Owning a home that they can call their own is every Filipino families’ greatest dream. With Pag-IBIG Fund Loan, this dream doesn’t have to stay as elusive as we thought it would be.
Take your first step towards securing your family’s future home at Ajoya Capas and Ajoya Cabanatuan where its master-planned developments, situated within the progressive cities of Tarlac and Nueva Ecija, provide families with not just homes within a guarded and gated community but also scenic and accessible open spaces encouraging fitness, leisure, and community interaction.
Because at Ajoya, together with Pag-IBIG Fund Loan Assistance, you can take comfort that you are settling into the kind of life you and your family truly deserve.
FREQUENTLY ASKED QUESTIONS (FAQs)
What can I do with a Pag-IBIG Fund Housing Loan?
The Pag-IBIG Fund Housing Loan allows you to borrow up to Php 6M to purchase a residential lot, a house and lot or a condominium unit.
Here are the type of properties you may purchase and the various purposes where you can use your Pag-IBIG Fund Housing Loan:
- Purchase of fully-developed residential lot or adjoining residential lots not exceeding one thousand square meters (1,000 sqm);
- Purchase of a residential house and lot, townhouse, or condominium unit;
How do I qualify? Who is eligible to apply for a Pag-IBIG fund housing loan?
The Pag-IBIG Fund Housing Loan Program is available to all active Pag-IBIG Fund members, who have satisfied the following requirements:
- At least 24 monthly savings. Lump sum payment of the required 24 months savings is allowed;
- Not more than sixty-five (65) years old on the date of application and not more than seventy (70) years old during the maturity of the loan.
- Has the legal capacity to acquire and encumber real property;
- Passed satisfactory background/credit and employment/business checks of Pag-IBIG Fund;
- Has no outstanding Pag-IBIG Fund Short-Term Loan (STL) in arrears at the time of loan application;
- Has no Pag-IBIG Fund Housing Loan that was foreclosed, cancelled, bought back due to default, or subjected to dacion en pago. If with an existing Pag-IBIG Fund Housing Loan account, either as principal borrower or co-borrower, it must be updated.
How much can I borrow?
You may borrow up to Php 6M. However, the loan amount you will receive shall depend on either the actual amount you need, your loan entitlement based on capacity to pay or loan-to-appraised value ratio – whichever is lower.
- Purchase of Lot and Residential Unit : Selling price
- Refinancing : Outstanding Loan Balance
- House Construction and Home Improvement : Total Construction Cost
Capacity to Pay
- 35% of your Gross Monthly Income for loans up to Php 6M
Loan to Appraisal Value Ratio
- Up to the Economic Housing Limit* (Php 1M-1.7M) – 95%
- Over the Economic Housing Limit Php 1.7M up to Php 6M – 90%
What are the interest rates?
The interest rates of our Pag-IBIG Housing Loan remain at its lowest levels. We keep our rates low to help you secure a home under the most affordable terms. The interest rate on your loan is based on the repricing period that you choose. Here are our rates for January to June 2021 and their respective re-pricing periods.
Rates per Repricing Period – Effective January 1.
1-Yr* Fixing 5.750%
3-Yr Fixing 6.250%
5-Yr Fixing 6.500%
10-Yr Fixing 7.250%
15-Yr Fixing 7.875%
20-Yr Fixing 8.500%
25-Yr Fixing 9.125%
30-Yr Fixing 9.875%
What are the available loan repayment terms?
The maximum payment period for the loan is thirty (30) years.
Not to exceed the difference between age seventy (70) and the present age of the principal borrower.
The borrower shall be considered 70 years old at the time he reaches his 70th birthday
Does the Pag-IBIG Fund Housing Loan carry insurance?
Yes. Your Pag-IBIG Fund Housing Loan shall be covered by a Mortgage Redemption Insurance (MRI) or a Sales Redemption Insurance (SRI), whichever is applicable, as well as a Fire and Allied Perils Insurance (FAPI).
What are the steps in applying for a Pag-IBIG fund housing loan?
Here are the six steps in availing of Pag-IBIG fund housing loan application:
- Get a checklist of requirements.
- Submit the housing loan application together with the requirements and pay the Php 1,000 Processing Fee
- Receive the Notice of Approval (NOA) and the Letter of Guaranty (LOG).
- Accomplish the NOA requirements for the release of loan proceeds.
- Receive loan proceeds at the Pag-IBIG Fund.
- Start paying the monthly housing loan amortization.
What are the requirements needed from the borrower/vecino for the Pag-IBIG housing loan?
