First of all, note that not all developers/subdivisions in Davao City accept Pag-ibig financing. If it’s a low cost housing in Davao City, then Pag-ibig housing is accepted. Some middle class subdivisions accept Pag-ibig financing, too. High-end development projects, however, do not.
If you want to avail a housing loan through Pag-ibig, first thing to do is to become a Pag-ibig member. According to Pag-ibig, a member should have contributed at least 24 months (2 years) worth of contribution before being allowed to loan a house or real property through them.
What housing loans are available for Pag-ibig members?
A Pag-ibig member may avail a financing loan to buy a residential lot (not more than 1,000 sq.m), a house and lot, a condominium unit/townhouse, house construction, house improvement, refinancing of an existing mortgage with a Pag-ibig acceptable institution, and combination of loans. To learn about this in detail, please visit the official Pag-ibig website.
Am I eligible to avail a Pag-ibig housing loan?
Yes, if you are able to satisfy the following:
- A Pag-ibig member for at least 24 months and has contributed not less than 24 monthly Pag-ibig contributions
- Must be 65 years old and below upon the application of Pag-ibig housing loan; and not more than 70 upon the maturity of the said loan.
- Is legally capable of acquiring real estate in the Philippines
- Must not have any outstanding loans through Pag-ibig
- Must not have availed a Pag-ibig housing loan that was canceled, foreclosed, bought back due to default, or subjected to dacion en pago
- In case of having an existing multi-purpose loan, payments must be updated upon the application of the housing loan
Some subdivisions that accept Pag ibig housing Davao City
