Steps to Pag-Ibig Housing Loan

1. Attend a housing loan counseling session at the Pag-Ibig Fund office nearest you.

Applicants are asked to accomplish a preliminary loan counseling questionnaire, housing loan application form, and membership status verification slip (MSVS).

Based on these documents, Pag-Ibig officers will determine if the applicant is eligible for a housing loan. Eligible applicants are then given a checklist of requirements that they must comply with before they move on to step 2 in the list.

EMPLOYED:
1. Notarized Housing Loan Application (3 Copies)
2. Approved MSVS (Need to attend loan counselling)
3. 3 Pcs. 1×1 ID picture
4. Income Tax Return (for the past 2 years)
5. Latest 2 months pay slip
6. Certificate of employment & compensation
7.  Proof of billing address
8.  24 Open Post Dated Checks
9. Latest Community Tax Certificate (cedula)
10. Marriage Contract (if applicable)
11.  Special Power of Attorney (if applicable)
12.  2 Valid ID’s (Company ID)

With Business (not employed)
1. Notarized Housing Loan Application (3 Copies)
2. Approved MSVS (Need to attend loan counselling)
3. 3 Pcs. 1×1 ID picture
4. Financial Statement
   a. Latest Balance Sheet
   b.  Latest Income Statement
   c.  Financial Report/Auditor’s Report
5.  SEC Registration
6.  Articles of  Incorporation (if incorporator)
7. DTI Permit
8.  Business Permit/Mayors Permit
9. Proof of billing address
10. 24 Open Post Dated Checks
11. Marriage Contract (if applicable)
12.  Special Power of Attorney (if applicable)

OFW/OCW
1. Notarized Housing Loan Application (3 Copies)
2. Approved MSVS (Need to attend loan counselling)
3. 3 Pcs. 1×1 ID picture
4. Certificate of Employment & Compensation (notarized & laytest payslip if employed abroad.
5. Latest contract (if per contract) / Certificate of Remittance
6. Proof of billing address
7.  24 Open Post Dated Checks
9. Latest Community Tax Certificate (cedula)
8. Xerox Copy of Passport
9. Marriage Contract (if applicable)
10.  Special Power of Attorney (if applicable) Authenticated
11.  2 Valid ID’s (Company ID)
12. Pag-Ibig Record Book (POP)

2. Submit to Pag-Ibig your loan application form together with all the requirements in the checklist and pay the processing fee of 1,000 pesos. The amount is non-refundable, even in the case that your loan gets disapproved.

3. Wait for notice of approval or letter of guaranty from Pag-Ibig on your housing loan. After your loan is approved, you will need to sign loan documents at the Pag-Ibig office.

4. Proceed to the Bureau of Internal Revenue (BIR) and present the deed of absolute sale between you and the owner of the property. You will also need to submit other necessary documents like tax declaration and tax receipt or clearance for the payment of capital gains tax and documentary stamps tax and secure Certificate Authorizing Registration (CAR).

If you want to know beforehand how capital gains tax and documentary stamps tax (DST) are computed, check out this post on taxes in real estate transactions.

5. After getting CAR from BIR, proceed to the notary public and have your Loan Mortgage Agreement (LMA) notarized.

6. The next agency to visit is the Registry of Deeds where applicants will need to pay transfer tax and registration fees for the transfer of title and annotation of mortgage.

7. If you’ve taken out a loan to purchase a new residential unit or a lot where you’ve had a house constructed, you need to secure an occupancy permit from the engineering office in the city or town where the property is situated.

8. Next stop is the Assessors Office where you will need to secure a tax declaration for your property, which may be a house and lot or lot only. This is to be used as basis for your real property taxes.

9. After visiting other government agencies, you need to go back to the Pag-ibig Fund Office, armed this time with the following documents:

* Original Transfer Certificate of Title in your name which has the mortgage annotated on it
* DOAS with original RD stamp
* New tax declaration
* Updated real estate tax receipt
* Occupancy permit
* Assignment of loan proceeds

10. The second to the last step is to receive the loan proceeds that you will use to pay the seller of the property.