Guide on Pag-IBIG Housing Loan Interest 2024 for Members
PAG-IBIG HOUSING LOAN INTEREST 2024 – You can check the details below for the loan interest rate based on the fixing period.
Nowadays, even people who have huge savings in their bank accounts prefer to make big purchases under loan offers. It is because it gives them the opportunity to use their money in other areas where it may grow. For example, in buying a house, a lot of individuals prefer to turn to banks or the Pag-IBIG Fund.
The Pag-IBIG Fund is undeniably one of the most popular housing loan providers in the Philippines. It is known for its huge loanable amount, flexible loan terms, and high-accessible loan offer.
A member-borrower may apply for the loan offer to finance any of the following purposes:
- Purchase of a fully developed residential lot or adjoining residential lots not exceeding 1,000 square meters
- Purchase of a residential house and lot, townhouse or condominium unit;
- Pre-owned or brand-new units,
- A property mortgaged with Pag-IBIG Fund; or
- Adjoining house and lots / townhouses / row houses / condominium units.
- Construction or completion of a residential unit on a residential lot owned by the borrower or a relative of the borrower
- Home improvement
- Refinancing of an existing housing loan
With regards to the Pag-IBIG Housing Loan amount, the government office has set a maximum borrowing amount for members but the loanable amount is on a case-to-case basis based on certain considerations. The actual need for the project and the capacity of the member-borrower are among the main considerations.
On the Pag-IBIG Housing Loan interest rate, it is based on the fixing term chosen by the member-borrower. The interest rate applies until the end of the loan term on a diminishing scheme.
Here are the Pag-IBIG Housing Loan interest rates based on the fixing period:
| 1-Yr Fixing | 5.750% |
| 3-Yr Fixing | 6.375% |
| 5-Yr Fixing | 6.625% |
| 10-Yr Fixing | 7.375% |
| 15-Yr Fixing | 8.000% |
| 20-Yr Fixing | 8.625% |
| 25-Yr Fixing | 9.375% |
| 30-Yr Fixing | 10.000% |
Under the Pag-IBIG loan offer, a clean Transfer of Certificate of Title (TCT), Original Certificate of Title (OCT), and Condominium Certificate of Title (CCT) are accepted as collaterals. The following are not accepted under the loan offer:
- Less than 28 sq. m. lot area
- Less than 18 sq. m. condominium floor area
- Properties with road right of way less than 1.5 meters
- Land types classified other than residential use
- Residential buildings must be compliant to the National Building Code, PD958 or BP220 as the case may be
To apply for the loan offer, a member-borrower must meet both the qualifications for the Pag-IBIG Housing Loan application and the requirements for Pag-IBIG Housing Loan 2024 application.