A qualified Pag-IBIG member shall be allowed to borrow an amount up to a maximum of Six Million Pesos (Php 6,000,000.00), which shall be based on the lowest of the following:
- The Member’s Actual Need,
- His Loan Entitlement Based On Capacity To Pay,
- The Loan-To-Appraisal Value Ratio.
The availability of the loan package for over P3M to P6M shall be limited by the Fund’s annual funding allocation for the said package.
For references, this table will help in determining how much housing loan can a Member avail if he/she pays a certain amount of contribution:
Monthly Membership Contribution (in pesos)
|
Loan Amount
|
200
| Up to P500,000 |
250
| Over 500,000 to 600,000 |
300
| Over 600,000 to 700,000 |
350
| Over 700,000 to 750,000 |
400
| Over 800,000 to 900,000 |
450
| Over 900,000 to 1,000,000 |
500
| Over 1,000,000 to 1,100,000 |
550
| Over 1,100,000 to 1,200,000 |
600
| Over 1,200,000 to 1,300,000 |
650
| Over 1,300,000 to 1,400,000 |
700
| Over 1,400,000 to 1,500,000 |
750
| Over 1,500,000 to 1,600,000 |
800
| Over 1,600,000 to 1,700,000 |
850
| Over 1,700,000 to 1,800,000 |
900
| Over 1,800,000 to 1,900,000 |
950
| Over 1,900,000 to 2,000,000 |
1000
| Over 2,000,000 to 2,100,000 |
1500
| Over 3,000,000 to 3,100,000 |
2000
| Over 4,000,000 to 4,100,000 |
2500
| Over 5,000,000 to 5,100,000 |
2950
| Over 5,900,000 to 6,000,000 |
Loan Entitlement Based on Capacity to Pay
- All housing loan borrowers shall be evaluated based on their capacity to pay, which shall be supported by the following documents:
For Locally Employed, any of the following:
- Latest Income Tax Return (ITR) for the year immediately preceding the date of loan application, with attached W2 form, stamped received by the BIR.
In view of Revenue Regulation 2-98, employees receiving purely compensation income may instead submit the BIR Form 2316 or the Certificate Of Compensation Payment/Tax Withheld filed by their employers with the BIR.
The following, however, are not qualified for substituted filing and therefore still required to file BIR form 1700:
- Individual with two (2) or more employers, whose taxes during the year did not result to tax withheld = tax due.
- Individuals whose income tax has not been withheld correctly.
- Individuals whose spouses fall under a.1.1 and a.1.2 above.
- Individuals deriving other non-business, non-professional-related income in addition to compensation income not otherwise subject to final tax
1. Notarized Certificate of Employment and Compensation (employer’s format).
2. For government employees, both the Notarized Certificate of Employment and Compensation, and latest one (1) month payslip shall be required.
3. Other income documents that the Fund may prescribe.
For Self-Employed
- Income Tax Return and Audited Financial Statements and Official Receipt of tax payment form bank, DTI Registration, Mayor’s Permit.
- For OFW Members
- Employment Contract (EC), which shall be supported by an English translation if written in a foreign language other than the English language;
- Certificate of Income duly certified by the employer;
- Proofs of income certified / initialed as true copy of the original by the assigned Pag-IBIG Information Officer shall be accepted for evaluation.
2. A member’s loan entitlement shall be limited to an amount for which the monthly repayment shall not exceed thirty-five per cent (35%) of the borrower’s gross monthly income for loans not exceeding P1,250,000 and thirty percent (30%) of the borrower’s gross monthly income for loansexceeding P1,250,000. In case of tacked loans, the individual gross monthly income of at most three borrowers shall be considered.
- For government employees who will be paying their loan amortization through salary deduction, their Net Take Home Pay must not fall below the minimum requirement as prescribed by the General Appropriations Act (GAA).
- A maximum of three (3) qualified Pag-IBIG members may be tacked into a single loan which is secured by the same collateral; provided, they are related within the second civil degree of consanguinity or affinity. However, other co-borrowers not related to the principal borrower may likewise be allowed, subject to the following:
a. Approval of the HDMF Branch Manager or higher level of authority; and
b. Said co-borrower shall be co-owner of the property such that the Original Certificate of Title (OCT), Transfer Certificate of the Title (TCT) or Condominium Certificated of Title (CCT) is registered in hiss name and in the name of principal borrower.
- For developer-assisted housing loans up to P400,000, the loan-to-appraisal value ratio shall be 100%; provided, the developer’s License to Sell is for a socialized housing project and the borrower’s housing loan purpose is for the purchase of a residential unit.
- The Loan-to-Appraisal Value Ratio may be adjusted depending on the result of the Borrower’s Evaluation System (BES).
How many Members can be Tacked into a Single Loan?
A maximum of three (3) qualified Pag-IBIG members may be tacked into a single loan provided they are related within the second civil degree of consanguinity or affinity.
4. What is the loan to appraisal value ratio?
The Loan Amount Loan to Appraisal value ratio is:
- If the house cost up to Php 400,000.00, – 100% of the amount can be loanable to Pag ibig.
- If the house cost Php 400,000.00 to Php 1,250,000.00, - 90% of the amount can be loanable to Pag ibig.
- if the house cost Php 1,250,000 – Php 6,000,000.00, – 80% of the amount can be loanable to Pag ibig.
Source:
Read more:
Pag ibig Circular No. 310 – Amended Guidelines on the pag ibig Fund end-User Home Financing Program
Pag ibig Circular No. 312 – Guidelines on the Pag ibig Fund Affordable Housing Program
