Applying for a Pag-IBIG housing loan is one of the better options to buy your dream home. Established in 1978 to provide affordable shelter financing for the Filipino workers, the agency offers some of the most competitive rates and convenient payment options to help make home ownership a breeze.
Although Pag-IBIG relatively has lax requirements, it has clearly defined qualifications in place to determine suitable borrowers. According to most Lancaster review websites, these are the main reasons applicants don’t qualify for a Pag-IBIG housing loans.
The agency only entertains members. Pag-IBIG only provides loans to active members of at least two years. If you joined Pag-IBIG less than 24 months ago, you still need to wait and establish a good record.
Only members that have made at least 24 monthly contributions qualify for Pag-IBIG housing loans. If you stopped making your contributions, resuming your payments will quickly reactivate your membership.
Before, members were allowed to pay 24 month’s worth of contributions one-time to avail housing loans.
The Pag-IBIG Law of 2009 changed the rule, though. While the agency will gladly accept your multi-month payments, you may still need to wait for some time to meet the length of active membership requirement.
You must apply for Pag-IBIG financing before the age of 65. Otherwise, you will get a rejection Also, your application will suffer a denial if you’ll be more than 70 old years old by the time your loan’s term ends. In short, don’t make your move too late.
If your Pag-IBIG monthly amortization exceeds 40% of your net disposable income (gross income less other debts), your housing loan entitlement might hang in the balance.
Fortunately, you can avail a housing loan along with two other active Pag-IBIG members for as long as all of you are related within the second civil degree of consanguinity.
Play your cards right to maximize your Pag-IBIG benefits. If you don’t meet the agency’s qualifications yet, consider loans from banks and the developer’s in-house financing option to fund your homeownership dream.