Pag-IBIG Fund, in line with its mandate to help Filipinos acquire their dream homes, is always on the lookout for solutions for its borrowers who are struggling to keep up with their housing loan payments. One such program that they came up with is the Home Saver Program. Under this program, Pag-IBIG is offering a Plan of Payment scheme which allows borrowers with missed payments to catch up by applying for a manageable payment plan. Whether you’re facing financial challenges or just need some breathing room, this plan should help by offering an installment approach to settle unpaid dues. It’s open to all Pag-IBIG Housing Loan borrowers with at least three months of arrears or unpaid amortizations.
Knowing how to apply for the Pag-IBIG plan of payment can help relieve the burden of missed payments. In this guide, we’ll walk you through the steps and requirements for applying under the Home Saver Program, ensuring that you can clear your outstanding balance without additional stress. Follow these instructions to ensure a smooth process in managing your housing loan payments.
Program Features and Benefits
The Pag-IBIG Fund’s Plan of Payment scheme provides an option for borrowers who have at least three months of missed payments to pay off their outstanding balance through affordable installments and avoid penalties or foreclosure. It offers unique advantages that make it a practical choice for addressing missed housing loan payments compared to other home saver programs:
- Open to all Pag-IBIG housing loan borrowers with at least three months of arrears.
- Provides up to six months to settle unpaid amortizations through affordable installments.
- Simple and straightforward application process with minimal requirements.
- Flexible payment terms tailored to borrowers’ financial capacity.
- Avoids additional penalties or risk of foreclosure.
- Assistance from Pag-IBIG personnel throughout the application and payment process.
- Compatible with OFW borrowers through notarized and consular-validated documents.
- Restores account status and allows continued access to housing loan benefits.
Target Beneficiaries
It was designed to benefit various groups of borrowers who need assistance with their housing loan arrears:
- Pag-IBIG housing loan borrowers with at least three months of missed payments.
- Borrowers facing temporary financial difficulties but aiming to restore their loan accounts.
- Co-borrowers and spouses responsible for shared housing loan obligations.
- Overseas Filipino Workers (OFWs) managing housing loans while working abroad.
- Borrowers with representatives authorized through notarized Special Power of Attorney (SPA).
- Individuals seeking a structured and manageable way to repay their unpaid amortizations.
- Senior citizens or retirees needing additional time to settle housing loan dues.
- Borrowers who are looking to avoid foreclosure and maintain ownership of their homes.
Eligibility
Interested applicants must at least meet the following eligibility requirements to qualify for the Pag-IBIG Plan of Payment scheme:
- All Borrowers: Must have at least three months of missed housing loan payments.
- Primary Borrowers and Co-Borrowers: Must submit a duly accomplished Plan of Payment Application Form (HQP-HLF-502) and provide a valid ID with a signature for all parties involved, including spouses.
- Authorized Representatives: Must present a notarized Special Power of Attorney (SPA) and valid ID copies of the borrower, co-borrower, and their respective spouses.
- Overseas Filipino Workers (OFWs): Must provide a notarized or apostilled SPA and submit proof of entry and exit dates through a passport or seaman’s book, as applicable.
- Senior Citizens or Retirees: Must comply with the same documentation requirements as borrowers and co-borrowers, with no additional age-specific criteria.
- Borrowers with Joint Accounts: All co-borrowers must provide signatures and required documents to complete the application process.
- All Applicants: Must agree to the terms of the plan and settle any required down payment upon approval of the application.
Requirements
To apply, they will also need to prepare the following documents and requirements. These include personal identification documents, completed forms, and notarized documents in some cases.
For Borrowers and Co-Borrowers
- Application Form: The completed Plan of Payment Application (HQP-HLF-502) form (1 original copy).
- Valid ID with Signature: A photocopy of one valid ID with your signature, as well as those of your spouse and co-borrower (if applicable). Accepted IDs include:
- Passport
- Driver’s License
- Professional Regulation Commission (PRC) ID
- National Bureau of Investigation (NBI) Clearance
- Police Clearance
- Postal ID
- Voter’s ID
- Government IDs (e.g., GSIS, SSS, OWWA, OFW)
For Representatives
If you are applying through a representative, you’ll also need to provide a Notarized Special Power of Attorney (SPA) for the representative to act on your behalf. Make sure to submit the original and photocopy of the SPA along with the other necessary documents.
For Overseas Filipino Workers (OFWs)
- SPA Documents: For OFWs, the SPA should either be executed and notarized in the Philippines or notarized abroad and authenticated by a Philippine Consular Officer. In cases where the SPA is notarized abroad, it should be authenticated by a Philippine consular officer or apostilled, depending on the country.
- Valid ID of Representative: A valid ID of the representative (if applicable), as well as your own ID.
Documents for Borrowers or Co-Borrowers Living Abroad
For OFWs applying for the Pag-IBIG plan of payment, additional documentation will be required. These include the original and photocopy of your passport or seaman’s book showing the entry and exit dates from the Philippines. If you are applying from a non-apostille country, the SPA must be authenticated by a Philippine consular officer. In apostille countries, an apostilled SPA is required.
Steps to Apply for Pag-IBIG Plan of Payment
Applying for the program will require following the necessary steps which include the following:
Step 1. Submit Your Application
To start, you’ll need to submit the completed Plan of Payment Application Form (HQP-HLF-502) along with the required documents. Make sure that the application form is filled out correctly to avoid delays in processing.
Step 2. Request a Statement of Account
Next, you’ll need to request your Statement of Account to review your outstanding balance and confirm the arrears. This statement will also provide the basis for your Notice of Approval and Promissory Note.
Step 3. Application Review and Endorsement
Once the Pag-IBIG personnel have received and reviewed your application, it will be encoded into the system and forwarded to the Approving Authority for signature.
Step 4. Payment Order Form Generation
Upon approval, a Payment Order Form will be generated, detailing your down payment. You will also be required to sign the supporting documents as part of the agreement.
Step 5. Application Completion
After signing the necessary documents, you will receive a notification from Lingkod Pag-IBIG informing you of the status of your application. Once confirmed, you will be able to follow through with the agreed-upon payment plan.
Key Points to Keep in Mind
To ensure a smooth and successful application, make sure to keep these things in mind when submitting your application:
- Application Review: After submission, your application will undergo a review and approval process. Be sure to follow up with Pag-IBIG if you do not hear from them within a reasonable time frame.
- Payment Terms: The Home Saver Program offers flexibility, allowing you to clear your missed payments within six months. It is important to ensure that you can meet the terms of the plan before applying.
- Communication: Once approved, you will receive a call or notification from Pag-IBIG’s Lingkod Pag-IBIG personnel. Be prepared to sign any additional documents and make the necessary down payment.
Video: Guide to Pag-IBIG Home Saver Program Application
Applying for the Pag-IBIG plan of payment is a great option for those who have missed several months of payments on their housing loan. It is one of the various programs that allow borrowers to settle their housing loan dues through an installment plan. The requirements are simple to gather, and the process is easy enough to follow. Don’t believe us? Watch this video from Melroski TV and learn about the step-by-step process on how to apply for the Pag-IBIG plan of payment under the Home Saver Program today.