Loan in Pag-IBIG : How To Apply Online (2024)?

How to loan in Pag-IBIG online short term ? Calamity, first loan, 2nd loan amount.

Pag-IBIG has a way to apply for a loan online, so you can do it from the comfort of your own home.

At retailasiaonline.com, we will guide you on how to apply for a loan online, what are the requirements, how much you can borrow, and what are the purposes of getting a loan in 2024.

Let’s dive in!

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1. Summary of Loan in Pag-IBIG

✅ How to	⭐ Loan in Pag-IBIG online
✅ Loan amount	⭐ 2,880 – 6,000,000 Pesos
✅ Age	⭐ 18 – 65 years old
✅ Term	⭐ 1 – 30 years
✅ Interest rate	⭐ 3% – 10.5%/year
✅ Requirements	⭐ Proof of Income
✅ Pros	⭐ Longer repayment periods
✅ Cons	⭐  Not suitable for urgent financial needs
✅ Evaluate the effectiveness	⭐ Good
✅ Feedback	⭐ Read more in this article
✅ Loan types	⭐ Multi-Purpose Loan (MPL) and Housing Loan

2. What is a loan in Pag-IBIG?

A loan in Pag-IBIG is a financial assistance program in the Philippines. It provides many different loan products, such as the Multi-Purpose Loan (MPL) and Housing Loan. These loans give members low-interest options to deal with disaster recovery, urgent financial requirements, and homeownership objectives.

3. Pros of Pag-IBIG loan online

Types of loan in Pag-IBIG come with the following benefits:

• Lower interest rates and friendlier terms compared to some bank loans.
• Longer repayment periods, making payments more manageable.
• Option for low-income earners.
• Flexibility in advance payments and terms.

4. Cons of loan in Pag-IBIG

Apart from the upsides, the loan in Pag-IBIG also offers its customers some downsides as follows:

• Requires paperwork and processing time.
• Limited loan amount compared to some bank loans.
• May not be suitable for urgent financial needs due to processing time.
• Regulations and eligibility criteria must be met.

5. Pag-IBIG multi purpose loan

The Multi-Purpose Loan (MPL) is a cash loan created to offer qualifying members quick financial support for a variety of requirements.

Members have flexible periods and low-interest rates when borrowing up to 80% of their total Pag-IBIG Regular Savings.

This loan can be used for important things including living expenses, home improvements, health care, and education.

Even though this Pag-IBIG personal loan provides a practical means of meeting urgent financial demands, think about the conditions, eligibility requirements, and payback commitments before applying for the loan.

6. Maximum loan in Pag-IBIG

For both 1st and 2nd loan in Pag-IBIG, the specific maximum loan amounts may vary based on the type of loan and individual qualifications.

However, the actual amount you can borrow will depend on the lowest of the following:

• Your actual need
• Your desired loan amount
• Your loanable amount based on what you can afford.
• The loan-to-appraisal value ratio

1st loan in Pag-IBIG

For the first loan in Pag-IBIG, eligible members may borrow up to 80% of the total amount of their Pag-IBIG Regular Savings, which consists of both their own monthly payments and the contributions made by their employers.

2nd loan in Pag-IBIG

The maximum Pag-IBIG 2nd loan amount is six million pesos ( 6,000,000.00 PHP), subject to meeting eligibility requirements and taking into account the least important factors, such as the borrower’s genuine need.

7. Loan in Pag-IBIG interest rate

The interest rates for Pag-IBIG personal loan vary depending on the type of loan and the member’s eligibility. Here are the current interest rates for these loans:

• Housing Loan: 6.5% per annum for the first 3 years, then 9% per annum for the remaining years of the loan term.
• Affordable Housing Loan for Minimum-Wage and Low-Income Earners: 3% per annum for the first 5 years, then 6.5% per annum for the remaining years of the loan term.
• Multi-Purpose Loan: 10.5% per annum.
• Calamity Loan: 5.95% per annum.

8. Example of Loan in Pag-IBIG interest rate calculation

Here is an example of how to calculate the interest rate for a Pag-IBIG short term loan:

• Assume that you are applying for a 100,000 PHP with a fixed pricing period of 3 years.
• The current interest rate for this loan with a 3-year fixed pricing period is 10.5% per annum.
• This means that you will pay an interest of 10,500 PHP per year on your loan, or PHP 291.67 per month.
• Over the course of the 3-year loan term, you will pay a total of PHP 31,500 in interest.

Here is the formula for calculating the interest rate for this loan:

• Interest rate = (Loan amount * Interest rate per annum) / (12 * Fixed pricing period)

In this case, the interest rate would be calculated as follows:

• Interest rate = (100,000 PHP * 10.5%) / (12 * 3 years) = 291.67 PHP per month

You can use the Pag-IBIG housing loan calculator to get an estimate of the interest rate you will be charged.

