How To Avail The PAG-IBIG Home Savers Program

Get to know more about the Pag-IBIG Home savers Program!

Ever since the COVID-19 pandemic’s onslaught last year, many of our fellow Filipinos have been sweating buckets and working non-stop to ensure that monthly payables, including housing loans and related mortgages, are settled in full and on time. But how about those whose income and earning potential have been abruptly affected due to uncertainty in the labor and business arenas? Is there a way for them to still get by while still providing food on the table three times a day? 

What if we tell you that there is still a glimmer of hope along this long, dark tunnel of ambiguity that we are all in? 

Yes, that’s right. PAG-IBIG is here to save the day and they are here to stay.

The Pag-IBIG, which stands for Pagtutulungan sa Kinabukasan: Ikaw, Bangko, Industria at Gobyerno, has been well-regarded as a government agency due to its mandate of offering affordable housing loans to the Filipino people. They remain as the number one provider of housing loans in the country. 

Unbeknownst to many, they are well-known for their several Pag-IBIG Housing Loans programs, but there’s more to it than meets the eye. As part of their noble intentions, PAG-IBIG aims to give working Filipinos a housing loan that is not saddled with high interest rates, compared to those offered by the private banks. However, aside from the housing loans, there are other lesser-known benefits that are being offered by the Pag-IBIG Fund.

Read: Ways to Make the Best of House Loans

Their Home Savers Program is different from the rest of their housing loan offerings, which commonly allow starting Filipino couples and families to own an affordable and Ready-For-Occupancy (RFO) house and lot. This PAG-IBIG loan type specifically provides our PAG-IBIG housing Loan borrowers with options to deal with missed payments. One can also spread their unpaid monthly amortizations across their remaining loan term and get the chance to reduce their monthly payment by lengthening their loan term.

The options for housing loan borrowers are classified into two (2) based on the number of months of their missed payments.

1. Housing Loan Restructuring

The first PAG-IBIG Home Savers Program is Housing Loan Restructuring. It can be availed by those who failed to settle their arrears, amortizations, mortgages, and everything that is related therein within three (3) to six (6) months. For those who own a Bria House and Lot and are unsure where to get the next payment, you are entitled to this offering!

Also included in the special features of this program, you can spread your unpaid monthly amortizations across your remaining loan term. You may also get a chance to reduce your monthly payment by lengthening your loan term. This is open to all Housing Loan borrowers, including beneficiaries of GLAD Program, with an exemption to the following persons:

• Housing loans with cancelled Contract-to-Sell (CTS)*
• Foreclosed accounts that are already sold to another individual
• Foreclosed accounts that are already owned by Pag-IBIG Fund

The interest rate shall be based on Pag-IBIG Fund’s Full-Risk Based Pricing Framework for restructured loans. In terms of longevity, the maximum loan term is 30 years but should not exceed the difference between the borrower’s age and age 70.

How to avail Home Restructuring Pag-IBIG Home Savers Housing Loan Program? 

To avail of this Home Savers housing loan program, make sure you can comply with the following steps below in complete order:

1. Submit a fully accomplished Loan Restructuring Application Form and other requirements (see the full list below)
2. Get a Loan Restructuring Evaluation Sheet by requesting your Statement of Account 
3. Once your Application has been reviewed and encoded by a Lingkod Pag-IBIG personnel, a Payment Order Form will be generated for the down payment
4. After your application has been signed by the Approving Authority, you will be asked to sign the supporting documents
5. Once the four (4) steps have been secured, you have now successfully applied for your Housing Loan Restructuring. Be on standby and keep your lines open since you will be receiving a call from a Lingkod Pag-IBIG personnel to notify you of the status of your application.

*For Contract-to-Sell (CTS) accounts, a Real Estate Mortgage (pre-signed) will be generated.

What are the requirements to avail this Home Restructuring Pag-IBIG Home Savers Housing Loan Program?

