Details on How To Compute Your Pag-IBIG Cash Loan Loanable Amounts
HOW TO COMPUTE YOUR PAG-IBIG CASH LOAN – Here is a guide on how you can get your estimated loanable amount under the Pag-IBIG Fund offer.
In the Philippines, millions of Filipinos coming from different fields are members of the Pag-IBIG Fund. Some of them are locally-employed individuals, self-employed individuals, overseas Filipino workers (OFWs), and voluntary members.
Members who have updated accounts to the Fund have chances of qualifying to the Pag-IBIG Fund Loans. One of the offers is the Multi-Purpose Loan which is also called the MPL and the Pag-IBIG cash loan offer which is open for online application.
The Pag-IBIG cash loan offer is open for members who meet the following eligibility requirements:
- has a minimum of twenty-four (24) monthly membership savings under the Pag-IBIG Regular Savings program
- in active membership with at least one (1) monthly membership savings within the last six (6) months prior to the date of loan application
- If with an existing Pag-IBIG Housing Loan, MPL and/or Calamity Loan, the account/s must not be in default
- has proof of income
A Pag-IBIG Fund member may borrow up to an equivalent of 80% of his/her Pag-IBIG Regular Savings. It includes his/her total monthly contribution, his/her employer’s contributions, and the accumulated dividends.
How to compute your Pag-IBIG Cash Loan loanable amounts? It is dependent on the loan factor. If you have posted 24 monthly contributions, your loan factor is 60%. Here is the formula:
- (Number of Monthly Contributions) (Pag-IBIG Monthly Contribution) (.60%)
If you have posted 120 months, the loan factor is at 80% or .80. The same formula stated above will be used. The borrowed amount is payable within three (3) years or 36 monthly contributions. You may opt to finish your loan repayment in two (2) years or 24 months.
