Pag-IBIG Housing Loan — Guide on How Much You May Borrow under it

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Details about the Pag-IBIG Housing Loan Loanable Amounts for Qualified Members

PAG-IBIG HOUSING LOAN – Here is a guide for the Pag-IBIG Fund members on how much you may borrow under this loan offer.

In the Philippines, the Pag-IBIG Fund is one of the biggest government offices with multi-million members. Its members are individuals who are locally-employed, self-employed, overseas Filipino workers (OFWs), as well as those who applied for a voluntary membership to the government office.

An active Pag-IBIG membership is a mandate for employees of most companies in the public and private sectors in the Philippines. The government agency has been in the service of the Filipino people for decades already 1978.

Every month, the members of the Pag-IBIG Fund remit a certain amount to maintain an active and update account that may qualify to its loans and other offers. In the case of the employed members, their employer pay for a share in their monthly contributions.

With regards to its loan offers, the most popular offer of the Fund is the Pag-IBIG Housing Loan. It caters several purposes including the following:

  • Purchase of a fully developed residential lot or adjoining residential lots not exceeding 1,000 square meters;
  • Purchase of a residential house and lot, townhouse or condominium unit;
    1. Pre-owned or brand-new units,
    2. A property mortgaged with Pag-IBIG Fund; or
    3. Adjoining house and lots / townhouses / row houses / condominium units.
  • Construction or completion of a residential unit on a residential lot owned by the borrower or a relative of the borrower;
  • Home improvement; and
  • Refinancing of an existing housing loan, provided, that the borrower must be regularly paying the amortizations of the said loan without any payment made beyond thirty (30) days past due for the last six (6) months from the date of application.

Under the Pag-IBIG Housing Loan offer, a member may borrow up to P6 million. Here are the factors considered by the government office in determining the loanable amount for a member:

  • the actual need;
  • the desired loan amount;
  • the loanable amount based on the member’s capacity to pay
  • the Loan-to-Appraised Value ratio
Pag-IBIG Housing Loan Qualifications

Undeniably, the Pag-IBIG Fund is one of the most popular entities when it comes to housing loans. Under it, you can choose for a light monthly installment as its term can be stretched to up to 30 years.

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