If you’re interested in consistently contribution to PAG IBIG throughout your career, you must be curious about how many years are required for loan processing. So, it’s a vital aspect to understand what’s the actual duration of your loans before you contribute to PAG IBIG organization.
However, your loan period can be for 30 years and a 4.5% interest rate according to your eligibility. You can utilize these loans not only for house purchasing but also for mortgage refinancing or car/home renovations.
Your PAG IBIG funding can serve as your savings in times of financial need. You can also withdraw a significant portion of your contribution as a loan with minimal formalities. Hence, you can return your PAG contributions in associated bank deposits where there is no need for account maintenance charges and tax-free dividends.
MORE: How Much First Loan In Pag IBig?
Contents
Summarize Information
| Aspects | PAG IBIG Loan |
| Loan Types | Housing Loan, MPL, Calamity Loan |
| Loan Terms | 1-30 Years |
| Requirements | Income Proof, Filipino community with OFWs |
| Age | 18-65 Years |
| Loan Amount | P2,880 – P6 Million (80% of the whole Contribution) |
| Advantage | Flexible Repayment Duration |
| Interest Rate | 3-10.5% Yearly |
| Drawback | Urgent Funds are not quite favorable for all |
For other types of loans offered by PAG-IBIG, such as the Multi-Purpose Loan (MPL) or Calamity Loan, the terms are shorter. For example:
What is the maximum payment Time for a Calamity PAG IBIG Loan?
Suppose you have a PAG IBIG membership and are an inhabitant of the area that’s verified under the President’s office or local government of Calamity State. Hence, this loan amount is accessible to those who under affected regions.
You’re proficient in gaining the short-term calamity loan of the PAG organization. We offer up to 80% of your entire accumulated value for this fund. Well, once you fulfill the eligibility criteria of 24 months contribution, application form, and active membership with 5 months contributions in recent months. You’re able to obtain this loan along with your existing housing loan as well.
So PAG IBIG has declared the payment time for this loan to be around two Years (24 months) with an additional grace period of three months.
Multi-Purpose Loan (MPL)
It’s a salary or cash price bond for PAG IBIG members. Those members who have accomplished 24 months of contributions are proficient in applying for this loan during short-term requirements.
Though you can obtain this loan for;
When you’re fulfilling this loan prerequisites you may obtain the 80% of your regular savings. Meanwhile, this payment comes with a 24-month repayment duration.
In 2021, PAG IBIG provided up to Php36.5 billion in cash loans to loaners. Our agency also extended the payment terms of about 2-3 years. Our main purpose is to facilitate all membership owners to address their urgent expenses and financial emergencies with greater flexibility.
Housing Loan of PAG IBIG
Housing loan service under PAG IBIG Agency is considered the primary goal of our Philippines government. It’s a vital opportunity for all qualifying members.
So you can analyze your capability for this grand offer. As if you’re at the age of below 65, employment source proof, and monthly contributions proficiency.
Meanwhile, your previous recode in PAG IBIG agency should never be foreclosed, canceled, or accomplished with penalties; you may qualify for this loan.
However, Filipino members with lower wages but legal verification access can gain this funding for their home construction. Hence, this loan offers all capable members to achieve Php6 million with a repayment period of 30 years.
Categories of PAG IBIG House Loan
FAQs
How long do I need to pay PAG IBIG for my Contributions?
Being a PAG IBIG membership owner, you should accomplish the 240 contributions (12 months x 20 = Total 240 months). Meanwhile, for OFWs, contribution depends on their selected option during their registration; they may claim for 5 – 10 – 15 – 20 years.
What are the most effective loanable terms under the PAG IBIG Organization?
Thirty years is the flexible repayment duration for all membership owners. Remember this term shouldn’t exceed the difference between the Principal loaner’s present age and age of 70.
How much is my maturity amount after 20 Years in PAGIBIG?
If you’re an active member of PAG IBIG, your membership matures after 20 years, that’s equal to 240 monthly contributions. This contribution comes with appropriate options for for service separation due to health reasons, retirement at either age 60 (optional) or 65 age (mandatory).
Can I obtain cash from the PAG IBIG agency?
Yes, MPL is the bringing cash loan for short-term or sudden financial requirements. This loan takes two workings to process the whole Loan procedure and provides 80% amount of the member’s savings.
