Guide on Pag-IBIG Cash Loan Loanable Amount
PAG-IBIG CASH LOAN – You can check the details below for the maximum amount that you may borrow under the Multi-Purpose Loan (MPL).
One of the loans offered by the Pag-IBIG Fund is the Multi-Purpose Loan offer. Also called the MPL, it is a short-term solution for financial problems crafted for members who have posted a total of at least 24 monthly contributions.
The cash loan offer was crafted to several purposes. You may apply for it to finance any of the following intents:
- Medical expenses;
- Minor home improvement;
- Capital for a small business;
- Tuition fee and other education-related expenses;
- Purchase of furniture, appliances or electronic gadgets;
- Payment of utility and credit card bills;
- Vacation and travel;
- Special events;
- Car repair; or
- Other needs
With regards to the loanable amounts under the Pag-IBIG Cash Loan offer, the member may borrow up to an equivalent of 80% of his or her total savings in the government agency. Here are some sample computations:
|Monthly Contribution Rate||Total Number of Contributions Posted||Total Monthly Contribution Posted||Maximum Loanable Amount|
The interest rate under the Pag-IBIG cash loan offer depends on the loan term chosen by the member-borrower. The borrowed amount is payable within three (3) years or 36 months.
The requirements for the Pag-IBIG cash loan application is different when it is processed by the member-borrower himself/herself compared with the requirements set if a representative will process the Pag-IBIG cash loan application.
Aside from the Multi-Purpose Loan offer, the Pag-IBIG Fund also offers a Housing Loan which encompass several purposes including the financing of any of the following:
- acquisition of residential property
- house construction
- home renovation
- home loan take-out
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