Guide to Refinancing your Loan to Pag-IBIG

How to Transfer your Loan from Bank to Pag-IBIG? (Refinancing)

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Estimated reading time: 9 minutes for the text on this page.

Summary

In this video, Chris Suarez guides viewers through the process of refinancing a bank loan to Pag-IBIG. He explains eligibility criteria, necessary documentation, and the step-by-step procedure to follow. Chris stresses the importance of calculating your numbers before making the switch and outlines the fees involved. He also shares tips for both locally employed individuals and OFWs. The video concludes with a reminder to subscribe for more financial advice and support.

Highlights

Before refinancing, calculate your numbers to ensure it’s a financially sound decision. 🔢
Check eligibility: Pag-IBIG requires 24 monthly contributions and age restrictions. 🔍
Prepare all necessary documents from banks, employers, and government entities to avoid delays. 📂
Pay processing and appraisal fees totaling 3,000 pesos to move your application forward. 💰
After approval, sign all loan documents and settle stamp duties and other charges. 🖊️
Complete the mortgage registration and adhere to deadlines for a hassle-free process. 📅

Key Takeaways

Eligibility: To transfer your loan to Pag-IBIG, be an active member with 24 contributions, under 65 at application, and under 70 at loan maturity. 🙌
Gather Your Documents: Prepare paperwork from your bank, employer, and government agencies. It’s crucial for a smooth process! 📄
Processing Fees: Expect to pay a total of 3,000 pesos for processing and appraisal fees when submitting your application. 💸
Approval Notice: After waiting, you’ll receive a note of approval, then sign the loan agreement and pay additional charges including stamp duties. 📑
Final Steps: Register your mortgage, pay necessary taxes, and complete within deadlines for a seamless transition to Pag-IBIG financing. ⏳

Overview

Chris Suarez kicks off the video by stressing the importance of pre-calculating your financial viability before opting for refinancing your loan from a bank to Pag-IBIG. He shares the basic eligibility criteria which include being an active Pag-IBIG member, age limits, and having a clean payment history.

Next, Chris takes us through the documentation gauntlet. He groups the paperwork needed from banks, employers, and government agencies making sure you know exactly what’s required. For the smoothest application process, he suggests preparing these documents meticulously, so everything is in tip-top shape.

Finally, the video delves into the procedure after application submission. There’s a wait involved but Chris explains the fee structure, further document signings, and tax payments that round off the process. He ensures that with his guidance, viewers are well-equipped to tackle the daunting task of refinancing.

Chapters

00:00 - 01:00: Introduction to Loan Refinancing The chapter introduces the concept of loan refinancing, starting with the scenario where one might want to refinance an existing loan from their current bank. The speaker emphasizes the importance of computing numbers and making estimates before proceeding with refinancing.
01:00 - 03:00: Eligibility and Initial Requirements The chapter 'Eligibility and Initial Requirements' discusses the criteria for being eligible for refinancing a loan. To be eligible, one must be an AIG fund member with at least 24 monthly contributions. Applicants should be no older than 65 at the application date and not exceed 70 by the loan's maturity. Additionally, applicants must have no record of missed payments.
03:00 - 06:00: Application Process and Requirements The chapter covers the process and requirements for applying for a loan. It mentions that applicants have the option to apply online and provides a link to the online application form. Key requirements are categorized from banks, employers, and government agencies. To begin, applicants must download the housing loan application form from the Pag-IBIG Fund's website. The time frame for reviewing the application covers the past 12 months of the current loan.
06:00 - 08:00: Finalizing the Refinancing Process In the chapter titled 'Finalizing the Refinancing Process', the process of refinancing an existing loan is discussed. The borrower must first select the purpose of loan as refinancing on the application. Subsequently, they need to provide an updated statement of account, duly signed by a bank account officer, along with official receipts or valid proof of payment, and a monthly ledger.
08:00 - 10:30: Conclusion and Closing Remarks The chapter provides instructions on paperwork and requirements related to property titles and employment verification, particularly emphasizing the importance of obtaining original signed documents such as the TCT for a housing lot or the CCT for a condominium. It also mentions that there will be links provided for further information, especially for those who are self-employed or Overseas Filipino Workers (OFW).

