Organisation : Pag-IBIG Fund
Facility Name : Home Equity Appreciation Loan (HEAL)
Applicable State/UT : Philippines
Website : https://pagibigfund.gov.ph/index.html
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What is Pag-IBIG Home Equity Appreciation Loan?
The Pag-IBIG Home Equity Appreciation Loan (HEAL) is a low-interest loan available to our good paying housing loan borrowers and installment buyers. With the Pag-IBIG HEAL, they can borrow an amount based on the net value of their mortgaged property with Pag-IBIG Fund to help them fund their life goals – such as to renovate their homes, buy a car or purchase furniture and appliances. With its low-interest rates and borrower-friendly terms, it serves as their reward for paying their Pag-IBIG Fund Housing Loan on-time.
Related / Similar Facility : Pag-IBIG Fund Calamity Loan Philippines
Who Can Avail of Pag-IBIG HEAL?
The Pag-IBIG HEAL is available to Pag-IBIG Housing Loan borrowers or installment buyers with an existing housing loan that has been approved or taken out for at least five (5) years and paid regularly and on time within the last twelve (12) months prior to the date of application.
The applicant must also be an active member, must not be more than sixty-five (65) years old at the date of application and not more than seventy (70) years old at loan maturity, has passed our satisfactory background/credit and employment/business checks, and has no outstanding Pag-IBIG Short-Term Loan (STL) in arrears at the time of application.
How To Apply For Pag-IBIG HEAL?
Apply for a Pag-IBIG HEAL online, via Virtual Pag-IBIG (Home Equity Appreciation Loan Application | Virtual Pag-IBIG (pagibigfundservices.com)) for a hassle-free application. Simply upload your duly accomplished Pag-IBIG HEAL application form and its requirements via Virtual Pag-IBIG to apply.
FAQ On Pag-IBIG HEAL
Frequently Asked Questions FAQ On Pag-IBIG HEAL
How much can I borrow under the Pag-IBIG HEAL?
You can borrow the net value of our mortgaged property with Pag-IBIG, subject to the following four (4) considerations:
** Your desired loan amount
** Your capacity to pay
The latest Loan-To-Value Ratio, computed based on:
** 60% of latest appraised value of your mortgaged property with Pag-IBIG Fund less Total outstanding balance of your existing Pag-IBIG Housing Loan/s
Your maximum aggregate loan value, computed based on:
** P6 million(six million pesos) less Total outstanding balance/s of your existing Pag-IBIG Housing Loan/s
** The lowest of the above amounts shall be the amount one can borrow via the Pag-IBIG HEAL.
What can I do with the Pag-IBIG HEAL?
Fund your life goals with Pag-IBIG HEAL! You can use the amount you can borrow for:
** Home Improvement
** Livelihood/additional capital for business
** Education expenses
** Health and wellness expenses
** Purchase of appliance and furniture/electronic gadgets
** Payment of utilities/credit card bills
** Travel and leisure
** Other life goals
What are the interest rates of the Pag-IBIG HEAL?
The interest rate of the Pag-IBIG HEAL will be based on the repricing period that you will choose.
What is the loan repayment term of the Pag-IBIG HEAL?
The Pag-IBIG HEAL has the longest repayment term in the market of up to thirty (30) years, provided that the borrower does not exceed the age of seventy (70) at the end of the loan term. This makes the Pag-IBIG HEAL even more affordable because the longer the repayment period, the lower the monthly payments.
Does the Pag-IBIG HEAL carry insurance?
Yes, the Pag-IBIG HEAL is covered by a Mortgage Redemption Insurance (MRI) or a Sales Redemption Insurance (SRI), whichever is applicable. Principal borrowers shall also be covered by an additional Non-Life Insurance (NLI) on the property This is to protect you and your beneficiaries from any unwanted uncertainties.
How do I pay for my Pag-IBIG HEAL?
For your convenience, you may pay your Pag-IBIG HEAL online via Virtual Pag-IBIG or our accredited collecting partners’ outlets or their online payment facilities. And, to make your payment schedule even more convenient, the due date of your Pag-IBIG HEAL account will coincide with the due date of your existing housing loan.
Additional Simplified Procedure
To apply for a Pag-IBIG Home Equity Appreciation Loan (HEAL), you can follow these steps:
1. Check your eligibility. You must be:
** A Pag-IBIG Housing Loan borrower or installment buyer with an existing housing loan that has been approved or taken out for at least five (5) years and paid regularly and on time within the last twelve (12) months prior to the date of application.
** An active member.
** Not more than sixty-five (65) years old at the date of application and not more than seventy (70) years old at loan maturity.
** Have passed the Pag-IBIG Fund’s satisfactory background/credit and employment/business checks.
** Have no outstanding Pag-IBIG Short-Term Loan (STL) in arrears at the time of application.
2. Prepare the required documents:
** Duly accomplished Pag-IBIG HEAL Application Form
** Proof of income (e.g., certificate of employment and income, income tax return, bank statements)
** Updated real estate property tax receipt
** Health statement form
** Conformity on New/Subsequent Housing Availment Form (for borrowers/buyers tacked in a housing account)
** One (1) valid ID with signature
** Selfie photo
3. Submit your application. You can submit your application online through Virtual Pag-IBIG or in person at any Pag-IBIG Fund branch.
4. Pay the processing fee.The processing fee for a Pag-IBIG HEAL is Php5,000. You can pay the processing fee online through Virtual Pag-IBIG or at any Pag-IBIG Fund branch.
5. Wait for the approval. Pag-IBIG will process your application and notify you of the decision within 15 working days.
6. Submit post-approval requirements. If your application is approved, you will need to submit the following post-approval requirements:
** Original copy of the latest real estate property tax receipt
** Original copy of the transfer certificate of title (TCT) or condominium certificate of title (CCT)
** Copy of the fire insurance policy
** Copy of the notarized deed of real estate mortgage
7. Release of loan proceeds. Once the Pag-IBIG Fund has received and processed all of the required documents, the loan proceeds will be released to you.
You can use the Pag-IBIG HEAL proceeds for any purpose, such as home improvement, education, or business expenses. The loan term is up to 10 years and the interest rate is fixed at 5% per annum. Please note that the Pag-IBIG Fund may require additional documents or information, depending on your individual circumstances.