𝐂𝐨-𝐁𝐨𝐫𝐫𝐨𝐰𝐞𝐫 𝐨𝐫 𝐂𝐨-𝐎𝐰𝐧𝐞𝐫: 𝐔𝐧𝐝𝐞𝐫𝐬𝐭𝐚𝐧𝐝 𝐭𝐡𝐞 𝐝𝐢𝐟𝐟𝐞𝐫𝐞𝐧𝐜𝐞

 In a Pag-IBIG home loan, co-borrower and co-owner have different roles:

1. Co-Borrower

• A co-borrower is someone who shares responsibility for repaying the loan.

• They are equally liable for the debt, meaning if the primary borrower fails to pay, the co-borrower must cover the payments.

• Having a co-borrower can help increase the loan amount, as Pag-IBIG considers both incomes in evaluating the loan.

• Co-borrowers can be immediate family members (spouse, parents, siblings, or children) or even unrelated individuals under specific conditions.

2. Co-Owner

• A co-owner is someone who shares ownership of the property but is not necessarily responsible for the loan payments.

• Their name appears on the property title as a co-owner.

• A co-owner is not required to have financial capacity to pay the loan unless they are also listed as a co-borrower.

In short:

• A co-borrower helps secure and repay the loan.

• A co-owner has legal rights to the property but may not be responsible for the loan.

Would you like details on eligibility or requirements for these roles?