Hello, I agree that in-house financing has high-interest rates compared to banks so it's better if your home is financed by PAG-IBIG which has the lowest rates. If they accept PAG-IBIG as a term of payment then you have every right to have your house financed by PAG-IBIG. As for what you said that the house construction is in progress for you to be eligible.
The basic requirements for house construction PAG-IBIG loan application are as follows:
- Housing Loan Application with recent ID photo of borrower/co-borrower (if applicable) (2 copies, HQP-HLF068/069)
- Proof of Income (see details at the back)
- One (1) valid ID (Photocopy, back-to-back) of Principal Borrower and Spouse, Co-Borrower and Spouse
- Updated Real Estate Tax Receipt and Updated Tax Declaration and (photocopy), if applicable
- Building Plans, Specification with Bill of Materials duly signed by the Licensed Civil Engineer or Architect
You'll just need a building plan. It doesn't stipulate that the house construction is in progress. Filipinos actually borrow from PAG-IBIG to have their dream home built. So what the developer is doing isn't normal. They should freely allow you to do it.
If you found my answer helpful, hope you can check out my Youtube channel: https://www.youtube.com/c/OwnPropertyPH. I discuss stuff about real estate there too 🙂