Click here for very affordable house and lot packages developed by Ayala Land Bellavita

 

In our previous PagIBIG post, we discussed the different document that must be submitted when applying for a PagIBIG housing loan.  In this 3rd part of our series, we will present to you the procedure to follow when applying for a housing loan with PagIBIG.

Following are the steps to undertake when availing of the Pag-IBIG housing loan facility:

STAGE 1 Secure Checklist of Requirements

1. Go to the Pag-IBIG National Capital Region or regional branch nearest you and look for the Mortgage Loan Specialist who will be assisting you

1.1   For NCR, proceed to the Members Services Support Division – Servicing Department servicing counte

1.2  For regional branches, proceed to the Housing Loans Division (HLD) servicing counter

2. Present one valid ID and get the Membership Status Verification Slip (MSVS)

3. Fill up the MSVS and submit this for verification

4. Get the following documents

4.1  Verified MSV

4.2  Acknowledgment receipt

4.3  Pag-IBIG Housing Loan Application Form (PHLAF)

4.4  Checklist of requirements

STAGE 2  File Pag-IBIG Housing Loan Application with required documents

1. Go to the Pag-IBIG NCR or regional branch with territorial jurisdiction over the property subject of the loan and look for the Mortgage Loan Specialist who will be assisting you:

1.1  For NCR, proceed to the Members Services Support Division – Servicing Department servicing counter

1.2  For regional branches, proceed to the Housing Loans Division (HLD) servicing counter

2. Submit duly accomplished PHLAF and required documents upon loan application (please see our previous post PAGIBIG Series Part 2 :  What are the Required Documents When Applying for a Pagibig Loan? for the list of required documents)

Note:  Applications with incomplete documents shall be returned with an Acknowledgment Receipt (AR) indicating the lacking documents.

3. Accomplish / update data through Online Membership Registration System and get a system-generated MDF reflecting the Registration Tracking Number (RTN)

4. Get a Payment Order Form (POF) for the payment of processing fee of P1,000.00

5. Pay the processing fee:

5.1  For NCR, proceed to the Cash Division – Loans Management Group

5.2  For regional branch, proceed to the Cash and Administrative Services Division

6. Get the Pag-IBIG Fund Receipt (PFR, copy 1)

7. Photocopy the PFR

8. Submit photocopy of the PFR and get an Acknowledgment Receipt

8.1  For NCR, proceed to Members Services Support Division- Servicing Department servicing counter

8.2  For regional branch, proceed to the Housing Loans Division (HLD) servicing counter

     Notes:

       a.   The Mortgage Loans Specialist of the Members Services Support Division-

             Servicing Department/Housing Loans Division-Regional Branch shall inform you

             thru telephone/cellphone of any findings regarding the Credit Investigation within

             5 working days.

        b.  The Property Appraiser II of the Property Valuation Division-Appraisal

              Department/Housing Loans Division-Regional Branch shall inform you thru

             telephone/cellphone on the schedule of property appraisal within 5 working days.

              You will be informed of any findings within 2 working days from inspection.

STAGE 3 Housing Loan Approval

1. You will be informed of the approval of your loan through telephone / cellphone.

2. Go to the Pag-IBIG NCR or regional branch where you filed the loan and look for the Mortgage Loan Specialist who will be assisting you:

2.1  For NCR, proceed to the Members Services Support Division – Servicing Department servicing counter

2.2  For regional branches, proceed to the Housing Loans Division (HLD) servicing counter

3. Sign the following

3.1  Loan Mortgage Agreement (LMA)

3.2  Promissory Note (PN)

3.3  Disclosure Statement on Loan Transaction (DSLT)

3.4  Conforme portion of the Notice of Approval (NOA):

4. Receive the following documents:

4.1  Notice of Approval (NOA)

4.2  Letter of Guaranty (LOG) [applicable to all loan purposes except for Construction of House and Home Improvement]

4.3  Disclosure Statement on Loan Transaction (DSLT)

4.4  Loan Mortgage Agreement (LMA)

4.5  Promissory Note (PN)

Note: For disapproved applications, get Notice of Disapproval (NOD)

5. Have LMA and PN notarized by a Notary Public

6. Complete the requirements specified in the NOA

Note:

The requirements must be submitted within 90 days from receipt of LOG/NOA.

STAGE 4 Release of Loan Proceeds

1. Submit complete NOA requirement

1.1  For NCR, proceed to the Members Services Support Division – Servicing Department servicing counter

1.2  For regional branches, proceed to the Housing Loans Division (HLD) servicing counter

        Notes:

       a.  The Loans Evaluation Division-Evaluation Department/Housing Loans Division-

            Regional Branch shall evaluate the documents submitted.

b.  The Cash Division-Loans Origination Group/Cash and Administrative Services

             Division-Regional Branch shall process the Check.

2. You will receive a telephone call once your check is available for release

3. Go to the Pag-IBIG NCR or regional branch where you filed the loan and look for the Mortgage Loan Specialist who will be assisting you

3.1  For NCR, proceed to the Members Services Support Division – Servicing Department servicing counter

3.2  For regional branches, proceed to the Housing Loans Division (HLD) servicing counter

4. Present two valid IDs and get your check.

      Notes:

       a.  The Check shall be issued to the Seller for the following loan purposes:

            Purchase of Residential Unit, Lot Purchase, Purchase of Lot and Construction of House.

        b.  In case Check will be claimed by an authorized representative, submit a

             notarized Special Power of Attorney (SPA) and 2 valid IDs each of the

            Principal and Attorney-in-Fact.

         c.  For loans with House Construction or Home Improvement, loan proceeds

              shall be released on a staggered basis depending on the progress of the

             construction. (Refer to House Construction or Home Improvement with

             Staggered Releases).

5. For payment of housing loans through post-dated checks (PDC)

5.1  Issue 12 PDCs for the one-year monthly amortizatio

5.2  Get Acknowledgment Receipt (AR) and Notice of Installment/Amortization

        Notes:

          a.  Upon consumption of 10 PDCs, issue 12 new PDCs (exclusive of the remaining 2 PDCs).

          b.  You may claim your Pag-IBIG Fund Receipts at the Pag-IBIG Branch where you issued your PDCs.

6. For payment of housing loan amortization through salary deduction

6.1  Present Authority to Deduct duly received by the Billing and Collection Department-NCR/ Loans and             Contribution Management and Recovery Division- Regional Branch

6.2  Get Notice of Installment/Amortization

Next:  How much can a member borrow from Pag-IBIG?

Click here for very affordable house and lot packages developed by Ayala Land Bellavita

Related posts:

Moratorium on Housing Loan Payment for Typhoon Maring Victims
March 2014 Real Estate Brokers Licensure Exam Results
Pag-IBIG Housing Loan Rates Further Reduced