Guide on How Much You Can Borrow Under Pag-IBIG Multi-Purpose Loan
PAG-IBIG MULTI-PURPOSE LOAN – Here is a guide on how much you can borrow under the multi-purpose loan offer of the Home Development Mutual Fund (HDMF).
One of the government agencies in the Philippines that provide cash assistance for the public regarding certain purposes is the Home Development Mutual Fund. It is more commonly known as Pag-IBIG or Pag-IBIG Fund.
Pag-IBIG offers cash assistance to its members through the different kinds of loans. If you are up for house acquisition, you may apply for the Pag-IBIG House Loan. It is open for residential property purchase, home improvement, refinancing, house construction, and combined purposes regarding a residential unit.
If you are up for other purposes, you may apply for the Pag-IBIG Multi-Purpose Loan. It is open for a lot of purposes including the funding of the following:
- car repair
- minor home improvement
- vacation or travel
- payment of a utility bill
- tuition fees
- small business
- purchase of an appliance or furniture
To be eligible for the multi-purpose loan offer, the borrower must have:
- posted at least twenty-four(24) monthly savings
- posted at least one(1) MS within the last six(6) months
- his or her Pag-IBIG Housing Loan or Calamity Loan in default in case there is
- provided a sufficient proof of income
How much is loanable under this multi-purpose loan offer?
Based on the official website of the government agency, the member can borrow up to 80% of his or her total accumulated value (TAV) under the Pag-IBIG Multi-Purpose Loan.
In case the borrower has an existing Calamity Loan, the balance of the loan will be deducted from 80% of his or her TAV.
With regards to payment of the loan to Pag-IBIG, for employed borrowers, the monthly amortization can be deducted from the salary directly. For self-employed borrowers and overseas Filipino workers (OFWs), the payment for the loan can be done over-the-counter.
To apply for the said loan offer, you may visit the official website of the government agency – https://www.pagibigfund.gov.ph.
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