Filipinos find various additional employment sources or businesses to meet their necessities when going through tough situations. In such circumstances, PAGIBIG organization brings multiple sorts of loans for all individuals. Along with existing salary loans, PAG IBIG permits you to obtain your required loan amount during emergencies or when needed. Such loan terms are accessible in unforeseen circumstances and provide you with a financial lifeline.
Yes, you can apply for a loan with PAG-IBIG (Home Development Mutual Fund) even if you have an existing salary loan, but there are certain conditions you need to meet. PAG-IBIG offers various types of loans, such as multi-purpose loans (MPL) and housing loans, and each has its own eligibility criteria.
Multi-purpose loans and calamity loans come in salary loans that are available in cash amounts while applied. PAG IBIG provides these salary loans when membership owners face severe calamity problems or sudden financial needs. With existing salary and new loans, you may accomplish your:
How can you avail of an Additional PAG IBIG Loan with an Existing Salary Loan?
To qualify for the additional loan amount with an existing salary or short-term loan, you should have a minimum of 24 months’ worth of successful membership savings. These savings must fulfill at least 1 contribution within the last 6 months preceding your new loan application.
If you’ve withdrawn your loan contributions due to your membership maturity, It may be considered that your first contribution following the month of withdrawal is the reckoning date for the updated 24 contributions.
Additionally, if there is an existing PAGIBIG salary loan, your account must be active and up-to-date with successful payment contributions as of the loan application date.
Your loan payments should be paid within the due date while applying for additional loans other than salary or calamity loans. Meanwhile, you should ensure that you have an ultimate efficient source of employment that allows you to go for another loan with an existing salary loan.
Your account should not be in default, and your existing salary and housing loan amortizations must be paid.
Your income source certificate is essential while applying for another loan other than the existing salary loan.
With existing MPL or salary loans, holders can simultaneously apply for a Calamity Loan. They can pay their monthly contribution payments consistently. So, the existing MPL balance will be subtracted from the 80% of PAG Regular Savings, and the remaining amount will be designated for the Calamity Loan.
With the certificate of Loan Amortization (CLA), you are proficient in applying for another loan with an existing Salary or MPL.
When you’re an active member of PAG with an existing salary or MPL loan, you can apply for another MPL. Regarding this, you should provide six monthly contributions to the existing MPL and keep monthly payments up to date. However, your outstanding balance from the existing MPL will be deducted from the allowable loan amount.
So, you’re capable of completing the qualifying criteria of PAG IBIG and then applying for your loan. With your registered Membership account details and valid documents, you may complete your loan application. Then, submit your application to our documentation representative, who’s handling your existing loan account.
Vital Notice of Agency for New Hires with Existing Salary Loan
Once new employees carry the outstanding loan balances from HDMF and SSS, you must update the payroll administrator with the latest statement of account (SOA) for proper payroll deduction.
Well, having an existing PAG IBIG salary or MPL loan does not hinder your ability to borrow more loans. You simply need to expose your CLA to our managers who are looking for your membership. Then, you can achieve the 80% loan amount for the whole regular savings.
When your application is approved, you may claim your amount in different ways, like bank transfer, Loyalty Card Plus, check issuance, or credit to your payment card. Ultimately, you can enjoy your loan amount with an existing salary loan as well.
Marina Aguilar is a freelance writer and editor with a passion for personal finance and real estate. She has been writing about finance and housing for over five years and has worked with various clients, including banks, financial institutions, and real estate developers. Marina believes that everyone deserves access to affordable housing and is committed to helping Filipino workers achieve their dream of homeownership through the Pag-IBIG Fund's housing loan program. In her free time, Marina enjoys hiking, reading, and spending time with her family.