If For Principal borrowers
- Duly accomplished HLF Form (HQP-HLF-068 (V08, 02/2020 (2 copies with attached 1×1 ID photo)
If For Co- borrowers
- Duly accomplished HLF Form HQP-HLF-069 (V06, 02/2020) (2 copies with attached 1×1 ID photo)
- Duly accomplished MSVS Form (HQP-HLF-063 (V03,06/2017) 2 copies
- Income documents: Updated notarized Certificate of Employment (COE) stating the salary / Updated 1month payslip certified by employer (with signature over printed name of authorized signatory) with contact details / Duly received ITR by BIR (refer to succeeding slides for more info on income documents)
- 2 valid IDs with 3 specimen signatures
- Marriage contract (if married)
- Birth Certificate for Principal & Co-borrower (applicable if with co-borrower to establish the relationship if within the 2nd degree of consanguinity or affinity)
- Notarized SPA (HQP-HLF-064) attach ID with 3 specimen signatures (if applicable)
- Health Statement Form (if more than 2M loanable amount)
- Payment of Fees with the developer; around 3% of the loan (processing fee, appraisal fee, SRI, Fire Insurance, Interim SRI (if any), REM Annotation fee (1st and 2nd annotation), Documentary Stamp (DST)
What are the documentary requirements needed from the developer or seller of the property for the housing loan?
- Latest title and Certified True Copy of Transfer Certificate of Title (TCT) for Condominium Unit, present Certified True Copy of the TCT of the land and Condominium Certificate of Title.
- Updated Tax Declaration of House and Lot, and Updated Real Estate Tax Receipt
- Occupancy Permit
- Photocopy of Vicinity Map and Sketch Map leading to the Property subject of the loan
What are the Proof of Income requirements for Locally Employed borrowers?
- Notarized Certificate of Employment and Compensation (CEC) Indicating the gross monthly income and monthly allowances or monthly monetary benefits received by the employee.
- Latest Income Tax Return (ITR) For the year immediately preceding the date of loan application with attached BIR Form No. 2316 stamped received by the BIR.
- Certified One (1) Month Payslip Within the last three (3) months prior to the date of loan application. Certified, with employer signature over printed name.
NOTE: For government employees, certified one (1) month payslip within the last three (3) months prior to the date of loan application must be submitted together with CEC or ITR.
What are the Proof of Income requirements for Self-employed borrowers?
- 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)
- If agents or broker: PRC ID and HLURB cert of registration
- 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 PUVs)
- Certificate of Engagement issued by owner of business
- Other document that would validate source of income
What are the Proof of Income requirements for Overseas Filipino Workers (OFW) borrowers?
- Employment Contract:
- Employment Contract between employee and employer; or
- POEA Standard Contract
- Certificate of Employment and Compensation
- CEC written on the Employer/Company’s official letterhead; or
- CEC signed by employer (for household staff and similarly situated employees) supported by a photocopy of the employer’s ID or passport
- Income Tax Return filed with Host Country/Government
- NOTE: If documents are in foreign language/s, English translation is required.
- SPA- special power of attorney; notarized special power of attorney before departure date or if abroad, special power of attorney by a Philippine Consular Officer or Special Power of Attorney notarized by a local notary but duly authenticated by the Philippine Consulate.
What are considered Valid IDs?
Two valid IDs with three specimen signatures
List of valid IDs:
- Passport, issued by the Philippine or Foreign Government
- Professional Regulation Commission (PRC) ID
- Social Security System (SSS) Card
- Government Service Insurance System (GSIS) eCard
- Government Office and GOCC ID (e.g. AFP ID, Pag-IBIG Loyalty Card)
- Integrated Bar of the Philippines (IBP) ID
- Overseas Workers Welfare Administration (OWWA) ID
- Seafarer’s Identification and Record Book (SIRB)
- Company ID
- Driver’s License
- Senior Citizen Card
- Postal ID
- Voter’s ID
- Overseas Filipino Worker (OFW) ID
What are the usual reasons for the disapproval of a Housing Loan application?
If your loan application is disapproved, it could be because of several reasons. When evaluating your loan application, Pag-IBIG Fund will check your records, employment status, and your capacity to pay. They will evaluate the property and its appraised value. If you fail to meet any of these requirements, your loan application will get disapproved.
How many co-borrowers are allowed?
MAXIMUM of 3 Co-borrowers;
For non-relatives: If the co-borrower does not fall within the 2nd degree of consanguinity or affinity, the name of co-borrower who is not a relative should be included in the CTS and DOAS as co-buyer, and the name should appear in the title also.
Once taken out, what are the modes of payment for the Housing Loan proceeds?
- Post-dated Checks
- Collection Servicing Agreement (CSA) with your company
- Accredited Collection Partners
- Auto debit arrangement with Banks
What are the accredited collection partners of Pag-IBIG fund for local remittances?
Accredited collection partners are:
- The SM Store, SM Business Service Center, HYPERMARKET
- Bayad Center
- ECPay (7-Eleven Stores and ECPay Partner Merchants)
Does getting a loan involve fees?
Yes, if you are applying for a loan in a bank, you need to pay bank fees which is around 3% of the loanable amount, the same with Pag-IBIG, fees are collected to process your loan application which is also around 3% of the loanable amount intended for ROD annotation, REM fees, DST, processing fees and etc.
When can a vecino start his/her first monthly amortization with Pag-IBIG?
Immediately after 1 month from takeout, the vecino needs to start paying his monthly amortization with Pag-IBIG.
When can a vecino occupy his unit?
Once the account is fully paid, the vecino can already move-in and occupy his unit.
Requests for move-in should be filed days ahead before the scheduled unit turnover.