9. Loan in Pag-IBIG requirements 2024

The requirements for a loan in Pag-IBIG vary depending on the type of loan you are applying for. Here are the general requirements for some common loans:

Requirements for housing loan in Pag-IBIG

To apply for a Pag-IBIG home loan, you generally need the following:

• Completed Housing Loan Application Form
• Updated Tax Declaration and Tax Receipt
• Vicinity Map
• Proof of Income
• Valid ID
• Active membership at the time of loan application

Requirements to Salary loan in Pag-IBIG

To apply for a Pag-IBIG salary loan, you typically need the following:

• Completed Salary Loan Application Form
• 01 valid ID with signature
• Selfie photo
• Proof of income
• Active membership at the time of loan application

10. How to loan in Pag-IBIG online?

To apply for a loan in Pag-IBIG online, follow these steps:

Step #1: Visit the official website

• Visit the homepage of Pag-IBIG at https://www.pagibigfund.gov.ph/index.html.

Step #2: Move to Loan Online Application

• Scroll down the homepage and you will see “Short-Term Loan Online Application” on the left side.
• Click on it to redirect to a new page.

Step #3: Prepare the required paperwork

• Tick to agree with Data Privacy Statement and then press “Proceed”.
• Prepare the documents given on the page and then continue clicking the “Proceed” option.

Step #4: Choose your loan

• Select your loan type and enter your Membership ID (MID).
• Next, press “VALIDATE YOUR MID NO.” and follow the remaining prompts on the website to apply for a loan online.

The following video is available for reference:

11. How to apply for a housing loan in Pag-IBIG?

Follow the step-by-step instructions to PagIBIG apply online for Housing Loan:

Step #1: Check your eligibility

• Make sure you meet the requirements to qualify for a housing loan as mentioned above.

Step #2: Gather the required documents

• The required documents for a housing loan application vary depending on your employment status.
• They will appear on the website when you choose “E-Services”>”Housing Loan Online Application”.

Step #3: Submit your application

• Select your loan type and fill in your MID. Then click “VERIFY”.
• Then submit your application online via Virtual Pag-IBIG.

Step #4: Wait for the approval of your loan

• The processing time for a housing loan application is usually 15-30 days.
• Once your loan is approved, the loan company will notify you.

Step #5: Close your loan

• Once you have completed the payment of your loan, you can close your loan account by submitting the necessary documents to this lender.

11. Loan in Pag-IBIG reviews and Feedback

I’ve been a member of Pag-IBIG for a few years and I’ve availed of a Pag-IBIG home loan and a multi-purpose loan.

I’m very happy with my experience with these loans. The process was very easy and the interest rates are very reasonable. I was able to get the loan amount I needed and I was able to repay it on time.

I would definitely recommend these loans to anyone who is looking for money. They are a good choice that won’t break the bank.

Here are some of the thoughts I have about these loans:

• The interest rates are very reasonable.
• The process is very easy and straightforward.
• The requirements are not as stringent as bank loans.
• The loan amount is based on your Pag-IBIG savings, so you are guaranteed to be approved if you have made regular contributions.
• The loan can be used for a variety of purposes, including buying a house, paying for medical expenses, or financing a child’s education.

Overall, I am very satisfied with my experience with these loans. They are a great option for anyone who is looking for a reliable and affordable loan.

You can see some customers’ reviews about these loans in Pag-IBIG as follows:

12. Loan in Pag-IBIG payment method

There are many ways to pay your PagIBIG house construction loan:

#1. Salary deduction

• If you are an employed member, you can have your loan amortizations deducted directly from your salary.
• This is the most convenient way to pay your loan, as you do not have to worry about making the payments yourself.

#2. Auto-debit arrangement

• You can also set up an auto-debit arrangement with a Pag-IBIG Fund partner bank.
• This means that your loan amortizations will be automatically debited from your bank account on a monthly basis.

#3. Over-the-counter payment

• You can pay your loan amortizations at any Pag-IBIG Fund branch.
• You can also pay your loan at any of its Fund’s accredited collecting partners, such as SM Business Service Centers, SM Hypermarket, Savemore, Bayad Center, LANDBANK, Metrobank, ECPay, M Lhuillier, and GCash.

#4. Virtual Pag-IBIG

• You can also pay your loan amortizations online through Virtual Pag-IBIG. This is a convenient way to pay your loan, as you can do it anytime and anywhere.
• The specific payment methods that are available to you will depend on your employment status and location.

To find out more about the payment methods that are available to you, you can contact the its Fund customer service hotline at (02) 8632-4747 or visit their website at www.pagibigfund.gov.ph.

13. Compare Loan in Pag-IBIG to other company

Criteria	Pag-IBIG Loan	Bank Loan	SSS Loan
Interest Rate	3% to 6.5% per year	Varies depending on the bank, usually 6% to 8% per year	10% per year
Processing Time	17 business days	5 to 10 business days	3 to 5 business days
Loan Amount	Up to ₱6 million	Up to 80% of the appraised value of the property	Up to ₱32,000
Payment Term	Up to 30 years	Up to 20 years	Up to 24 months
Eligibility Requirements	At least 24 months’ worth of money, no older than 65, no outstanding debt, and no properties foreclosed	A foreign national or Filipino citizen with a valid permanent residence visa, strong credit history, steady salary, and at least 21 years old	A minimum of 36 monthly contributions, a maximum age of 65, and no past-due Social Security loans or benefits

Sources: Refer to Sate Bank reporting and research.

