Pag-IBIG Fund is an agency created to help Filipinos by offering various types of loans including the housing loans. In fact, many Filipinos have owned their houses through the Pag-IBIG housing loan program.
The housing loan program offered by this agency aims to help its members to buy a house, for the renovation of an existing house, and for other financial needs. If you are a member of Pag-IBIG and planning to take advantage with the housing loan program, it makes sense to know the updated monthly amortization.
Before we proceed to the computation of monthly amortization, as members we should know that the payment schemes of Pag-IBIG were extended to 30 years.
Pag-IBIG Housing Loan Interest Rates According to Payment Period
| 1 year | 3 years | 5 years | 10 years | 15 years | 20 years | 25 years | 30 years |
| 5.375% | 6.375% | 7.270% | 8.035% | 8.585% | 8.800% | 9.050% | 10.000% |
To simplify the computation of the monthly amortization, if a member applies for a loan amounting to Php100, 000 payable for 1 year, he or she would pay Php8, 721.25 every month within 1 year.
- Loan Amount (100, 000) x (5.375%) = 5, 375.00
- 5, 375.00 + 100, 000 = 105, 375.00
- 105, 375.00 / 12 = 8, 781.25 (Monthly Amortization)
Pag-IBIG Housing Loan Documentary requirements
If you think that you have the financial capability to pay the monthly amortization for the housing loan, the next thing to do is to secure the necessary documentary requirements.
- Duly accomplished housing loan application form
- Membership status verification slip (MSVS)
- Updated photo of the borrower
- Proof of income documents such as;
- 1-month payslip, at least 3 months before the date of application (government employees)
- Latest income tax return, with attached W2 form
- Certificate of employment and compensation
Checklist of Requirements for Pag-IBIG Housing Loan
(Retail Accounts)
I. DOCUMENTS REQUIRED UPON LOAN APPLICATION
1. Housing Loan Application (2 copies) with recent ID photos of borrower
2. Membership Status Verification Slip (MSVS)
3. Income Documents:
For Locally Employed, any of the following:
a. Notarized Certificate of Employment and Compensation (Employer’s format) and for government employees
one (1) month payslip, within 3 months prior to date of loan application.
b. Latest Income Tax Return (ITR) for the year immediately preceding the date of loan application, with
attached W2 form, stamped received by the BIR/Certificate of Tax Withheld (BIR Form No. 2316)
Read also: How to Check your Pag-IBIG Contribution and Payment History Online
For Self Employed/Other Sources of Income, any of the following:
c. ITR, Audited Financial Statements, and Official Receipt of tax payment from bank supported with DTI
Registration and Mayor’s Permit/Business Permit
d. Commission Vouchers reflecting the issuer’s name and contact details (for the last 12 months)
e. Bank Statements or passbook for the last 12 months (in case income is sourced from foreign remittances,
pensions, etc.)
f. Copy of Lease Contract and Tax Declaration (if income is derived from rental payments)
g. Certified True Copy of Transport Franchise issued by appropriate government agency (LGU for tricycles,
LTFRB for other Public Utility Vehicle or PUVs)
h. Certificate of Engagement issued by owner of business
i. Other documents that would validate source of income
For Overseas Filipino Workers (OFW), any of the following:
j. Employment Contract (with English translation if in foreign language)
k. Original Employer’s Certificate of Income (with English translation if in foreign language). If document
submitted is photocopy, it shall be duly certified/initialed by Pag-IBIG Fund Information Officer assigned in
the country where the member works.
l. Other Proofs of Income, whether original or photocopy, shall be duly certified/initialed by Pag-IBIG Fund
Information Officer assigned in the country where the member works.
4. Photocopy (back-to-back) of one (1) valid primary ID of Principal Borrower and Spouse, Co-Borrower and
Spouse, Seller and Spouse and Developer’s Authorized Representative and Attorney-In-Fact, if applicable.
5. Authorization to Conduct/Credit Background Investigation
6. For OFW members, Special Power of Attorney notarized prior to date of departure or duly certified and
authenticated by the Philippine Embassy or Consulate in the country where the member is staying, if abroad. If
SPA is without the red ribbon of Consulate Office, the SPA must have a duly stamped notarial seal.
7. Insurance Coverage
a. Health Statement Form (Medical Questionnaire)
OFW members over 60 years old
Loans over P2.0 M to P6.0 M and for borrowers aged up to 60 years old
b. Health Statement Form (Medical Questionnaire) and Full Medical Examination
Borrowers over 60 years old
8. Marriage Contract (For all married borrower/s, co-borrower/s, spouse, family member/s included on the
computation of aggregate income)
9. Birth Certificate or any proof of relationship, if with co-borrower/s or family member/s included on the
computation of aggregate income
10. Certified True Copy of Transfer Certificate of Title (TCT) (latest title)
11. For Condominium Unit, Certified True Copy of present TCT and CCT
12. Photocopy of Updated Tax Declaration and Updated Real Estate Tax Receipt
13. Location Plan and Vicinity Map
14. For new member or member with less than the required number of contributions, photocopy of Pag-IBIG Fund
Receipt (PFR) representing lump sum payment of contributions.
15. Approved letter request to re-avail of a Pag-IBIG housing loan (for member/s with housing loan that was
foreclosed, cancelled, bought back due to default or subjected to dacion en pago).
For other types of Pag-IBIG membership’s list of documentary requirements, you can visit this link.
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As long as you are qualified to be granted with the housing loan and provide all the necessary documents, you can expect that you can receive the loan proceeds the soonest possible time. We want to know your thoughts by leaving a comment below.
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