Pag-IBIG Housing Loan — Loan Types, Application Stages, Documentary Requirements, and Approval Timeline

The Pag-IBIG Housing Loan is the largest home financing facility in the Philippines, offering competitive rates, long repayment terms, and no hidden fees.

Eligible Loan Purposes

Purchase of residential lot or house and lot (must be in an HLURB-approved development), construction of a residential unit on an owned lot, home improvement, refinancing of an existing housing loan from another institution, or purchase of a parking slot.

Maximum Loanable Amount

Determined by capacity to pay (amortization should not exceed 35% to 40% of gross income), loan-to-value ratio (up to 90% of appraised value or purchase price), and maximum ceilings (P6 million for socialized, up to P15 million for open market housing).

Application Stages

Stage 1: Preliminary application through Virtual Pag-IBIG. Select loan purpose and enter MID number. Stage 2: Submit complete documents to the Pag-IBIG branch nearest the property. Stage 3: Loan evaluation and property appraisal (7 to 15 working days). Stage 4: Notice of Approval with approved amount and terms. Stage 5: Sign Promissory Note and Real Estate Mortgage. Proceeds are released to the seller or developer.