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Pag-IBIG Fund

Advertiser Disclosure

About Pag-IBIG

Pag-IBIG is a government-owned and managed corporation that is under the jurisdiction of the Housing and Urban Development Coordinating Council (HUDCC). Through an effective savings system, it assists Filipinos in obtaining low-cost home finance.

On June 11, 1978, Philippines' 10th president, Ferdinand E. Marcos, signed Presidential Decree No. 1530, establishing the Pag-IBIG Fund. The company was established purely as a provident fund to encourage people to save for affordable housing. As a result, Filipinos can borrow up to ₱6 million in home loans at low APRs (annual percentage rate) of 5.75% to 10%.

Pros and cons

Pag-IBIG has helped many Filipinos acquire homes while saving for emergency needs. However, because most financial institutions offer the same services, you must understand the advantages and disadvantages of using Pag-IBIG before deciding whether you need them.

Pros

  • Has a convenient early pay-off plan, which users can consider at any time without being incurred any additional interest or penalties.
  • Has fewer limits for applicants, unlike banks.
  • Has lower processing fees than bank loans.
  • Has flexible repayment arrangements, including early payoff without fees or interest.

Cons

  • You are charged more expensive interest rates than banks.
  • You must be a member of Pag-IBIG and have some savings before you can get any financing.

Loan conditions

Pag-IBIG offers home and multi-purpose loans that are subject to different conditions.

Home loan

You can borrow up to ₱6 million for a home loan, depending on the purpose of the money, the amount you intend to borrow, your repayment ability, and your loan-to-appraised-value (LTV) ratio.

However, you need to meet these conditions first:

  • You must have been saving for at least a year or pay the required monthly membership savings in one lump sum payment.
  • You must be under the age of 65 when you apply for a home loan and under 70 when the loan matures.
  • You must pass background, credit, and employment or business checks
  • You must not have any outstanding Pag-IBIG short-term loan (STL) arrears at the time of loan application.
  • You must have no Pag-IBIG housing loans that have been foreclosed, annulled, or bought back owing to default or have been subjected to dacion en pago.

If you match the above criteria and your home loan is authorized, you can use the cash to purchase a home, obtain a mortgage, make home modifications, or refinance an existing housing loan if you have not defaulted on any payments.

Short-term loans

Short-term credit includes multi-purpose and calamity loans.

The Pag-IBIG multi-purpose loan (MPL) provides cash to members who have an emergency financial need. MPL can be used for medical expenses, minor home improvements, utility bill payments, vacation, travel, and other purposes.

On the other hand, calamity loans are used to provide emergency financial assistance to Pag-IBIG Fund members in disaster-stricken areas. The debt has a 5.95 % APR, and those who are affected must apply for the loan within 90 days after the declaration of a state of calamity.

Additionally, short-term loans allow qualified members to borrow up to 80% of their Pag-IBIG regular savings account balance and return it over a period of 24 to 36 months, with the first payment deferred.

However, to qualify for a short-term loan, you must have the following:

  • You must have been saving with the Pag-IBIG regular savings program for at least a year.
  • You must be an active member with at least one monthly membership savings during the last six months of the loan application date.
  • You must have no outstanding debts. Arrears on a Pag-IBIG short-term loan (STL), MPL, or Calamity loan at the time of loan application
  • You must show proof of your income.

Funding a loan

Once you submit all relevant information and meet all loan conditions, Pag-IBIG will review your documents and process your loan request. After your cash loan is approved, the funds are deposited into your Pag-IBIG regular savings account.

Then you can pay off your mortgage in a variety of convenient ways, such as:

  • Through your employer, who remits your monthly payments to the Pag-IBIG Fund.
  • Through post-dated checks
  • Through an auto-debit arrangement (ADA) with a Pag-IBIG Fund partner bank, such as Land Bank or Metrobank.
  • Through any Pag-IBIG Fund branch, virtual Pag-IBIG, or any Pag-IBIG Fund certified collecting partner's store.

Pag-IBIG Fund

Reviews

FAQ

What is Pag-IBIG?

Pag-IBIG is a government-sponsored fund that helps Filipinos save money and access inexpensive house financing.

Who owns Pag-IBIG?

The Philippine government owns Pag-IBIG, established by Presidential Decree No. 1530 and signed by President Ferdinand E. Marcos on June 11, 1978.

How do you qualify for Pag-IBIG?

To qualify for any loan at Pag-IBIG, you must provide proof of income, be under the age of 65, and pass background, credit, and employment or business checks.

How much can you borrow from Pag-IBIG?

In housing loans, you can borrow up to  6 million, while in multi-purpose loans, you can borrow up to 80% of your total Pag-IBIG savings, including dividends.

Is Pag-IBIG a legitimate company?

Yes. Pag-IBIG is also a government-sponsored Home Development Mutual Fund (HDMF) that is overseen by the Philippine Department of Human Settlements and Urban Development.

Company documents

Terms & Conditions
Privacy Policy

Our mission to generate more savings from more Filipino workers, to administer a sustainable Fund with integrity, sound financial principles, and with social responsibility, and to provide accessible funds for housing of every member.

© Pag-IBIG Fund

Financial products

Pag-IBIG Fund
Calamity Loan
Rating by Finanso®
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The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
up to 80% of total Pag-IBIG Regular Savings
Rate
i

Effective interest rate on the product

5.95% per year
Term
i

Loan term for the financial product

up to 36 months
Pag-IBIG Fund
Multi-Purpose Loan
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
up to 80% of total Pag-IBIG Regular Savings
Rate
i

Effective interest rate on the product

10.5% per year
Term
i

Loan term for the financial product

up to 36 months
Pag-IBIG Fund
Pag-IBIG Housing Loan
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
up to ₱6,000,000
Rate
i

Effective interest rate on the product

5.75% - 10% per year
Term
i

Loan term for the financial product

1 - 30 years
Pag-IBIG Fund
Pag-IBIG Loyalty Card Plus
Rating by Finanso®
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The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
up to up to ₱500,000
All products

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Pag-IBIG Fund loan calculator

Calculate loan payments at Pag-IBIG Fund. Loans calculator will allow you to calculate an approximate payment schedule for the loan.

Pag-IBIG Fund calculator
Interest rates are given in accordance with the rates of the Pag-IBIG Fund in Manila as of 04.12.2022
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