To be eligible, an OFW applicant should present the following:
An employment agreement . If written during a language aside from English, it should have a translated version attached also .
Original Employer’s Certificate of Income. In cases when the first copy is unavailable, a photocopy could also be allowed as long because it has been validated and authorized by the HDMF Information Officer assigned in the OFW’s country of employment.
Additionally, the opposite OFW Pag-IBIG Housing Loan requirements are:
Pag-IBIG home equity credit Form with attached recent ID picture.
Membership Status Verification Slip. Applicant must have remitted a minimum of 24 months in contribution, or pay during a payment for brand spanking new members.
Proof of income. An original employer’s certificate, employment contract, or any document to prove income as validated by the aforementioned HDMF Information Officer.
Photocopy of one valid ID. If the borrower features a co-borrower, spouse, or Attorney-in-Fact, that person should have a photocopy of their valid ID also .
Signed Authorization to Conduct Credit Background Investigation.
For OFWs applying from abroad, Special Power of Attorney. It has to be notarized before the OFW’s date of departure, or certified and authenticated by the Philippine Embassy or Consulate within the OFW’s country of employment.
For borrowers over 60 years old or need a loan worth over Php 2 million, Health Statement Form and Full checkup . This form is out there online and at any Pag-IBIG Regional Branch, Members Services Support Division – Servicing Department.
For married borrowers, Marriage Contract.
For single borrowers, Certificate of No Marriage (CENOMAR).
For borrowers with co-borrowers, certificate or any proof of relationship.
There are also technical requirements to prepare:
A certified true copy of TCT/CCT from the Registry of Deeds
Location plan and vicinity map where the property are going to be located
Photocopy of Tax Declaration, also because the latest land Tax Receipts
For certain loan purposes, an OFW applicant can also need the following:
Contract to Sell – Purchase of lot or residential unit, or any similar contract/agreement between the customer and seller
Building plan, specification and bill of materials (BOM), signed by a licensed engineer or architect
Statement of Account on the outstanding loan balance, which indicates the loan purpose, also because the official receipt for the previous 12 months along side valid proof of payment or ledger.
Applying for the OFW Pag-IBIG Home Loan
The process for this loan is as follows:
Attend a Loan Counseling at the closest Pag-IBIG Office.
Fill up the required application forms like Housing application (HLA), Preliminary Loan Counseling Questionnaire (PLCQ), and medical questionnaire if necessary.
Submit the wants along side a non-refundable Php1,000 fee. Please note, there’s also a non-refundable Php2,000 appraisal fee.
There will be a 20-day wait as Pag-IBIG reviews your OFW home equity credit application, which also covers credit investigation and also property valuation.
Once the loan is approved and prepared for release, Php2,000 are going to be deducted from the loan proceeds. The OFW applicant receives either a Notice of Approval or a Letter of warranty . Regardless, you want to give this to the property seller and also pay the Capital Gains Tax (CGT) within 90 days to the Bureau of tax income (BIR). They will then give a Certificate of Authorizing Registration (CAR).
Pay the Transfer Tax – this is done in the local government of the property’s location.
Transfer the title through the Registry of Deeds. The Assessor’s office will give an updated tax declaration while the Engineering Office will give an Occupancy Permit.
Note: For OFWs using the loan for refinancing, present the Letter of Guaranty and Loan and Mortgage Agreement first before proceeding to the Registry of Deeds.
Submit these requirements to Pag-IBIG:
Original TCT – within the name of the borrower along side the mortgage annotation
Deed of Absolute Sale, stamped from RD
New tax declaration – within the name of the owner
Real Estate Tax receipts – updated
Assignment of Loan Proceeds (which will come from Pag-IBIG)
Locally or from afar, getting an OFW Pag-IBIG Housing Loan could seem like an intimidating task. However, when weakened into simpler steps, applying for a home equity credit and getting it approved is pretty simple. If you would like help checking out what proportion you’ll borrow supported your OFW income also because the estimated value of the property, preferred repayment term, and fixed pricing period, a Pag-IBIG Fund Housing Loan Affordability Calculator tool is out there online.
It’s easy to urge distracted and ditch the monthly amortization once you live faraway from your homeland, but confirm you pay this on time. This can be especially hard during the vacations once you are busy buying gifts and pasalubongs to bring or increase your balikbayan box. Whichever the case, confirm to form smart moves—while it’s important to stay loved ones happy, prioritize any and every one necessary payments on your investments (housing or otherwise) before making purchases for you’re the people you care about, so as to not risk losing the house you’ve been working so hard for.h