The government has useful projects that can benefit Filipinos that some may not know of. One of these is the loan offered by the PAG-IBIG Fund office. It is one of the most affordable ways for the citizens of this country to provide shelter for themselves. If you’re already a PAG-IBIG member and you’re planning to avail of its housing loans, here’s what you have to do.
1. Go to the nearest PAG-IBIG Fund office and attend a housing loan counseling session. Here, you will have to accomplish a preliminary questionnaire, application form and membership status verification slip which serve as bases for the eligibility for the housing loan.
2. If proven eligible for the loan, you will be requested to submit of requirements that include a notarized certificate of employment with salary breakdown, latest pay slip for one month, income tax returns for the last two years, photocopy of a valid ID with signature, proof of billing, certified true copy of birth certificate, marriage certificate (if any), community tax certificate and 4 copies of a 1×1 ID picture.
3. Give the accomplished loan application form together with the said requirements and pay PhP 1,000 for processing.
4. If your application has been accepted, you will receive a notice of approval or a letter of guaranty from PAG-IBIG. You can now proceed to your local PAG-IBIG Fund office and sign the loan documents.
5. Present the absolute deed of sale of the house and/or lot to the assigned officer at the Bureau of Internal Revenue. You also need to show the tax declaration and receipts that proves your payment of the capital gains tax and the documentary stamps tax. You should also procure a CAR or a Certificate Authorizing Registration.
6. Go to the nearest notary public and have your LMA or Loan Mortgage Agreement notarized.
7. Pay the transfer tax and registration fees at the Registry of Deeds for the title annotation and title transfer. You also need to get an occupancy permit from a local engineering office if you’re purchasing a lot where you have had a building constructed.
8. Secure a tax declaration from the Assessor’s Office as it will be the basis of your real property taxes.
9. Pay another visit at your local PAG-IBIG Fund office and present the original transfer certificate of title already bearing your name with mortgage annotation, deed of absolute sale stamped by the Registry of Deeds, declaration of new tax, new real estate tax receipt, occupancy permit (if any) and assignment of loan proceeds.
10. Pay the seller of the property with the loan proceeds, move into the house, and start paying monthly amortization.