How Do You Qualify for a Pag-Ibig Housing Loan?


Quick Answer

As of 2015, applicants applying for a housing loan under the Home Development Mutual Fund must meet certain age and membership eligibility requirements, according to the Pag-IBIG Home Development Mutual Fund website. Loan applicants also undergo employment and credit background checks prior to approval.

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Full Answer

Pag-IBIG loan applicants must have membership under the Pag-IBIG I, Pag-IBIG II or Pag-IBIG Overseas Program for a minimum of 24 months. Proof in the form of evidence of at least 24 monthly contributions is required at the time the application is submitted. Applicants who have maintained membership for a minimum of 12 months at the time of the application may remit a lump-sum payment to meet the 24-month requirement. An upgraded membership contribution is required for some loans, explains the Pag-IBIG Fund.

The maximum age of an eligible applicant is 65 years old at the time the application is submitted and 70 years old at the time of loan maturity, notes the Pag-IBIG Fund.

Insurability is a requirement for loan eligibility, as is the legal ability to purchase property, states the Pag-IBIG Fund. Additionally, applicants must have no outstanding Pag-IBIG loan as either the principal borrower or co-signer. Co-signers may, however, pay an arrears loan to bring it current, after which no further obligation is required of the co-signer. Once the arrears loan is current a co-signer may submit a loan application for a separate property as the principal borrower.

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