Can I Loan in PAG IBIG with an Existing Loan?

Yes, in various situations, you may require cash urgently. PAG IBIG offers this loan with loaners existing loans, whether it’s for medical expenses, children’s tuition, vacations, rent, new appliances, home improvement, debt settlement, or starting a business.

However, life’s unpredictability may also demand immediate funds for unexpected events. As per our PAG IBIG loan, membership owners with an ongoing housing loan can still apply for an additional loan. These loan funds can be for different scenarios specifically designed for your financial assistance.

You need this: Can I have 2 PAG IBIG Housing Loans?

Contents

1 How can I apply for another loan Amount with an existing PAG IBIG loan?
2 Specific Conditions to Qualify for Additional Housing Loan
3 FAQs
4 Final Verdict
5 Author

How can I apply for another loan Amount with an existing PAG IBIG loan?

You’re capable of applying for an additional loan or another housing loan while you’re getting another house loan.

Firstly, yes, you can qualify for this new loan if you’ve current monthly contributions and are up-to-date with your housing loan payments. This streamlined approach makes obtaining this loan more convenient. You can enjoy additional loans simultaneously and simply apply for them as well.

Therefore, you can utilize this novel loan amount for the following purposes with an existing loan:

Home improvement, such as installing solar panels, etc,
Fulfill the materials bill
Buy a condominium unit/ a lot/ townhouse and lot/ row home next to the property mortgaged with PAG IBIG Funding. Furthermore, it may include a parking lot purchase.
Refinancing or purchasing your lot via PAG funds

Well, if you’re eligible for this additional loan, you must ensure that the combined monthly repayment for both your original and new loans is not more than 35% of the gross monthly income. For example, if your loan combined amount is less than P1,250,000, the monthly repayment should not exceed 35%, while if the combined loans exceed P1,250,000, it should not exceed 30%. So, your second loan must be considered different in PAG IBIG laws from your first one.

However, your first loan must have the rates of interest from your borrowed money. Meanwhile, your other loan may have interest rates according to specific reasons:

PAG IBIG member’s second loan must combine with his first loan if:
Member’s first loan was confirmed under the ‘Magaang Pabahay’ scheme
The first loan was verified under PAG IBIG Circular No. #219 or #396 (or any other official HDMF rule)

CHECK ALSO: how much can I loan in pag-ibig for the first time?

What is the process for applying for an additional loan amount when I already have an existing loan with PAG-IBIG?

Specific Conditions to Qualify for Additional Housing Loan

Suppose you’re acquiring a housing loan from our PAG IBIG agency. Now looking for another housing loan. You must undergo these conditions:

You must ensure to our agency that you can afford it. Your monthly payments for your current house loan and any new loan shouldn’t be more than 35% of your entire monthly income.
The entire housing loan amount and what you still repay on your current loan (called the aggregate loan value) must be under PHP 6 million. If you’re sharing your loan with someone else, your part of what’s still owed will also be counted.
When you qualify for multiple housing loans from PAG-IBIG, remember that if you miss payments on one loan. The agency will consider that all your housing loans are missed.
You can apply for a loan of up to 80% of your total savings in PAG-IBIG, which includes employer contributions, personal savings, and yearly dividends.
Even if you already have a PAGIBIG MPL, you can still get a Calamity Loan. Here, you may avail of this loan if you’ve been paying your monthly contributions within the due date. Our system may subtract what you owe from your existing MPL, and the rest can be used for the Calamity Loan.
If you have an existing MPL, you can get another one as long as you’ve paid at least six monthly contributions on the first one. Our system may subtract what you owe in the existing loan from the new loan amount.
Suppose PAG IBIG Loaner has an existing loan; your existing PAG-IBIG Housing Loan should be in good credit status without defaults.
When you have existing PAG Calamity Loan or Multi-Purpose Salary Loan accounts, they must be in good credit conditions without defaults at the time of the new loan application.
Ultimately your income source proof is essential for now.

Criteria Required to Be Eligible for an Additional Housing Loan

FAQs

Can I take out two PAG IBIG Loans simultaneously?

Yes, you’re capable of obtaining as a lender allows you to get multiple personal loans at the same time. However, you may consider your goals and financial situation. Meanwhile, you must aim to avoid excessive PAG loans and ensure comfort with your monthly payments.

How long should I wait before applying for another loan?

To get your PAG IBIG another loan along with your existing loan, you need to accomplish your 6 months’ contributions. On the other hand, it depends on your sufficient income sources to ensure your repayments to the PAG IBIG agency. So, your waiting period may vary. It can be 3-12 months before applying for another loan. Your existing loan status contributes much to availing another loan.

When is it possible to extend my PAGIBIG Multi-purpose Loan?

As a loan owner, you’re eligible to renew your multi-purpose loan after making payments equal to six monthly installments. It’s important to verify your eligibility for renewal. So once the PAG agency accepts your renewal application, the remaining balance from your current loan is subtracted from your other upcoming loan amount.

What is the maximum amount you can borrow with an existing loan?

Even if you have existing loans with PAGIBIG, such as a Calamity Loan, you can still apply for another PAG Multi-Purpose Loan. Now, your loanable amount must be the gap between your current loan amount and 80% of your contributed Total Accumulate Value (TAV).

Final Verdict

PAG IBIG loan owners are allowed to apply for another loan with their existing loan. However, those who want to renew another loan must fulfill the 6-month payouts of the existing loan along with accumulated interest and loan balance.

For successful loan access, you must note that your current loan account must be secure and trusted, and then you may apply for another housing or any other loan with a current housing loan. These payments may be deducted from the new loan amount if they have any penalties.

Author

Marina Aguilar
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.
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