14. Calamity loan in Pag-IBIG

The Pag-IBIG Calamity Loan is a cash loan facility to assist its members who reside in areas declared under a state of calamity and are affected by such disasters.

• The loan amount is up to 80% of the member’s total Regular Savings including their monthly contributions, their employer’s contributions, and any dividends they have received.
• The interest rate is 5.95% per annum.
• The loan term is 24 months, with a grace period of 3 months.

To be eligible for the loan, the member must:

• Be a regular Pag-IBIG member for at least 24 months
• Live in a place where a state of disaster announced
• Have a good standing with Pag-IBIG

Read more:

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15. FAQs

Below are some concerns about the loan in Pag-IBIG:

How much can I loan in Pag-IBIG?

The maximum housing loan amount you can get from Pag-IBIG is PHP 6 million. The amount you can borrow will be the lowest of your real need, the amount you want to borrow, the amount you can borrow based on your ability to pay, and the loan-to-value ratio.

How to check loan balance in Pag-IBIG?

You can set up an online Virtual Pag-IBIG loan account to check the balance of your loan. Through your account, you can see how much you owe, how much you’ve paid, and other information. You can also call its Customer Service at (02)8724-4244 to find out how much you owe on your loan.

Can I loan in Pag-IBIG with existing loan?

Yes, even if you already have a loan, you can still get Pag-IBIG loan approved. Your loanable amount will rely on how much you already owe and how much you have contributed. To keep your loan, you have to pay at least six monthly payments.

How many months to loan in Pag-IBIG?

The term for a Pag-IBIG cash loan varies on the type of loan and the option you choose. You can pay back a Multi-Purpose or Calamity Loan over 24 or 36 months. You have up to 30 years to pay back a Housing Loan. Their official page has more information.

When can I loan in Pag-IBIG?

You can loan in Pag-IBIG when you have at least 24 monthly membership savings, are an active member, have no outstanding loan in arrears, and pass the Pag-IBIG’s background check. You can apply for a loan online or at any branch of this company. The processing time for a loan application is typically 1-2 weeks.

How to pay Pag-IBIG housing loan in GCash?

To use GCash to pay your housing loan, open the GCash app and tap “Pay Bills.” Then, click “Housing & Real Estate” and then “Pag-IBIG Fund.” Next, type in your 20-digit Housing Loan ID and the amount you want to pay. Last, confirm the purchase and wait for the acknowledgement message.

Why Pag-IBIG salary loan disapproved?

There are several possible reasons why your Pag-IBIG salary loan online was denied. Some of them are giving false or fake documents, not making a monthly payment and violating the rules and policies of the this Fund, not submitting correct and sufficient requirements, and not having enough income to pay back the loan.

What is short term loan in Pag-IBIG?

A short term loan in Pag-IBIG is a cash loan used for any urgent financial need. It could be a Multi-Purpose Loan (MPL) or a Calamity Loan (CL), based on the situation. The loan term can be up to 3 years, and the interest rate is 10.5% per year.

How long is Pag-IBIG loan approval?

The Pag-IBIG loan approval time depends on the type of loan and the branch where you apply. For a multi-purpose loan, it can take one to two weeks. For a housing loan, it can take 17 days. You can check on the progress of your loan online or by calling the customer service hotline.

Who can loan in Pag-IBIG?

Anyone who is a member of the Pag-IBIG Fund can loan from the fund. To qualify for a loan, you must have at least 24 monthly membership savings, be of legal age, and be able to pass the its background and credit checks. You must also have no outstanding loans in arrears.

Who is eligible for Pag-IBIG loan?

You must be a Pag-IBIG Fund member, have at least 24 months of membership savings, be of legal age, and have good credit to be eligible for a loan from the program. Depending on the type of loan you request, the specific requirements may change.

Which is better Pag-IBIG or bank financing?

Pag-IBIG home improvement loan is usually better for first-time homebuyers and people with low to middle incomes. It has lower interest rates and longer loan terms, and the standards are not as strict as with bank financing. But bank borrowing may be more flexible in terms of property type and interest rates.

What will happen if you don’t pay your Pag-IBIG loan?

If you don’t pay your Pag-IBIG loan, you will be charged a penalty of 1/20 of 1% of the amount due for every day of delay. Your account will also be considered in default, and the entire balance will become due and demandable. Pag-IBIG may also endorse your account for foreclosure.

16. Conclusion

You can easily apply for loan in Pag-IBIG online. If you fit the conditions, which include holding a valid ID card, at least 24 monthly saves, and one monthly savings for the previous six months, you can apply online.

The total loan amount is determined by your pay and contributions, with an annual interest rate of 10.5%.

Borrowers can use these loans for any purpose, including company capital, education, home improvement, or medical costs.