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Can you get a housing loan in Pag-IBIG with P15K salary?

by Jericho Zafra

HOME development mutual fund or Pag-IBIG said the agency financed over 18,657 socialized homes and spent P8.28 billion in 2022 for the Pag-IBIG Affordable Housing Program (AHP).

The P8.28 billion fund for the socialized homes was 7 percent of the P117.85 billion released by the agency in 2022 for the 105,212 total houses it financed, Pag-IBIG said in a statement.

“Through the years, the Pag-IBIG Affordable Housing Program has made it possible for low-income and minimum-wage earners to own a home with the lowest rate offered in the market,” said Chief Executive Officer of the Pag-IBIG Fund Marilene Acosta.

According to Pag-IBIG, the socialized home loans are payable for 30 years with a monthly payment of P2,445.30 for a socialized home loan of P580,000.

The Pag-IBIG Fund’s Affordable Housing Program is a home financing program that serves the needs of minimum-wage and low-income members who earn less than P15,000 per month in the National Capital Region (NCR) and P12,000 per month outside of the NCR. 

For socialized home loans valued up to P580,000 and socialized condominium units of up to P750,000, the AHP offers a subsidized rate of 3 percent per annum, the lowest rate currently available on the market, Pag-IBIG said.

“Borrowers under our AHP do not have to put out cash for equity because of its 100 percent loan-to-value ratio. This is in keeping with our commitment to uplift the lives of Filipino workers, especially those from the underserved sectors, through accessible and affordable shelter financing,” said Acosta.

Acosta likewise noted that the agency has provided special subsidized rates for its members working in the minimum-wage industry since 2012, with the current 3 percent rate becoming accessible in May 2017.

Who can apply?

Will you qualify for the affordable home loan? 

According to Pag-IBIG, active members who are not more than 65 years old at the date of loan application and are not more than 70 years old at the date of loan maturity, and with at least 24 months of savings, can apply for the housing program of the agency.

Other eligibility criteria include: 

  • Legal capacity to acquire and encumber real property
  • No Pag-IBIG housing loan foreclosed, canceled, bought back, or voluntarily surrendered.
  • If with existing Pag-IBIG Housing account or Short Term Loan (STL), payments must be updated.

How to apply for affordable housing loan

For those interested to apply, here are the following requirements as per Pag-IBIG: 

  • Housing Loan Application with recent ID photo of borrower/co-borrower (if applicable) (2 copies, HQP-HLF- 068/HQP-HLF- 069)
  • Proof of Income
  • For Locally Employed, any of the following:
  • Certificate of Employment and Compensation (CEC), indicating the gross monthly income and monthly allowances or monthly monetary benefits received by the employee (1 original copy) duly signed by the authorized signatory of the employer. For system generated CEC, the signature of  the authorized signatory of the employer must be reflected in the said CEC.
  • Latest Income Tax Return for the year immediately preceding the date of loan application, with attached BIR Form No. 2316, duly acknowledged by the BIR or authorized representative of the employer. (1 photocopy)
  • One Month Payslip, within the last three months prior to the date of loan application with name and signature of the authorized signatory of employer. (1 certified true copy)
  • NOTE: For government employees who will be paying their loan amortization through salary deduction, the original copy of one Month Payslip, within the last three months prior to date of loan application, must be submitted together with CEC or ITR as mentioned above.
  • For Self Employed, any of the following Proof/s of Income:
  • 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)
  • 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
  • For Overseas Filipino Workers, any of the following:
  • Employment Contract
  • Employment Contract between employee and employer; or
  • POEA Standard Contract
  • Certificate of Employment and Compensation (CEC)
  • 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.

  • One valid ID (Photocopy, back-to-back) of Principal Borrower and Spouse, Co-Borrower and Spouse, Seller and Spouse and Developer’s Authorized Representative and Attorney-In-Fact, (if applicable)

From Seller  and/or Borrower

  • Transfer Certificate of Title (latest title, Certified True Copy). For Condominium Unit, present TCT of the land and Condominium Certificate of Title (CCT) (Certified True Copy).
  • Updated Tax Declaration (House and Lot) and Updated Real Estate Tax Receipt (photocopy
  • Vicinity Map/Sketch Map leading to the Property subject of the loan

Modes of payment

Members can pay through the following modes of payment authorized by the Pag-IBIG Fund:

  • Salary deduction through Employer Collection Servicing Agreement (CSA)
  • Post-dated checks
  • Payment to an accredited Developer with CSA with the Fund
  • Auto debit arrangement with banks
  • Accredited collection partners (Local and overseas remittance)



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