Table of Contents
What is Pag-IBIG Fund Multi-Purpose Loan?
The Pag-IBIG MPL can be used for any of the following purposes:
- 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
Pag-IBIG MPL requirements
You must have the following to qualify for the loan:
- At least twenty-four (24) monthly membership savings under the Pag-IBIG Regular Savings program;
- Active membership, by having at least one (1) monthly membership savings within the last six (6) months prior to the date of loan application;
- If with an existing Pag-IBIG Housing Loan, MPL and/or Calamity Loan, the account/s must not be in default; and
- Proof of income.
Pag-IBIG MPL loan limit
Qualified members can borrow up to 80% of their total Pag-IBIG Regular Savings, which consist of their monthly contributions, their employer’s contributions, and accumulated dividends earned.
This means that the more you save in your Pag-IBIG Regular Savings, the higher loan amount you may apply for via the MPL.
If you have an outstanding Pag-IBIG Calamity Loan, the amount you may borrow shall be the difference between the 80% of your total Pag-IBIG Regular Savings and the outstanding balance of your Pag-IBIG Calamity Loan.
Pag-IBIG MPL loan interest rates
The MPL comes at a low interest rate of 10.5 percent per annum.
It is worth to note that a significant part of the income derived by Pag-IBIG Fund from the MPL’s interest is returned to its members in the form of dividends.
How to repay Pag-IBIG MPL
The loan is payable within three years or 36 months and comes with a deferred first payment. Members may also opt to pay their loans in two years or 24 months.
If you are an employed member, you may pay your loan amortizations via a salary deduction arrangement with your employer. Should you wish to accelerate or advance your payments, you may do so via Virtual Pag-IBIG, at any Pag-IBIG Fund branch near you, or through any of our accredited collecting partners’ outlets or their online payment channels.
If you are a self-employed individual or an Overseas Filipino Worker (OFW), you may pay your loan amortizations via Virtual Pag-IBIG, at any Pag-IBIG Fund branch near you, or through any of our accredited collecting partners’ outlets or their online payment channels.
How do I apply for a Pag-IBIG MPL?
You can easily apply for a Pag-IBIG MPL via the following options:
Online, via Virtual Pag-IBIG by:
Uploading your duly accomplished loan application form and requirements*; or
Completing the Pag-IBIG MPL application online form, for members whose employers are enrolled under the Virtual Pag-IBIG for Employers**
Over-the-counter, by submitting your duly accomplished loan application form and requirements through your employer or personally, at the Pag-IBIG Fund branch nearest you.
*available to members with a Pag-IBIG Loyalty Card Plus or cashcards issued by any of Pag-IBIG Fund’s partner banks for such purpose.
** available to members with a Pag-IBIG Loyalty Card Plus only
What is Pag-IBIG Fund Calamity Loan
The Pag-IBIG Fund Calamity Loan is a cash loan facility to assist Pag-IBIG Fund members who reside in areas declared under a state of calamity and are affected by such disasters. The loan seeks to provide immediate financial assistance to help members recover from the effects of such calamity. It comes at a low interest rate of 5.95% per annum. The loan is payable within 24 months and has a deferred first payment.
What is Virtual Pag-IBIG?
The Virtual Pag-IBIG is Pag-IBIG Fund’s online service facility that allows you to safely and conveniently access Pag-IBIG Fund’s services anytime, anywhere using just your smartphone or computer with internet connection.
It also provides a chat service with a Lingkod Pag-IBIG service officer ready to answer your inquiries or concerns.
It’s like having your own Pag-IBIG Fund branch ready to serve you 24/7!
What is the Pag-IBIG Housing Loan?
The Pag-IBIG Fund Housing Loan allows you to borrow up to P6 million under very low rates and at the friendliest terms, to help you fulfill your dream of owning a home!
Pag-IBIG Housing Loan requirements
You must have the following to qualify for the loan:
At least twenty-four (24) monthly membership savings (a lump sum payment of the required monthly membership savings is allowed);
Age of not more than sixty-five (65) years at the date of application and not more than seventy (70) years at maturity of the loan;
Legal capacity to encumber real property;
Ability to pass satisfactory background / credit and employment / business checks of Pag-IBIG Fund;
No outstanding Pag-IBIG Short-Term Loan (STL) in arrears at the time of the loan application;
No Pag-IBIG Housing Loan that was foreclosed, cancelled, bought back due to default, or subjected to dacion en pago.
If with an existing Pag-IBIG Housing Loan as a principal buyer / borrower or co-buyer / co-borrower, the account must be updated.
Pag-IBIG Housing Loan interest rates
The interest rates of our Pag-IBIG Housing Loan remain at its lowest levels. We keep our rates low to help you secure a home under the most affordable terms.
The interest rate on your loan is based on the repricing period that you choose. Here are our rates effective 01 July 2021:
|Rates per Re-Pricing Period – Effective January to June 2021-
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