The Home Development Mutual Fund (HDMF) or commonly known as PAG-IBIG is a government agency that grants a national saving and is best option for Overseas Filipino Workers (OFWs) in achieving their dream home with affordable interest.
How Can OFWs and Seafarers can become a PAG-IBIG member?
OFWs and Seafarers can become PAG-IBIG members in 3 ways as follows
- PAG-IBIG I – a regular PAG-IBIG membership. It’s the 1st saving program offered by PAG-IBIG and mandatory to all Filipino working abroad.
- PAG-IBIG II or Modified PAG-IBIG 2 (MP2) – upgraded membership, with a higher rate of your money compared to your yearly dividend of PAG-IBIG I. It is optional but you cannot participate MP2 unless you are a member of PAG-IBIG I.
- PAG-IBIG Overseas Program (POP) – is intended for all Filipinos working and residing abroad who want to be a member of PAG-IBIG fund. Serve as savings and investment.
PAG-IBIG members can avail the following basic benefits:
Housing loan – the most popular and effective program benefit of PAG-IBIG fund.
Short term loan – offers financial aid to the qualified members like Calamity loan and Multi-purpose loan.
Provident savings – contributions plus dividends which you can withdraw when it reach maturity.
Who are eligible members that can avail PAG-IBIG housing loan?
Filipinos that meet the following requirements may avail PAG-IBIG housing loan:
- Must be a member of PAG-IBIG I, PAG-IBIG II or PAG-IBIG Overseas Program with at least 24 months of remittance upon application.
- Members with less than the required number of contribution will be granted to made a lump sum payment provided they have contributed at least 12 months.
- Member must be not more 65 years old on the date of application and not more than 70 years of loan maturity.
- Members that has no outstanding PAG-IBIG housing loan, either principal borrower or co-borrower.
- Members that pass satisfactory checks (background, credit and employment) of PAG-IBIG fund.
- Members that has no PAG-IBIG outstanding loan that foreclosed, cancelled or brought back due to default or subjected to Dacion en Pago.
- Members that has no multi-purpose loan in arrears
Requirements that must be submitted by PAG-IBIG Housing Loan Applicant
- Housing Loan Application Form (HLA)
- Membership Status Verification Slip (MSVS)
- Certificate of Attendance Seminar
- Your Proof of Income Documents
- Valid ID of borrower and co- borrower (photocopy)
- Authorization to conduct credit/credit background investigation.
PAG-IBIG Overseas Program (POP) members who wants to avail housing loan need to submit these additional documents.
- Valid Employment Certificate with English translation, if it is written in foreign language.
- Original Employers Certificate of Income, photocopy will do if it is duly validated and certified by HDMF Information officer in the country where you are working
- Special Power of Attorney (SPA), notarized prior to the date of departure, or duly certified and authenticated by the Philippine Embassy or Consulate in the country where you were staying.
PAG-IBIG members can borrow up to 6,000,000 for the housing loan but the actual amount that can be borrow is based on the member actual needs, their capacity to pay and loan appraisal value.
Many Filipinos try their luck by working abroad, take chances and make sacrifices for a better future. So, to our Kababayan OFWs invest your hard-earned money wisely. PAG-IBIG Overseas Program may just help you on these matters.
Please share this information to your fellow OFWs.
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