What Are the Eligibility Requirements for a Pag-IBIG Housing Loan?


Quick Answer

The eligibility requirements for a Pag-IBIG housing loan include Pag-IBIG membership, legal property acquisition and encumbrance rights, submission to background, credit, employment and business checks and having no prior Pag-IBIG loans outstanding. Applicants must also be insurable and no older than 65 years old upon submitting their application, as well as no older than 70 years old at loan maturity, as stated at the official Pag-IBIG Fund website.

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Full Answer

The Pag-IBIG membership requirements are that applicants have been a member of the Pag-IBIG I, Pag-IBIG II or Pag-IBIG Overseas Program for a minimum of 24 months. This is assessed based on the number of monthly contributions made when applying, as outlined in the official Pag-IBIG eligibility requirements. However, applicants who have made less than the minimum of 24 monthly contributions, and have been Pag-IBIG members for more than 12 months, may contribute a lump sum to bring their total contributions to the equivalent of 24 months' worth.

The requirement to have no outstanding Pag-IBIG housing loans extends to both principal and co-borrowers, notes Pag-IBIG. However, co-borrowers are permitted to pay off their loan entitlement and apply for a new Pag-IBIG loan of themselves. Applicants with outstanding multi-purpose loans from the Pag-IBIG Fund are also ineligible. People who have had Pag-IBIG housing loans that were foreclosed, cancelled, defaulted on or subject to "dacion en pago" are exempt from eligibility to apply.

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