Pag-ibig Housing Loan

Many Filipinos who want to purchase a house need a third party to help finance the property. Those who choose bank financing, for example, secure a loan from the bank to pay the balance. However, most of us prefer Pag-ibig financing since it has the longest terms for housing loans available, up to 30 years.

Now, what properties can you avail with your Pag-ibig membership?

According to Pag-ibig:

Housing Loan Availment

This housing loan program grants opportunities to Pag-IBIG Fund members to avail of housing loans to finance any one or a combination of the following:

1.     Purchase of a fully developed lot not exceeding 1,000 square meters, which should be within a residential area; 
2.     Purchase of a residential house and lot, townhouse or condominium unit, inclusive of a parking slot, which may be:
* Old or brand new;
* A property mortgaged with the Fund; or
* An acquired asset, which is disposed of through sealed public bidding, negotiated sale, the Rent-to-Own Program, or the “Magaang Pabahay, Disenteng Buhay” Program.
3.     Construction or completion of a residential unit on a lot owned by the member;
4.     Home improvement, i.e. any alteration in an existing residential unit intended by a homeowner to be a permanent integral part thereof, which will enhance its durability and material value; 
5.     Refinancing of an existing mortgage with an institution acceptable to the Fund, provided that:
* The loan is not in default within 12 months prior to the date of application;
* The said loan has a repayment history of at least two (2) years with the original mortgagee
6.     Combination of loan purposes, which shall be limited to the following:
* Purchase of a fully developed lot not exceeding 1,000 square meters and construction of a residential unit thereon;
* Purchase of a residential unit, whether old or new, with home improvement;
* Refinancing of an existing mortgage with home improvement;
* Re* Refinancing of an existing mortgage, specifically a lot loan, with construction of a residential unit thereon. 

Source: Pag-ibig Website
Housing Loan Availment
http://www.pagibigfund.gov.ph/benpro.aspx