Details about the Pag-IBIG Home Renovation Loan Loanable Amounts under the Offer
PAG-IBIG HOME RENOVATION LOAN LOANABLE AMOUNTS – You can check the details below for the borrowing amounts allowed under the loan offer.
One of the government entities in the Philippines with millions of members is the Pag-IBIG Fund. It has several loan offers for its qualified members thus it is at the member’s advantage to keep an active and updated account to the government agency.
The Fund is most popular for its Housing Loan offer although it also has the Pag-IBIG Multi-Purpose Loan and the Pag-IBIG Calamity Loan offer. Its Housing Loan has several purposes.
Aside from the Pag-IBIG House Construction Loan 2023, the government agency also offers a Home Renovation loan. You may borrow an amount to finance the repairs and improvements that you want to at your residential property.
How much you may borrow under the offer? The Pag-IBIG Home Renovation Loan loanable amounts is up to P6 million per member. However, please be aware that the government agency considers certain factors including the following:
- the actual need of the member-borrower
- the member’s monthly income
- the status of the exising loans of the member, if applicable
The said offer is under the Housing Loan offer of the government agency. It is actually open to fund severa purposes including the following:
- purchase of residential lot or adjoining residential lots plus the cost of transfer
- purchase of residential house & lot, townhouse or condominium unit inclusive of a parking slot plus the cost of transfer
- house construction
- home improvement
- refinancing of existing home loan
- combined Loan Purposes
To qualify for the Pag-IBIG Home Renovation Loan, the member-borrower must meet the eligibility requirements set by the government agency. The loan applicant must be:
- must be an active member with least 24 months savings
- 65 years old and below at the date of loan application
- 70 years old and below at the date of loan maturity
- has legal capacity to acquire and encumber real property
- has no Pag-IBIG housing loan foreclosed, cancelled, bought back, or voluntarily surrendered
- If with existing Pag-IBIG Housing account or Short Term Loan (STL), payments must be updated
To apply for the loan offer, prepare the requirements for Pag-IBIG Home Renovation Loan 2023. Make sure you have the original copies of all of the documents required by the government agency as they need to be presented during the filing of the loan application.
The loan evaluation of the Pag-IBIG Fund takes weeks up to one (1) month. Wait for an update from the government agency regarding the status of your loan appplication.