August 24, 2011

Can You Apply for a New Pag Ibig Housing Loan if your Spouse has an Existing Housing Loan?

I have asked the Pag Ibig personnel handling my account about this question: Can You Apply for a New Pag Ibig Housing Loan if your Spouse has an Existing Housing Loan? And the short and simple is NO. Your co-maker in your loan is usually your spouse and since a house is a conjugal property, it means that both of you applied for and are paying for this loan. But if you applied for a loan when you were single and is now married and your spouse would like to apply for a new housing loan, this is possible. My neighbor in our Montalban house did it. The house beside us was in the name of the wife when she was still single and they now took out another loan from Pag Ibig on another property, now under the name of the husband. So, what does it means for us who owns a house mortgaged thru Pag Ibig but is not comfortable at moving at it right now and is loooking for other housing projects, hopefully to be financed through Pag Ibig? It means that we have to pay our existing loan in full and apply for a new one right after. Yes, I asked this also when I was processing my insurance claim after the Ondoy disaster.

For more answers to your questions about the Pag Ibig Fund, please refer to this FAQ's.

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