Tag: purchase house and lot pag-ibig loan

Purchase House and Lot Pag-ibig Loan

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purchase-house-and-lot-pag-ibigIf you have no enough budget for buying a house and lot, Pag-ibig will help you to finance your house and lot but make sure that you are eligible for Pag-ibig loan.

Here are steps in applying Pag-ibig Loan:

  1. Attend for their counseling. You have to called Pag-ibig for registration and schedule.
  2. Upon attending, bring housing loan application with recent ID photos of borrower, a form that you can download from their site or get at Pag-ibig processing office and 2 pcs 1×1 id pictures, membership status verification slip (MSVS) form, proof of income such as income tax return and latest 1 month payslip, notarized certificate of employment and compensation
  3. After attending the counselling and submission of all the documents needed, you will call Pag-ibig if the MSVS is approved.
  4. If the MSVS is ready, you have to submit other documents like contract to sell, certified copy of TCT by Registry of Deeds, location plan and vicinity map, photocopy of tax declaration.
  5. They will schedule for the assessment of the property you want to purchase/
  6. Pag-ibig will assess the loan application for approvae
  7. When approved, borrowers signs notice of approval
  8. The borrowers will processes the required document before loan is released.

Here are the documents needed to be submit before the loan release:

  1. TCT/CCT in the name of the borrower with proper mortgage annotation in favor of Pag-Ibig Fund (Owner’s Duplicate Copy)Certified true copy of TCT/CCT in the name of the borrower with proper mortgage annotation in favor of Pag-IBIG Fund (RD’s copy)
  2. For properties that are subject of an heirs lien under Section 4 Rule 74 of the Rules of Court, surety bond (not an heir’s bond) that shall answer for the payment of the outstanding loan obligation still due to the Fund in the event that another person including an heir of the registered owner would lay a claim against the property offered as security
  3. Photocopy of New Tax Declaration and Updated Real Estate Tax Receipt in the name of borrower and co-borrower, if applicable
  4. Loan Mortgage Documents
    a.    Loan and Mortgage Agreement duly registered with Registry of Deeds with original RD stamp
    b.    Deed of Absolute Sale duly registered with Registry of Deeds with original RD stamp
    c.    Duly accomplished/notarized Promissory Note
    d.    Disclosure Statement on Loan Transaction

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