Good news to all our blog readers! SubNet Construction has just added a new portion in our blog. Dubbed as “SubNet Real Estate-tionary”, our new regular feature will discuss the terms, jargon, and vocabulary commonly used in the real estate industry. These could be words or phrases that basically have their own definitions under properties or real estate industry.
Now for our first real estate-tionary topic, let’s talk about the Pag-IBIG Housing Loan.
What is Pag-IBIG?
If translated to English, the Filipino word “pag-ibig” literally means “love”. But when it comes to real estate, it is otherwise known as the Home Development Mutual Fund (HDMF) or more popularly referred to as the Pag-IBIG Fund. It is an acronym that stands for Pagtutulungan sa Kinabukasan: Ikaw, Bangko, Industria at Gobyerno.
Established on June 11, 1978, by virtue of Presidential Decree No. 1530, the Fund primarily addresses the two basic needs of the Filipino worker: (1) a national savings program and (2) an affordable shelter financing. As such, Pag-IBIG grants its members opportunities to avail of housing loans. See more details on housing loan availment.
Who is qualified for a Pag-IBIG housing loan?
Prior to applying for a housing loan, you must take into account if you are eligible to avail of it. How will you know? Read on the following eligibility requirements.
How to apply for a Pag-IBIG housing loan?
Now if you are qualified for a housing loan, take note of these requirements upon your loan application and prior to your loan release. Remember, there are two modes of applying:
(1) Developer-assisted, wherein the developer will assist you in your loan application and
(2) Retail, which means you will apply directly to the Fund.
Can SubNet assist me in my Pag-IBIG loan?
Here at SubNet Construction, we do accept Pag-IBIG financing for the houses we build. However, being a general contractor and not a developer, we cannot assist you in your Pag-IBIG loan application as it will be an individual process. Thus, you or your representative have to go to any Pag-IBIG office near you to process your housing loan application.
Interested to know more?
Together, let us design dreams and build realities!