How to Transfer your Loan from Bank to Pag-IBIG? (Refinancing) Transcription

00:00 - 00:30 well most would wonder existing loan from their current bank to financing yes through refinancing and I mentioned many times that before you refinance you have to compute your numbers first estimate so I'll do my best to discuss and enumerate
00:30 - 01:00 and when you switch your loan from bank to financing so before we Dive Right In please don't forget to click that subscribe button if you're new to my channel so first thing that you have to know is eligible for refinancing you must be AIG fund member with 24 monthly contribution number two you're not more than 65 years old at the date of application and not more than 70 years old at maturity of the loan and you have to have no missed payments for
01:00 - 01:30 the past 12 months current loan so for the application you have an option to do it online viic which I'll put the link below Butch to submit your requirements system I divided requirements from your Banks from your employer and from government agencies first you have to download the housing loan application form from pagibig fonds website
01:30 - 02:00 then under the purpose of loan check refinancing of an existing loan then fill out the necessary information first from the so you need to get your updated or statement of account duly signed by any account officer of the bank then along with that are you official receipts or valid proof of payment monthly ledger so take note you have to
02:00 - 02:30 bring the original copy with the original sign your title whether it's TCT for housing lot or CCT for condominium next is requirement from your employer if you're self-employed or OFW so requirements so I'll just put the links down below
02:30 - 03:00 so for today I'll just discuss requirements for locally employed so you have to request from your HR or from your office proof of income CC certificate of employment and compensation and you have to ask for latest income tax return with attached form 2316 ctif one month manager with your contact number now government agencies so first you have to go to register of Deeds so you
03:00 - 03:30 need to get certified through copy of your title then after to request for certified through copy of your updated tax declaration and updated real estate tax receipt so once you complete all the requirements you can go directly main branch so before going to p with your requirements they will ask you already to bring money for the processing fee and Appraisal fee which is total 3,000 pesos then long folder one brown envelope at
03:30 - 04:00 Fastener basically these are for your documents para organized expect also and of course check all the requirements forcing then you will be given a queing number just like in Banks so officer will assess your documents officer will ask you to pay the processing fee and Appraisal fee then acknowledgement seat so after
04:00 - 04:30 several days around 5 to seven days property then after wait again for Anem another factor is with the bank so that's of course the principle of appreciation in real estate
04:30 - 05:00 there's a Lo am so you would have to pay the difference so once you have your notice of approval in terms of processing your refinancing so get ready to pay and process the following first you need to go back to your bank to submit letter of
05:00 - 05:30 guarantee then you need to sign the loan and mortgage agreement and promisory note backto back all pages then who would charge you actually 1% of the approved loan amount so if 2 million 20K damage so so once notorized you need to go to bir to pay for the document
05:30 - 06:00 St tax or stamp D which is so to to give you an idea how to compute this so 1 PES and 50 Cento or 150 for every 200 pesos if a approved loan amount is 2 million divided by 200 pesos Time 1 PES 50 centavos so 15,000 for stamps so after you have to go to registry of deeds for The annotation of mortgage then request for
06:00 - 06:30 a certified through copy title after The annotation so you also have to complete this within 30 days but you can always request for an extension so once you're done with these things going back and forth then retention or refund once you're able to process all these documents so in other words of
06:30 - 07:00 course of Deeds for the cancellation of mortgage then after wait again for several days first monthly but of course you have to adise early on and then the last one is you will receive a notice from notice of installment or notice of amortization indicate when start monthly
07:00 - 07:30 amortization so that's it it may be a difficult process but most Finance they felt more secure with the everchanging rates of home loan so thank you for watching I'll see you guys next week by the way please follow me on Tik Tok and if you're new to my Channel please don't forget to hit the Subscribe button so I'll see you guys next week bye