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Cavite House and Lot brings you the step by step Guidelines in availing a House and Lot thru Pag Ibig

                                                                                                                                   
HOUSING LOAN AVAILMENT
        This housing loan program grants opportunities to Pag-IBIG Fund members to avail of housing loans to finance any one or a combination of the following:
1. Purchase of a fully developed lot or adjoining lots not exceeding 1,000 square meters, which should be within a residential area;
2. Purchase of a residential house and lot, townhouse or condominium unit, inclusive of a parking slot, which may be:
* Old or brand new; * A property mortgaged with the Fund; * An acquired asset; or * Adjoining houses and lots/ townhouse/ row houses/ condominium units. For retail housing loans, the subdivision where said residential units are located must have complied with all the required facilities pursuant to PD No. 957 and BP No. 220.
3. Construction or completion of a residential unit on a lot owned by the member;
4. Home improvement, i.e. any alteration in an existing residential unit intended by a homeowner to be a permanent integral part thereof, which will enhance its durability and material value;
5. Refinancing of an existing housing loan with an institution acceptable to the Fund, provided that, the account reflects a perfect repayment history for at least 5


ELIGIBILITY REQUIREMENTS


To qualify for a Pag-IBIG housing loan, a member shall satisfy the following requirements:
1. On Pag-IBIG Membership
? Must be a member under Pag-IBIG I Membership Program for at least twenty-four (24) months, as evidenced by the remittance of at least 24 membership savings (MS) at the time of loan application.
A new member who wishes to apply for a housing loan shall be required to pay in lump sum the required 24 MS. Similarly, a member with less than 24 MS may pay his MS for the succeeding months in lump sum. For both cases, the lump sum payment shall be based on MS that correspond to the loan amount applied for.
? Pag-IBIG Overseas Program (POP) MS of Overseas Filipino Workers (OFWs) who are Pag-IBIG I members shall be considered in counting the total number of MS for availment of housing loans.
2. Not more than sixty-five (65) years old at the date of loan application and must be insurable; and not more than seventy (70) years old at loan maturity;
3. Has the legal capacity to acquire and encumber real property;
4. Has passed satisfactory background/credit and employment/business checks of Pag-IBIG Fund;
5. Has no outstanding Pag-IBIG housing loan, either as a principal borrower or coborrower;
6. Has no outstanding Pag-IBIG multi-purpose loan in arrears at the time of loan application.
7. Had no Pag-IBIG housing loan that was foreclosed, cancelled, bought back due to default, or subjected to dacion en pago.

HOUSING LOAN AVAILMENT (Complex Transaction)
Schedule of Availability of Service Monday to Friday, 8:00 am - 5:00 pm (No Noon Break)
Processing Time
2 working days - From receipt of documents required upon loan application up to endorsement of documents for credit investigation and property appraisal 6 working days - From receipt of documents up to generation of the result of credit investigation and property appraisal 8 working days - From receipt of the result of credit investigation and property appraisal up to approval of HL application 1 working day - From receipt of approval of HL application up to release of Notice of Approval (NOA) 10 working days - From receipt of documents required upon loan approval up to Check availability
Processing Fee
P1,000 - upon filing of housing loan application with required documents (non-refundable) P2,000 - to be deducted from loan proceeds
Basic Requirements
1. Housing Loan Application (HLA) 2. Membership Status Verification Slip (MSVS) 3. Additional Requirements (Refer to pages 13 and 14) (Items 1 and 2 are downloadable from the Pag-IBIG website, www.pagibigfund.gov.ph)

Procedures;


















































For House Construction or Home Improvement with Staggered Releases
STEP 1
       Upon utilization of at least 90% of the previous release, coordinate (thru telephone or personal visit) with the Property Appraiser II of the Property Valuation Division-Appraisal Department/Housing Business Center for the schedule of inspection.
NOTE: The Property Valuation Division-Appraisal Department/Housing Business Center shall conduct inspection of the property within 5 working days from receipt of the request.
Person Responsible
Property Appraiser II
STEP 2
       Expect telephone/cellphone call on Check availability.
Check Release Controller STEP 3 ? Present 2 valid IDs (refer to page 16) and get Check.
NOTE: For succeeding releases, repeat Steps 1 and 2.

DOCUMENTS REQUIRED UPON LOAN APPLICATION

1. Housing Loan Application (2 copies) with recent ID photos of borrower

2. Membership Status Verification Slip (MSVS)

3. Proof of Income

3.1 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)

3.2 For Self-Employed/Other Sources of Income, any of the following: a. ITR, Audited Financial Statements, and Official Receipt of tax payment from bank supported with DTI Registration and Mayor’s Permit/Business Permit b. Commission Vouchers reflecting the issuer’s name and contact details (for the last 12 months) c. Bank Statements or passbook for the last 12 months (in case income is sourced from foreign remittances, pensions, etc.) d. Copy of Lease Contract and Tax Declaration (if income is derived from rental payments) e. Certified True Copy of Transport Franchise issued by appropriate government agency (LGU for tricycles, LTFRB for other Public Utility Vehicle or PUVs) f. Certificate of Engagement issued by owner of business g. Other document that would validate source of income

3.3 For Overseas Filipino Workers (OFWs), any of the following: a. Employment Contract (with English translation if in foreign language) b. 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. c. 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 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. Protection 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 and co-borrower/s)

9. Birth Certificate or any proof of relationship, if with co-borrower/s

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 membership savings, photocopy of Pag-IBIG Fund Receipt (PFR) representing lump sum payment of membership savings.

