Pag-IBIG Contribution Rate 2024 — A Complete Guide for Members

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Details about the Pag-IBIG Contribution Rate 2024 for Members

PAG-IBIG CONTRIBUTION RATE 2024 – Here is a complete guide for the members of the Fund on the premiums set for this year.

Are you one of the members of the Pag-IBIG Fund? If you are, as the new year starts, it is best to check on the premiums set by the government agency to ensure that your account is updated. It is the main path for eligibility to the loans and services offered by the state entity.

Pag-IBIG Fund
Photo Credit: iMoney

The Pag-IBIG Fund was crafted in 1978. Its primary purpose was to provide affordable residential properties to low-income Filipinos. Thus, its Housing Loan remains its most popular offer. To qualify for the loans as well as the services and facilities of the Fund which now includes the MP2 Savings, you must regularly post a monthly contribution.

Pag-IBIG Contribution Rate 2024
Photo Credit: CNN Philippines

The Pag-IBIG contribution rate varies depending on the employment status of the individual — locally-employed, self-employed, overseas Filipino worker (OFW), kasambahay or household helper, non-working spouse, or voluntary member.

The monthly contributions may be subject to changes thus it is important to monitor the rates set by the Fund for the premiums every January. Here is a guide on the tables bearing the Pag-IBIG contribution rate 2024 for each employment category:

Members of the Pag-IBIG Fund with updated accounts may qualify to the loan offers of the government office. Here are its three (3) main offers:

Pag-IBIG Housing Loan

The Housing Loan offer of the Pag-IBIG Fund was designed to financa a residential property acquisition, house construction, home renovation, existing home loan take-out, and combined loan purposes. Thee loanable amounts under the Pag-IBIG Housing Loan vary based on the factors considered by the Fund. Here are the criteria for application:

  • active Pag-IBIG Fund member with least 24 months savings
  • not more than 65 years old at the date of loan application and is not more than 70 years old at the date of loan maturity
  • no Pag-IBIG housing loan foreclosed, cancelled, bought back, or voluntarily surrendered
  • legal capacity to acquire and encumber real property
  • If with existing Pag-IBIG Housing account or Short Term Loan (STL), payments must be updated

Pag-IBIG Multi-Purpose Loan

The most flexible loan offer of the Pag-IBIG Fund is the Multi-Purpose Loan or also called the MPL. The said Pag-IBIG cash loan offer was designed to help meet the short-term needs of the qualified memebrs. The loanable amounts under the Pag-IBIG cash loan depending on the total savings of the member. To qualify for the offer, here are the qualifications that the member must meet:

  • has posted at least twenty-four (24) monthly membership savings under the Pag-IBIG Regular Savings program
  • with active membership, by having 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 a source of income

Pag-IBIG Calamity Loan

In times of natural calamities like earthquake, typhoon, tsunami, etc., members of the Fund who are living or working in areas declared under the State of Calamity may apply for the loan. The Pag-IBIG Calamity Loan loanable amount depends on the total savings of the member. Here are the qualifications for application:

  • a minimum of twenty-four (24) monthly membership savings under the Pag-IBIG Regular Savings
  • in active membership, by having at least one (1) monthly membership savings within the last six (6) months prior to the date of loan application
  • has proof of income
  • If with an existing Pag-IBIG Housing Loan, Multi-Purpose Loan and/or Calamity Loan, the account/s must not be in default

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