Upon complying, make sure you have prepared the following requirements to ensure smooth-sailing process of this Home Savers housing loan program: 

1. Duly accomplished Application for Loan Restructuring (HQP-HLF-001)
2. Updated (1) Real Estate Property Tax (REPT) Receipt or Tax Clearance; and (2) Tax Declaration (Land and Building)
3. Proof of income:
   • Latest one-month worth of payslip and Certificate of Employment and Compensation (if employed); or
4. Income Tax Return (ITR), Audited Financial Statements, and Official Receipt of tax payment from bank supported with DTI Registration and Mayor’s Permit/Business Permit (if self-employed)
   •  (You may refer to the Checklist of Requirements for Application for Loan Restructuring (HQP-HLF-703) for other acceptable documents as proof of income)

However, should you have acquired a penalty due to failure to comply with one of the features needed to avail of this housing loan program be it in terms of payment, requirements, etc., a penalty condonation can still be imposed. 

How will I benefit from Penalty Condonation?

Its feature includes waivement of all penalties and additional interests incurred by fully updating or fully paying your housing loan account. It is open to all Housing Loan borrowers with at least three (3) month-worth of arrears/unpaid amortizations, provided that the account is not yet cancelled, foreclosed, or owned by Pag-IBIG Fund.

Acquiring it is simple — just submit a Penalty Condonation Application Form and its requirements.

For more comprehensive details, refer to the list below:

1. Get a Computation Sheet by requesting for your Statement of Account
2. Once your application has been reviewed and encoded by a Lingkod Pag-IBIG personnel, it will be endorsed to the Approving Authority for signature
3. A Payment Order Form will be generated for Full Updating/Full Payment, and you will be asked to sign the supporting documents
4. Once the first three (3) steps have been confirmed and verified, you have successfully applied for your Penalty Condonation. Be on standby and keep your lines open since a Lingkod Pag-IBIG personnel will be reaching you to notify you of the status of your application.

What are the requirements to qualify for PAG-IBIG’s Penalty Condonation?

Secure the following requirements to ensure a foolproof Penalty Condonation application:

1. Duly accomplished Application for Condonation of Penalties/Additional Interests (HQP-HLF-540)
2. Updated Real Estate Property Tax Receipt (REPT) or Tax Clearance and Tax Declaration (Land and Building) (if the mode of settlement is through full updating)
3. One (1) valid ID with signature (back-to-back) of Principal Borrower and Spouse and Co-Borrower and Spouse (if applicable)
4. Notarized Special Power of Attorney (SPA) of the borrower(s) and spouse (if with Authorized Representative)

2. Housing Loan Revaluation

The other Home Savers housing loan program is for those with missed payments of more than nine (9) months, the Housing Loan Revaluation. This is open to all Housing Loan borrowers with more than twelve (12) months arrears/unpaid amortizations, provided that the account is not yet cancelled, foreclosed, or owned by Pag-IBIG Fund. 

Under this program, beneficiaries can enjoy several discounted rates including cash payment (30%), six (6) months installment (20%), twelve (12) months installment (10%), and PAG-IBIG Housing Loan (5%). 

To fully avail of this housing loan program offering, make sure you adhere to the following steps below:

• Submit a duly accomplished Loan Restructuring Application Form and other requirements (see full list below)
• Get your Evaluation Sheet by requesting for your Statement of Account or Updated Collateral 
• After a Payment Order Form has been generated for down payment, you will be asked to sign the supporting documents
• Once your Application has been reviewed and encoded by a Lingkod Pag-IBIG personnel, it will be endorsed to the Approving Authority for signature
• Once the first four (4) steps have been confirmed and verified, you have successfully applied for your Housing Loan Revaluation. Be on standby and keep your lines open so that a Lingkod Pag-IBIG personnel can notify you of the status of your application right away.

What are the requirements to avail this Home Revaluation Home Savers Housing Loan Program?