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).
The Pro-forma Health Statement Form (Medical Questionnaire) is available at the Members Services Support Division-Servicing Department for NCR or at any Pag-IBIG Housing Business Center or downloadable from the Pag-IBIG website, www.pagibigfund.gov.ph.
Additional Requirements Depending on the Loan Purpose


For Purchase of Residential House and Lot, Townhouse or Condominium Unit, Purchase of Lot and Construction of House, Purchase of a Fully Developed Lot/Adjoining Lot

1. Contract to Sell or similar agreement between the buyer and the seller. If the Seller is a Developer, submits the following documents:
       a. Certificate of Registration, License to Sell, Development Permit, and Secretary’s Certificate
       b. Photocopy of back to back valid primary ID from Corporate Secretary

For Purchase of Lot and Construction of House, Construction of House, Home Improvement Building Plans, Specification and Bill of Materials duly signed by the Licensed Civil Engineer or Architect, Building Permit For Refinancing

1. Statement of Account on outstanding loan balance, indicating loan purpose

2. Any of the following documents: ? Official Receipt for the past 12 months ? Subsidiary Ledger

3. Any valid proof of payment for the past 12 months

DOCUMENTS REQUIRED PRIOR TO LOAN RELEASE
1. TCT/CCT in the name of the borrower (if applicable) with proper mortgage annotation in favor of Pag-IBIG Fund (Owner’s Duplicate copy)


2. Certified true copy of TCT/CCT in the name of the borrower/co-borrower/s (if applicable) with proper mortgage annotation in favor of Pag-IBIG Fund (RD’s copy)

3. Surety Bond (not an heir’s bond, for properties that are subject of an heirs lien under Section 4 Rule 74 of the Rules of Court within the two (2) years prescribed period)

4. Photocopy of New Tax Declaration and Updated Real Estate Tax Receipt in the name of the borrower and co-borrower, if applicable

5. Notarized Loan and Mortgage Agreement duly registered with Registry of Deeds with original RD stamp

6. Duly accomplished/notarized Promissory Note

7. Disclosure Statement on Loan Transaction

8. Collection Servicing Agreement with Authority to Deduct Loan Amortization or Post Dated Checks, if applicable

9. Proof of Billing Address

Additional Requirements Depending on the Loan Purpose
1. Occupancy Permit (for Purchase of New Residential Unit, Purchase of Lot and Construction of House, Construction of House, Home Improvement)

2. Building Plans/Electrical/Sanitary Permits duly approved by the building officials (for Purchase of Lot and Construction of

House/Construction of House/Home Improvement) 3. Deed of Absolute Sale duly registered with Registry of Deeds with original RD stamp (for Purchase of Lot/Adjoining Lot, Purchase of Lot and Construction of House and Purchase of Residential Unit)

GUIDE ON THE REGISTRATION AND TRANSFER OF TITLE

A. For purchase of a residential house and lot, townhouse or condominium unit or purchase of a fully developed lot
1. Proceed to Bureau of Internal Revenue (BIR) that has jurisdiction over the property: - Present Deed of Absolute Sale (DOAS) and Loan and Mortgage Agreement (LMA). - Request computation of Documentary Stamps and Capital Gains Tax. - Pay Documentary Stamps and Capital Gains Tax at designated bank. - Present bank receipt. - Request issuance of Certificate Authorizing Registration (CAR).

2. Proceed to Registry of Deeds (RD) that has jurisdiction over the property: - Present the following documents: * Certificate Authorizing Registration (CAR) * Deed of Absolute Sale (DOAS) * Loan and Mortgage Agreement (LMA) - Pay transfer tax and registration fees. - Request for the following: * Issuance of new title under borrower’s name * Certified true copy of new title * DOAS stamped received * LMA stamped received * Certified true copy of the TCT/CCT (new-RD’s copy)

3. Proceed to Assessor’s Office that has jurisdiction over the property: - Present new title. - Pay fees for the issuance of new tax declaration under the borrower’s name for lot and house, if applicable. - Secure copy of new Tax Declaration for lot and house, if applicable.

B. For House Construction or Home Improvement,
1. Proceed to Registry of Deeds (RD) for the annotation of mortgage. - Present the following documents: * TCT/CCT * Loan and Mortgage Agreement (LMA) - Pay registration fee. - Request for the following: * Certified true copy of title with mortgage annotation (RD’s copy) * LMA stamped received

2. Upon completion of house construction or home improvement, proceed to Local Government Unit’s Engineering Office that has jurisdiction over the property: - Present Certificate of Completion. - Secure Occupancy Permit.

C. For Refinancing,
1. Proceed to Originating Institution where the property is mortgaged: - Present Letter of Guaranty (LOG). - Secure TCT/CCT.


2. Proceed to Registry of Deeds (RD) for the cancellation and annotation of mortgage. - Present the following documents: * TCT/CCT * Loan and Mortgage Agreement (LMA) * Release of Real Estate Mortgage (REM) - Pay the appropriate fees. - Request for the following: * Certified true copy of title with mortgage annotation * LMA stamped received

LIST OF VALID IDs ACCEPTABLE TO THE FUND
1. Company ID

2. Passport, issued by the Philippine or Foreign Government
3. Driver’s License
4. Professional Regulation Commission (PRC) ID
5. Social Security System (SSS) Card
6. Government Service Insurance System (GSIS) e-Card
7. Government Office and GOCC ID, e.g. Armed Forces of the Philippines (AFP) ID
8. Integrated Bar of the Philippines (IBP) ID
9. Senior Citizen Card
10. Overseas Workers Welfare Administration (OWWA) ID
11. Overseas Filipino Worker (OFW) ID
12. Seafarer’s Identification and Record Book (SIRB)
13. Postal ID
14. Voter’s ID   
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