Guide on Pag-IBIG Salary Loan 2024 Loanable Amounts
PAG-IBIG SALARY LOAN 2024 is ready to help provide for the financial needs of qualified members of the Pag-IBIG Fund.
Aside from the Social Security System which offers the SSS Salary Cash Loan, another giant state-run institution in the Philippines with millions of members is the Pag-IBIG Fund. Its member populace is composed of the following:
- government employees
- private employees
- self-employed individuals
- overseas Filipino workers (OFWs)
- voluntary members
A Pag-IBIG membership is mandated among the government employees and the employees of most private companies in the Philippines. While the Pag-IBIG monthly contribution may take a slice from the monthly salary of the member, it can widen his options for financial solutions.
The Pag-IBIG Fund is most popular for its Housing Loan offer which has already helped countless Filipinos attain residential properties in affordable ways. Aside from the said loan offer, the government agency also has the Multi-Purpose Loan or also called the Pag-IBIG Salary Loan 2024 by some.
The multi-purpose cash loan offer of the Fund is open not only for locally-employed individuals and overseas Filipino worker (OFW) members who have monthly compensations. Even the qualified self-employed members of the state entity may also avail the loan offer.
How much is loanable under the Pag-IBIG Salary Loan 2024? There are varying loanable amounts under the loan offer. According to the Fund, a qualified member may borrow up to 80% of his or her Pag-IBIG Regular Savings.
For example, if the total Pag-IBIG Regular Savings of a member is Php 10,000, a member may borrow up to Php 8,000. The Pag-IBIG Regular Savings is inclusive of the members’ “monthly contributions, their employer’s contributions, and accumulated dividends earned”.
Before applying for the offer, it is best to know the Pag-IBIG Salary Loan 2024 interest rate and the qualifications set by the Fund.