• Through Housing Loan (For Original Borrower)
  • Duly accomplished Housing Loan Application for Revaluation (HQP-HLF-169) 
  • (1) Updated Real Estate Property Tax Receipt (REPT) or Tax Clearance and (2) Tax Declaration (Land and Building)
  • Proof of income
    • Latest one-month worth of payslip and Certificate of Employment and Compensation (if employed); or
    • Income Tax Return (ITR), Audited Financial Statements, and Official Receipt of tax payment from bank supported with DTI Registration and Mayor’s Permit/Business Permit (if self-employed)

 [Please refer to the Checklist of Requirements for Settlement of Obligation under Non-Performing Assets Resolution Program (NPARP) Through Housing Loan (For Original Borrower (HQP-HLF-707) for other acceptable documents as proof of income]

• Notarized Special Power of Attorney (HQP-HLF-317) (if with Authorized Representative)
• One (1) valid ID with signature (photocopy, back-to-back) of Principal Borrower and Spouse, Co-borrower, and spouse (if applicable)
• Special Power of Attorney (HQP-HLF-317) (if with Authorized Representative)
• Through Cash Payment
  • Duly accomplished Offer to Settle Form (HQP-HLF-165)
  • (1) Updated Real Estate Property Tax Receipt (REPT) or Tax Clearance and (2) Tax Declaration (Land and Building)
• One (1) valid with signature (photocopy, back-to-back) of Original Borrower
  •  [Please refer to the Checklist of Requirements for Settlement of Obligation under Non-Performing Assets Resolution Program (NPARP) (Through Cash Payment (HQP-HLF-705) for other acceptable documents for Representative of Original Borrower, for Legal Heir/Representative, for Successor-in-interest/Representative, for Buyer/Assignee/Representative]
• Through Installment Payment
  • Duly accomplished Offer to Settle Form (HQP-HLF-165)
  • (1) Updated Real Estate Property Tax Receipt (REPT) or Tax Clearance and (2) Tax Declaration (Land and Building)
• One (1) valid with signature (photocopy, back-to-back) of Original Borrower.
  •  [Please refer to the Checklist of Requirements for Settlement of Obligation under Non-Performing Assets Resolution Program (NPARP) (Through Cash Payment (HQP-HLF-706) for other acceptable documents for Representative of Original Borrower, for Legal Heir/Representative, for Successor-in-interest/Representative, for Buyer/Assignee/Representative]
• Through Housing Loan (For Legal Heir/Successor-In-Interest)
  • For Legal Heir
    • Duly accomplished Letter of intent (HQP-HLF-201)
    • (1) Updated Real Estate Property Tax Receipt (REPT) or Tax Clearance and (2) Tax Declaration (Land and Building)
    • Last Will and Testament or Extra-Judicial Settlement of Estate (if title is in name of borrower) or Proof of Relationship (if title is in name of developer)
    • Affidavit of Publication (if title is in name of the borrower)
    • Proof of Surviving Legal Heirs (HQP-PFF-030)
    • Notarized Special Power of Attorney (SPA) of other Family Members of the Legal Heir
    • Duly accomplished Housing Loan Application (HQP-HLF-068)
    • One valid ID with signature (photocopy, back-to-back) of Legal Heir
    • Notarized Special Power of Attorney (SPA) of the Legal Heir, if with Authorized Representative
  • For Successor-in-interest
    • Duly accomplished Letter of intent (HQP-HLF-201)
    • (1) Updated Real Estate Property Tax Receipt (REPT) or Tax Clearance and (2) Tax Declaration (Land and Building)
    • Deed of Absolute Sale with Assumption of Mortgage (if the title is in name of borrower)/Deed of Transfer of Rights (if title is in name of developer)
    • Duly accomplished Housing Loan Application (HQP-HLF-068)
    • One valid ID with signature (photocopy, back-to-back) of Original Principal Borrower and Successor-in-interest
    • Notarized Special Power of Attorney (SPA) of the Successor-in-interest (if with Authorized Representative)

With the pandemic cutting most of our resources and disabling us to pay our monthly mortgage responsibilities in full and on-time, let’s bear in mind that PAG-IBIG’s Home Savers Program is one of our most accessible, easiest, and fastest go-to solutions. Bria homeowners can take full advantage of this once-in-a-lifetime offering. 

With PAG-IBIG, we can less worry about our financial constraints and refocus our energy to the ones who matter most and devote our undivided time to them — our family.  

Written by Carla Abigail Tambalo