house or any real estate without getting a loan. While some would prefer to apply for a loan via Banks or Private Lenders, for majority of the Philippine employees, they rely on Pag-ibig or Home Development Mutual Fund to secure a loan for an affordable housing.
Here is a simple step by step guide on how to loan for a Pag-ibig Housing.
Get your Housing Loan application form, checklist of all the requirements, and other forms at the servicing department. Before filing, acquire the following forms:
Submit your housing loan application to the Pag IBIG Fund with the complete requirements. Pay a partial processing fee of Php1,000. You can also apply online at www.pagibigfund.gov.ph.
Get a Letter of Guaranty (LOG) or a Notice of Approval (NOA) and sign all your loan documents.
Accomplish all your NOA requirements to enable check release. In a 90- day period, you are to accomplish the following:
To buy a house and lot, condominium, or lot alone
To buy a House and Lot with Pag- IBIG Fund
Receive the loan proceeds at the Pag IBIG Fund. Make sure to bring two (2) valid IDs and twelve (12) Post Dated Checks, only if payment is not through Salary Deduction.
Start the payments of your monthly amortization which starts one (1) month from Check Date.