What interest rate does the Pa Ibig Housing Loan charge on its loans? This article will tell you just that. Check it out. There is no doubt that every person dreams of having a beautiful home.
However, due to too much inflation, this dream remains only a dream for middle-class people. But don’t be concerned; the PaIBIG housing loan has your back.
Interest Rate List:
| 1: Year* Fixing | 5.750% |
| 3: Year Fixing | 6.375% |
| 5: Year Fixing | 6.625% |
| 10: Year Fixing | 7.375% |
| 15: Year Fixing | 8.000% |
| 20: Year Fixing | 8.625% |
| 25: Year Fixing | 9.375% |
| 30: Year Fixing | 10.000% |
You can get a loan from this organization for some percentage of the interest and then turn your dream into reality. However, what is pag ibig housing loan interest rate 2024? I’ll tell you just that in this article.
CHECK Tool: Pag-ibig Housing Loan Calculator
CHECK: Pag Ibig Housing Loan Requirements 2024
A Quick Overview
Government-owned Pag-IBIG Housing Fund is part of the Human Settlements and Urban Development Department. The organization was founded in 1978 and since then, it has been a non-profit organization.
Filipinos have access to affordable home financing through the national savings initiative. In lieu of a bank mortgage, you can obtain a house loan from Pag-IBIG.
Which Housing Plans Does Pag ibig Provide?
Pag ibig organization offers two types of housing plans. Below, I will mention both of them.
1) End-User Financing Program
The Pag-IBIG Fund offers this home loan program as its standard program. Using this scheme, Filipinos can borrow up to PHP 6 million. Additionally, you can apply with a co-borrower and receive multiple loans.
2) Affordable Housing Program
The Affordable Housing Program, however, serves low- and minimum-wage workers. A maximum of PHP 750,000 can be borrowed with this loan, with a repayment term of 30 years.
Pag ibig housing loan interest rate 2024
Now comes the most important question, which is, “What’s the interest rate of the pag-ibig housing loan?”
The annual interest rate on Pag-IBIG’s housing loan is 5.375% for a one-year repricing period and 6.375% for a three-year repricing period.
One-year and three-year repricing periods are now available for special rates of 4.985% and 5.375%.That’s a discount offer going on.
There is a limited time period for these discounted rates. Affordable Housing Program financing rates are 3% annually. Low-wage earners and those earning minimum wage can participate in this program.
The longest repayment period of an IBIG loan is 30 years. You shouldn’t be older than 70 when the debt matures. Sounds interesting?
What’s the Procedure for Applying For the Pag Ibig Loan?
The question of how to obtain a loan from Pag Ibig is very common. So, the procedure of getting the loan is too simple. There are only some of the easy steps that you have to complete. Let’s see what the steps are.
1) Fulfil The Requirements
Being eligible isn’t the only thing you need to get the pag-ibig housing loan; you’ll also need some documents depending on the type of housing loan you want. You need to meet all loan requirements, so be sure to do so.
2) Pay the Processing Fee And Submit Your HLA
When you have fulfilled all requirements, complete your HLA and deliver it to the Pag-IBIG Fund office in your area. The PHP 1,000 processing fee must be paid when you submit your application for a home loan through Virtual Pag-IBIG.
3) You Need To Wait For Notice of Approval (NOA)
Your NOA will only be sent to you. A release may be sent to your attorney-in-fact if you are an OFW borrower. Your loan agreements must be signed within 90 days of obtaining your NOA. If for any reason, your request doesn’t get approved, you’ll get disapproval.
4) Submit Your NOA requirements
For a loan to be approved, you must meet the following requirements.
Don’t worry, you have 90 days to complete all of these steps.
5) Receive The Proceeds Of Your Loan
You can receive your loan proceeds from the Pag-IBIG fund. The following documents must be presented along with at least two valid identification cards:
This is what you need to do in order to apply for a Pag Ibig Housing loan.
Final Words!
The interest rates on Pag-Ibig housing loans for 2024 are 5.375% and 6.375%. Luckily, the fund is now offering a special rate of 4.985% and 5.375%. Hence, taking out a home loan now is a wise move.
That’s all I had for you in this article. If you have any questions related to the topic, please let me know in the comment section below. I’d love to help you out.
Ref: https://www.pagibigfund.gov.ph/FAQ_HL.html
Hi,
More info on the special rates for 2023. Under final words column.
Thanks.
Pagibig doesnt have idea for this.
Good day. Can I still change my housing loan repricing period? My loan proceeds is not yet released.
Thank you.
If your housing loan proceeds have not yet been released, there might be a possibility to change your repricing period. However, the process and availability of this option may depend on your specific loan agreement and the policies of the lending institution (whether it’s Pag-IBIG or a bank).
How to avail a special rate of 4.985% and 5.375% for housing loan?