Guide on Pag-IBIG Cash Loan Processing Fee & Other Important Details
PAG-IBIG CASH LOAN PROCESSING FEE – Here are some details you must know about the Multi-Purpose Loan offer of the Pag-IBIG Fund.
One of the biggest state-run entities in the Philippines is the Pag-IBIG Fund. It was built to help the Filipino people acquire residential properties of their own. Undeniably, its Housing Loan offer is its most popular loan but it has several other loan offers, too.
Aside from the Pag-IBIG Housing Loan, the Fund also offers the Pag-IBIG Multi-Purpose Loan, a cash loan that was crafted to address short-term financial needs. It is open to provide finances for any of the following:
- Medical expenses;
- Minor home improvement;
- Capital for a small business;
- Tuition fee and other education-related expenses;
- Purchase of furniture, appliances or electronic gadgets;
- Payment of utility and credit card bills;
- Vacation and travel;
- Special events;
- Car repair; or
- Other needs
Who are qualified to apply for the Multi-Purpose Loan offer of the Fund? Here are the qualifications set by the Fund to be eligible to apply for the loan offer:
- 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
- at least twenty-four (24) monthly membership savings under the Pag-IBIG Regular Savings program
- has no Pag-IBIG Housing Loan, MPL and/or Calamity Loan in default
- reliable source of income
How much is the Pag-IBIG cash loan processing fee? Truth be told that most loan applications come with processing fees. However, there is a different case for the Multi-Purpose Loan offer of the Fund.
The Pag-IBIG cash loan processing fee is zero. The Pag-IBIG Cash Loan loanable amounts may vary. To apply for the loan offer, here are the general requirements for application:
- duly-accomplished and signed Pag-IBIG Multi-Purpose Loan Application Form
- photocopy of one (1) valid ID such as the following:
- passport
- Driver’s License
- National Bureau of Investigation (NBI) Clearance
- Professional Regulation Commission (PRC) ID
- Police Clearance
- Voter’s ID
- Postal ID
- Government Service Insurance System (GSIS) e-Card
- Senior Citizen Card
- Barangay Certification or Barangay IDs
- Social Security System (SSS) Card
- Overseas Filipino Worker ID
- Overseas Workers Welfare Administration (OWWA) ID
- Alien Certification of Registration/Immigrant Certificate of Registration
- Certification from the National Council for the Welfare of Disabled Persons (NCWDP)
- Seaman’s Book or Seafarer’s Identification and Record Book (SIRB)
- Department of Social Welfare and Development (DSWD) Certification
- Government Office and GOCC ID
- Integrated Bar of the Philippines ID
- Company ID
- Philippine Identification (PhilID) Card
The proof of income in applying for the loan may vary. The loan offer is open not only for the locally-salaried and non-salaried members of the Fund but as well as the overseas Filipino workers (OFWs).
Locally-Employed Members
- Certificate of Net Pay
- This portion of your MPL Application Form which is found at the back of the form must be accomplished by your employer; or
- photocopy of one (1) month latest payslip duly authenticated by an authorized signatory of the company
Self-Employed Members
- photocopy of Income Tax Return (ITR) and Official Receipt of tax payment from bank supported with DTI Registrant and Mayor’s Permit or Business Permit
- original copy of bank statements or passbook for the last 12 months
- original copy of Commission Vouchers indicating the name and contact details of the issuer
- original copy of Certified True Copy of Transport Franchise
- original copy of the Notarized Affidavit of Income
- original copy of the Certificate of Engagement issued by the business owner
OFW
- Employment Contract
- photocopy of the Employment Contract between the employee and employer or original copy of the POEA Standard Contract
- Certificate of Employment and Compensation (CEC)
- CEC written on the Employer; or
- CEC signed by employer supported by a photocopy of the ID and passport of the employer
- Original copy of Income Tax Return filed with Host Government or Country
Aside from the Housing Loan and the Multi-Purpose Loan offer, the Fund also has the Pag-IBIG Calamity Loan offer for members.