Pag-ibig Housing Loan

Pag-ibig financing is one of the financing options a home buyer may choose from upon purchasing real estate properties and in other parts of the Philippines. This financing option is probably the most popular among Filipinos since it has longer payment terms and lower interest rates. Moreover, it is an accepted fact that only a few Filipinos can afford spot cash and short term payments in buying real estate. This Davao Real Estate post is a guide for home buyers searching for Pag-ibig housing in Davao City and Pag-ibig Fund in general.

Not all developers accept Pag-ibig House Financing. More often than not, only low-cost and some middle-cost housing projects accept Pag-ibig financing.

What housing loans are available for Pag-ibig members?

A Pag-ibig member may avail a financing loan to buy a residential lot (not more than 1,000 sq.m), a house and lot, a condominium unit/townhouse, house construction, house improvement, refinancing of an existing mortgage with a Pag-ibig acceptable institution, and combination of loans. Please visit the official Pag-ibig website for more details.

Am I eligible to avail a Pag-ibig housing loan?

You have to satisfy the following requirements before you can avail of Pag-ibig loan:

  • A Pag-ibig member for at least 24 months and has contributed not less than 24 monthly Pag-ibig contributions
  • Must  be 65 years old and below upon the application of Pag-ibig housing loan; and not more than 70 upon the maturity of the said loan.
  • Is legally capable of acquiring real estate in the Philippines
  • Must not have any outstanding loans through Pag-ibig
  • Must not have availed a Pag-ibig housing loan that was canceled, foreclosed, bought back due to default, or subjected to dacion en pago
  • In case of having an existing multi-purpose loan, payments must be updated upon the application of the housing loan