Guide on Pag-IBIG Cash Loan — How Much You May Borrow under the Offer
PAG-IBIG CASH LOAN – Here are the minimum and maximum loanable amounts for members of the Fund under the Multi-Purpose Loan (MPL).
In the Philippines, one of the government agencies that cater services to thousands of people in a daily basis is the Pag-IBIG Fund. It is the most popular state entity when it comes to home financing and it has helped countless people obtain affordable housing loans.
Millions of Pinoys are members of the Pag-IBIG Fund. The government agency has opened its membership to employed, self-employed, and unemployed individuals as well as overseas Filipino workers (OFWs). The members pay for a monthly contribution depending on their source of income and the amount they earn in a month.
In return, Pag-IBIG members who have accumulated savings in their accounts may qualify for the loans offered by the Fund. It has loans that serve specific purposes such as the Pag-IBIG Housing Loan for those who want to acquire a residential property or construct their dream home and the Pag-IBIG Calamity Loan for the members whose place was struck by a natural disaster.
There is also a Pag-IBIG cash loan offer that serves several intentions — the Multi-Purpose Cash Loan or also called the MPL. It is open for members who have posted at least 24 monthly contributions in their accounts.
To qualify for the Multi-Purpose Loan (MPL) offer of the Pag-IBIG Fund, here is the eligibility criteria:
- At least twenty-four (24) monthly membership savings under the Pag-IBIG Regular Savings program;
- Active membership, by having at least one (1) monthly membership savings within the last six (6) months prior to the date of loan application;
- If with an existing Pag-IBIG Housing Loan, MPL and/or Calamity Loan, the account/s must not be in default; and
- Proof of income.
With regards to the minimum and maximum loanable amounts under the Pag-IBIG Cash Loan offer, it actually depends on how much you have posted in your account. The maximum amount that you can borrow is equivalent to 80% of your total posted contributions.
For example, if you have already posted P10,000, you may borrow up to P8,000 under the MPL. With regards to the requirements in applying for the loan offer, if the member-borrower is the one who will process the loan, you may visit — Requirements in Applying for Pag-IBIG Cash Loan Offer to Qualified Members.
If an authorized representative will be the one who will process the loan, for a guide on the documents needed, feel free to visit — Pag-IBIG Cash Loan Requirements If A Representative Will File Loan for You.
You might also like to check on the interest rate under the Multi-Purpose Loan offer. You may visit — Pag-IBIG Cash Loan Interest — Here’s How Much Your Loan May Incur as Interest.