Pag-IBIG Fund is a government-run social security program in the Philippines. It was established in 1992 to provide financial assistance to members of the Philippine workforce with low income. The fund offers various types of loans to its members, such as housing loans, education loans, vehicle loans, and emergency loans. So, let’s see how to loan in Pag IBIG in 5 simple steps.
Topics Discussed in This Article:
- How much money can I loan online from Pag IBIG
- What are the requirements to loan in Pag-IBIG
- How to apply Pag IBIG loan online
- 3 Simple steps to loan in Pag IBIG
- How much time it takes to get Pag-IBIG loan approved
- What will happen if you don’t pay your Pag-IBIG loan
Pag-IBIG provides low-interest loans to Filipinos who need it most. It also provides social security and other benefits for all members of the labor force, their families and dependents, including those who are self-employed or working abroad.
How Much Can I Loan From Pag IBIG
Pag-IBIG is a government-owned and controlled corporation that provides a variety of financial products and services. Pag-IBIG’s main product is its housing loan, which provides financing for the purchase of new or pre-owned homes, condominiums, and townhouses. Pag-IBIG also offers other types of loans such as education loans, livelihood loans, and car loans.
Those who are qualified can borrow up to 80% of their total Pag IBIG regular savings. It means the more your save, the more you will be qualified to apply for the loan in Pag IBIG.
What are the Requirements to Loan in Pag-IBIG
The company requires a minimum of 2 years monthly membership under Pag-IBIG regular savings program. The maximum credit amount is capped at P6 million, and there is a limit to the number of times you can borrow from Pag-IBIG. Different loans have different requirements.
MPL Loan Requirements in Pag-IBIG are:
- Filipino citizen or should be permanent resident of the Philippines
- 18 years old and above
- Valid ID Proof
- Loan Application Form
- Selfie Photo
- Income should be at least P12,000- P15000 monthly (Income Proof)
- Should be active member having at least one month membership savings.
How to Loan in Pag IBIG
The first step to being able to avail of a loan in Pag-IBIG is to go through the pre-qualification process. This is done by filling out an application form that can be found on the Pag-IBIG website. Once this has been completed, there are two ways to proceed:
1) Apply for a loan online using the Pag-IBIG Online Application Form; or
2) Attend an orientation session on Pag-IBIG loans and then proceed with the application process.
3 Simple Steps to Loan in Pag IBIG:
- Download, fill up and Submit accomplished Multi-Purpose Loan Application Form along with required supporting documents
- Get STL Acknowledgement Receipt (HQP-SLF-121)
- On scheduled date, get loan proceeds.
For Home Equity Appreciation Loan
How Long Does it Take to Get Pag-IBIG Loan Approved
Getting a loan sounds easy but in actual it is not. It can take days, weeks, or even months to get approved for a loan. But with Pag-IBIG, you can get your loan approved in just 1-2 days. So, Pag-IBIG is the perfect solution for people who need money and don’t want to wait for a long time.
Now, how will you know if your loan is approved. You can check your loan status online on it’s website. or check from here.
What Will Happen if You Don’t Pay Your Pag-IBIG Loan
If you are not able to pay your Pag-IBIG loan and you do not have a good credit history, you will be considered a high-risk borrower. This means that the interest rates for your loan will be higher than the ones for a low-risk borrower.
If you default on your Pag-IBIG loan, the bank can start charging penalties and fees that will accumulate over time. They can also seize your property and sell it at an auction.
So, this is how to loan in pag ibig. if your feel any confusion or any suggestion you have, please comment below to this post. Thank You!
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