Guide on Pag-IBIG Fund Loans 2024 & their Features Including the Eligibility Requirements
PAG-IBIG FUND LOANS 2024 – Here is a full list of the loan offers that members of the Pag-IBIG Fund may apply for.
In the Philippines, there is a huge benefit in being a member of the Pag-IBIG Fund with an updated account. It can pave the way for access to several loan offers that can help you in different situations.
Members of the Fund must regularly post savings based on the Pag-IBIG Contribution rates. The contributions are often part of the eligibility criteria in applying for the Pag-IBIG Fund loans.
You may turn to the Fund for your short-term needs, for a housing project, or in times of calamity. You can check the loan offers below:
Pag-IBIG Housing Loan
The most popular offer of the Fund is the Pag-IBIG Housing Loan. It has financed countless acquisition of residential properties, house construction, home renovation, and home loan refinancing. Here are the eligibility criteria for application:
- has posted at least twenty-four (24) monthly membership savings
- age of not more than sixty-five (65) years at the date of application and not more than seventy (70) years at maturity of the loan
- has a legal capacity to encumber real property
- has the ability to pass satisfactory background / credit and employment / business checks of Pag-IBIG Fund
- has no outstanding Pag-IBIG Short-Term Loan (STL) in arrears at the time of the loan application
- has no Pag-IBIG Housing Loan that was foreclosed, cancelled, bought back due to default, or subjected to dacion en pago
The requirements for the Pag-IBIG Housing Loan application depends on the purpose of applying for the offer. You must ensure the original copies of the documents required by the Fund.
Pag-IBIG Multi-Purpose Loan
The Fund designed the Pag-IBIG Multi-Purpose Loan, also called the MPL, to help the members address their short-term financial needs. The loanable amount under the Pag-IBIG Multi-Purpose Loan may vary but here are the eligibility requirements set by the government institution:
- has posted at least twenty-four (24) monthly membership savings under the Pag-IBIG Regular Savings program
- with active membership
- has posted at least one (1) monthly membership savings within the last six (6) months prior to the date of loan application
- In case the member has an existing Pag-IBIG Housing Loan, MPL and/or Calamity Loan, the account/s must not be in default
- with proof of income
There are a few requirements in applying for the Pag-IBIG cash loan offer. The documents depend if you are employed or self-employed.
Pag-IBIG Calamity Loan
In times of natural disasters, members of the Pag-IBIG Fund may apply for the Pag-IBIG Calamity Loan offer. Here are the qualifications for a member to be eligible to apply for the offer:
- at least twenty-four (24) monthly membership savings under the Pag-IBIG Regular Savings
- active membership, by having at least one (1) monthly membership savings within the last six (6) months prior to the date of loan application
- has proof of income
There are a few documentary requirements for the Pag-IBIG Calamity Loan application. The required documents depend if you will personally process the loan at the Pag-IBIG Fund or your HR reprentative would.