PAG IBIG stands for Pagtutulungan sa Kinabukasan, Ikaw, Bangko, Industria at Gobyerno. It exhibits that the PAG agency comprises four major sectors of Philippine society. Hence, our agency collaborates with other official programs to provide secure and sufficient robust housing loan savings to all borrowers.
Contents
What is the actual Background of PAG IBIG?
Filipino workers need to obtain affordable housing financing and a national savings program. Regarding this, our team established the Home Development Mutual Fund (HDMF) on 11 June 1978. It’s also represented as PAG IBIG, and it was developed under Presidential Decree No. 1530. This decree entrusted the Social Security System (SSS) with private employees’ funds and the Government Service Insurance System (GSIS) with government workers’ savings.
Afterward, within a year, Executive Order #527 was signed on 1 March 1979. It shifted the Fund’s administration to the National House-Mortgage Finance Corporation, which is part of the Ministry of Human Settlements.
So Executive Order No. 538 was successfully issued on 4 June 1979 by recognizing the vital aspect of enhancing the stability of both funds. That order merged the government and private personnel funds and created the PAG-IBIG Fund.
Therefore, on 14 December 1980, PAG IBIG gained entire independence with the enactment of PD 1752, which improved PD 1530. This legal improvement granted the Fund’s Board of Trustees rule-making authority. Meanwhile, PD 1752 assigned PAG IBIG membership for all GSIS and SSS members & employees. Eventually, it solidified its role in accomplishing the fundamental needs of the Filipino workforce.
What are the Objectives of PAG IBIG Funds?
What are the benefits and Programs PAG IBIG Fund?
PAG IBIG agency delivers services and programs for the whole Filipino community other than house development funding. These offers are accessible to all members, whether they’re overseas or in the Philippines.
Hence we’ve enlisted the services and other programs for your obvious awareness. These are:
House loan:
It’s the most popular scheme of our agency to provide low-income house financing. Hence, our agency brings this opportunity by associating with the Philippines’ local real estate department. It results in offering affordable loan payments to all real estate buyers and borrowers.
Check Pag ibig Housing Loan Calculator
However, we provide a low interest rate of 4.5% (P450,000 loan) to all housing loan owners with a duration of more than 30 years. Likewise, you may enjoy the P6 Million charges in the PAG IBIG Loan.
Service Desk to Overseas Members:
This PAG IBIG fund is provided in 23 overseas regions, including the Middle East, Asia Pacific, North America, and Europe. These countries’ posts are associated with the Philippines embassies, Philippine General Consulate Offices, and POLOs (Philippine Overseas Labor Office).
This entire collaboration offers the frontline facilities to all loan owners with the best savings as well. Loan owners are capable of obtaining their loans, fulfilling their dreams, and paying the loan amortizations seamlessly.
PAG IBIG Loan Death benefit:
Suppose you’re a legal beneficiary to loan membership with our agency. However, you may claim the death benefits for those who didn’t ever claim the benefits of saving plans during their life. This approach is available to all membership owners. Unlike SSS, this opportunity brings separate retirements and death benefits.
PAG IBIG MP2:
Modified PAG Loan MP2 was introduced in 2010 as an optional saving program that this government agency governs. It brings tax-free dividend savings that are 50 ranks greater than regular membership loan offers.
PAG Loyalty Cards:
It’s the funding transaction card that serves as the valid identification and basic requirement for obtaining the housing loan (H.L.) and Multi-purpose (MPL) loan or provident benefit claims. This card comprises your MID number, biometric information, and member’s Photo, which makes the loan funds more believable.
Multi-Purpose Loan (MPL):
Its purpose is to accomplish home enhancement, house improvement, livelihood, health and wellbeing, education or tuition fees, and other requirements. Once you’ve spent the 24 months of membership or savings in accordance before then, you may apply for this Multiple-purpose loan.
Calamity Loan:
Those who suffer due to natural diseases, including volcanic eruptions, fires, typhoons, floods, and other events. These members can obtain the 80% amount of Total Accumulative Value (TAV). Furthermore, a calamity loan comes with yearly annual rates of 5.95% with a two-year amortization period.
Short Term Loan:
Similar to SSS and GSIS, PAG brings the short-term ensured loan to all eligible members.
PAG Mortgage Redemption Insurance (MRI):
This MRI is required while obtaining the housing loan. This insurance protects you and your borrowed money during critical illness and death.
Provident Savings:
PAG funds also provide golden saving offers to membership owners. You can achieve this saving payment while their funds reach to age of maturity. However, your dividend rates depend on your funding charges. When you reach almost 45 years of age and 240 months of membership collaboration, your savings reach the maturity age. Now, you may enjoy your TAV profits and investments of your best membership performance.
What are the PAG IBIG Funding Virtual Services?
Housing Online Services
Membership Online Services
Other Virtual Services
FAQs
Can I get a cash loan from PAG IBIG?
The PAG Funds Multi-Purpose Loan offers quick cash assistance. It allows you to get more than 80% of your PAG IBIG Regular Savings, with processing as fast as 2 days.
What if I can’t repay my PAG IBIG loan?
In case of your missed payments, our agency provides a grace period to update your accounts. If less than two years of installments were paid, you’ve got a grace period of sixty days from the due date of the installment.
What is the minimum deposit required by PAG IBIG?
> Membership Savings: P100
> Modified PAG IBIG II: P500
> Housing Loan Amortization: any amount
> Multi-Purpose Loan – Calamity Loan: Amount Due/Amortization Due
Final Words
Owning your own house is a fundamental requirement for everyone. PAG IBIG agency was established to fulfill Filipinos’ housing financing by providing national saving programs. Once you know about PAG IBIG funding benefits you may become able to acquire the membership.
Govt site: http://www.pagibigfund.gov.ph/
