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    Transfer Pag Ibig Loan2

    Uploaded by

    Christopher Laput
    To transfer a Pag-IBIG housing loan to another person, the following steps must be followed: 1. The new borrower must be approved by Pag-IBIG as a qualified borrower by submitting documents like proof of income and creditworthiness. 2. The original and new borrowers must jointly execute a Deed of Assignment of Loan and Mortgage and submit it to Pag-IBIG along with an assignment fee, takeover fee, and security deposit equal to 3 months of amortization. 3. Upon approval of the deed and payment of fees, the loan will be transferred to the new borrower's name and they will assume responsibility for the loan.

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    Transfer Pag Ibig Loan2

    Uploaded by

    Christopher Laput
    7K views2 pages
    To transfer a Pag-IBIG housing loan to another person, the following steps must be followed: 1. The new borrower must be approved by Pag-IBIG as a qualified borrower by submitting documents like proof of income and creditworthiness. 2. The original and new borrowers must jointly execute a Deed of Assignment of Loan and Mortgage and submit it to Pag-IBIG along with an assignment fee, takeover fee, and security deposit equal to 3 months of amortization. 3. Upon approval of the deed and payment of fees, the loan will be transferred to the new borrower's name and they will assume responsibility for the loan.

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    To transfer a Pag-IBIG housing loan to another person, the following steps must be followed: 1. The new borrower must be approved by Pag-IBIG as a qualified borrower by submitting documents like proof of income and creditworthiness. 2. The original and new borrowers must jointly execute a Deed of Assignment of Loan and Mortgage and submit it to Pag-IBIG along with an assignment fee, takeover fee, and security deposit equal to 3 months of amortization. 3. Upon approval of the deed and payment of fees, the loan will be transferred to the new borrower's name and they will assume responsibility for the loan.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    7K views2 pages

    Transfer Pag Ibig Loan2

    Uploaded by

    Christopher Laput
    To transfer a Pag-IBIG housing loan to another person, the following steps must be followed: 1. The new borrower must be approved by Pag-IBIG as a qualified borrower by submitting documents like proof of income and creditworthiness. 2. The original and new borrowers must jointly execute a Deed of Assignment of Loan and Mortgage and submit it to Pag-IBIG along with an assignment fee, takeover fee, and security deposit equal to 3 months of amortization. 3. Upon approval of the deed and payment of fees, the loan will be transferred to the new borrower's name and they will assume responsibility for the loan.

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    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
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    How To Transfer Pag Ibig Housing Loan To Another

    Person?
    Transferring a Pag-IBIG housing loan to another person is possible, but it is subject to
    certain conditions and requirements, and there are specific steps that need to be followed.
    The process is called “assignment of loan” or “loan takeover”

    Here are the general steps to transfer Pag-IBIG housing loan to another person:

    1. The new borrower, or the person taking over the loan, must first be approved by
    Pag-IBIG as a qualified borrower. This involves submitting the required documents
    such as proof of income and creditworthiness.
    2. The original borrower and the new borrower must jointly execute a Deed of
    Assignment of Loan and Mortgage, which will be submitted to Pag-IBIG for
    approval.
    3. Pag-IBIG will conduct an appraisal of the property to ensure that the outstanding
    loan balance does not exceed the current market value of the property.
    4. The new borrower will be required to pay Pag-IBIG an Assignment fee, and a
    takeover fee and to post a security deposit equal to at least 3 months’
    amortization.
    5. After the approval of the Deed of Assignment of Loan and Mortgage and the
    payment of all the fees, the loan will be transferred to the new borrower’s name
    and the new borrower will assume all the responsibilities of the loan.
    6. It’s important to check with Pag-IBIG Fund office for the specific requirements, fees
    and the process to follow for loan takeover.

    7. Step 1: Submit An Application For Loan Balance


    Transfer
    8. The first step in transferring your Pag Ibig housing loan is submitting an
    application for a loan balance transfer. You must include all of the documents
    required by Pag Ibig in your application, such as proof of identity, proof of
    address, and proof of income.
    9. You must also submit a copy of the original contract that was signed when you
    applied for the loan. Additionally, you must provide a letter from the current
    borrower stating their intention to transfer ownership of the loan.

    Step 2: Complete A New Loan Agreement


    Once you have submitted your application for a loan balance transfer, you will need to
    complete a new loan agreement with the new borrower.

    This agreement should include information about both parties involved in the transaction
    and should state that the original borrower is transferring ownership of their Pag Ibig
    housing loan to another party. Once this agreement has been completed and signed by
    both parties, it needs to be submitted back to Pag Ibig along with all other necessary
    documents.

    Step 3: Wait For Approval From Pag Ibig


    After submitting all necessary documents, you will need to wait for approval from Pag Ibig
    before officially transferring ownership of your housing loan. During this time, they may
    request additional information or documentation before making a decision on your
    application.

    Once they have approved your application, they will inform both parties involved and
    officially start the process of transferring ownership of your housing loan.

    Conclusion
    Transferring ownership of your Pag Ibig housing loan can be challenging but it is possible
    with some patience and persistence! As long as you are organized and follow all necessary
    steps outlined above, you should be able to complete this process without any issues.

    Make sure that all paperwork is filled out completely and accurately so that there are no
    delays or complications during this process. Good luck!

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