Filipinos prefer to take out loans through government corporations or agencies where they are members because of lower interest rates and faster approval. PAG-IBIG Fund is one of the state-run corporations in the Philippines that aims to give Filipino people access to inexpensive financing, particularly in terms of housing. Let me answer your question “How much can I loan in PAG-IBIG?” as you continue to read.
Read also: Pag-IBIG Housing Loan vs. Bank Housing Loan | Bria Homes
Are you planning to take a loan at PAG-IBIG? Sure! Why not. You must first be a member of PAG-IBIG. The membership became required for all employees who are covered by the Social Security System (SSS) and Government Service Insurance System. The benefit of membership of the PAG-IBIG Fund is that, after two decades of membership and the completion of 240 monthly instalments, you can withdraw all your funds.
The main goal of the fund is to lend its participants money for a reasonable mortgage. As a result, contributors can buy the affordable home of their dreams. Then, the borrower repays PAG-IBIG for their home loan with interest rates as low as 3% and repayment lengths of up to 30 years.
The PAG-IBIG Fund can offer credit facilities for other uses besides housing loans, allowing contributors to take out short-term loans from the fund. Other than house loans, they offer loan solutions that might help members who require money for living expenses, healthcare, or even education. Given the few deductions, you will have to make, borrowing money from the PAG-IBIG Fund is practical and convenient.
What type of PAG-IBIG Loan can you apply for?
1. PAG-IBIG Calamity Loan
You can apply for a calamity loan, natural disasters are among the events that are very difficult to prevent or even forecast. Although preparations can be made, there are occasions when the scope of an event exceeds expectations. A single natural disaster, such as an earthquake or flood, can cause the loss of hundreds of families’ homes, livelihoods, and even lives. The government has made preparations, including loan offers that could help those affected by the disaster. However, you must live in a region where the President’s Office or the local government has declared to be in a state of calamity. Additionally, it’s crucial that any previous loans you have—be they for a variety of purposes, a catastrophe loan, or even a house loan—should not be in default as of the loan application date. A member may be qualified to apply for it if they have posted at least 24 months’ worth of funds, according to Pag-IBIG Fund. The member-applicant must apply with adequate income documentation.
Subject to the terms and conditions of the program, the maximum loan amount is determined by the borrower’s total cumulative value. Up to 80% of your total cumulative value might be yours. This loan has been created to give those who were impacted by disasters some breathing room. A disaster loan has up to 2 years of repayment conditions, with a 3-month grace period.
How much can you loan at PAG-IBIG Calamity loan?
Up to 80% of your total cumulative value might be yours. This loan has been created to give those who were impacted by disasters some breathing room. A catastrophe loan might include repayment terms of up to two years plus a grace period of three months.
The present COVID-19 pandemic and inflation, which is occurring on a national scale, are already having an impact on the economy and could soon cause food and supply shortages in our local towns.
2. Multi-Purpose Salary Loan (MPL)
Members of PAG-IBIG who have diligently paid their monthly premiums for 24 months running are qualified for this cash or wage loan. Members may borrow up to 80% of their Pag-IBIG Regular Savings, with maturities of up to 24 months.
For any kind of financial emergency, our cash loan organization offers cash loan aid to participants. Any of the following are possible:
- extra funding for a small business
- tuition and other costs associated with education
- minor home improvements
- payment of credit card and utility bills
- buying of furniture, appliances, or technology
- travel and vacation
- car maintenance
- special occasions
How much can you loan at PAG-IBIG Multi-Purpose Salary Loan?
The total accumulated value (TAV) of your contribution and the number of months you have contributed (premium) will determine how much you can borrow from PAG-IBIG Fund. You must have made your monthly donation for at least 24 months.
Maximum loanable amount of the monthly contribution
- 60% of the contribution’s TAV for 24 to 59 months
- 70% of the TAV of the contribution for 60 to 119 months
- 80% of the TAV of the contribution for 120 months
How to pay for your PAG-IBIG loans?
Both the MPL and calamity loans must be paid within 24 months, and the money will be taken out of the pay check each month. The loan repayment period will begin three months after the loan’s release date.
3. PAG-IBIG Housing Loan
The PAG-IBIG fund’s main loan service is this one. The house loan is one of the key advantages of belonging to the PAG-IBIG Fund. You may apply for this housing loan if you are under 65 years old and have sent 24 monthly contributions to the PAG-IBIG Fund. You shouldn’t have any unpaid housing or multi-purpose loans with PAG-IBIG, and you shouldn’t have any cancelled, bought back, or foreclosed PAG-IBIG housing loans.
Through the Affordable Housing Program, even people on the minimum wage can have the chance to purchase a home. Members of the End-User Financing Program may borrow up to ₱6,000,000. A housing loan from the PAG-IBIG Fund has a 30-year maximum repayment duration.
How much can you loan at PAG-IBIG Housing Loan?
Monthly Membership Contribution Loan Amount
Php 200 Up to P500,000
Php 250 500,000 to 600,000
Php 300 600,000 to 700,000
Php 350 700,000 to 750,000
Php 400 800,000 to 900,000
Php 450 900,000 to 1,000,000
Php 500 1,000,000 to 1,100,000
Php 1000 2,000,000 to 2,100,000
Php 1500 3,000,000 to 3,100,000
Php 2000 4,000,000 to 4,100,000
Php 2500 5,000,000 to 5,100,000
Php 2950 5,900,000 to 6,000,000
If you want to apply for this loan, you can also check this guide on how to avail PAG-IBIG housing loan.
One of a Filipino’s goals is to own a home. Housing Loan from PAG-IBIG. However, success requires a lot of hard work and patience from the individual.
The PAG-IBIG housing loan, fortunately, keeps getting better to meet everyone’s housing needs in the Philippines, particularly those of low-wage employees. You can borrow up to Php 6 million using the PAG-IBIG Housing Loan to purchase a residential lot, a house plus lot, or a condominium unit. While speaking of helping low-wage employees to have an affordable house, Bria Homes as well aims to help our fellowmen to achieve their dreams to have an affordable home. If you’re waiting for a sign to start your dreams into reality, this is it. Bria Homes is happy to serve you!
