This housing
loan program grants opportunities to Pag-IBIG Fund members to avail of
housing loans to finance any one or a combination of the following:
- Purchase of a fully developed lot not exceeding 1,000 square meters, which should be within a residential area;
- Purchase of a residential house and lot, townhouse or condominium unit, inclusive of a parking slot, which may be:
* Old or brand new; * A property mortgaged with the Fund; or * An acquired asset, which is disposed of
through sealed public bidding, negotiated sale, the Rent-to-Own Program,
or the "Magaang Pabahay, Disenteng Buhay” Program.
- Construction or completion of a residential unit on a lot owned by the member;
- Home improvement, i.e. any
alteration in an existing residential unit intended by a homeowner to
be a permanent integral part thereof, which will enhance its durability
and material value;
- Refinancing of an existing mortgage with an institution acceptable to the Fund, provided that:
* The loan is not in default within 12 months prior to the date of application; * The said loan has a repayment history of at least two (2) years with the original mortgagee - Combination of loan purposes, which shall be limited to the following:
* Purchase of a fully developed lot not
exceeding 1,000 square meters and construction of a residential unit
thereon;
* Purchase of a residential unit, whether old or new, with home improvement;
* Refinancing of an existing mortgage with home improvement;
* Re* Refinancing of an existing mortgage, specifically a lot loan, with construction of a residential unit thereon.
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