Details about the Pag-IBIG House Construction Loan Interest Rates 2023 for Members
PAG-IBIG HOUSE CONSTRUCTION LOAN INTEREST – Detailed below is a guide on the rates under the Pag-IBIG Housing Loan offer based on fixing term.
Are you planning to apply for the housing loan offer of the Pag-IBIG Fund for the purpose of financing a residential property construction? There are important details that you should know and these include the loanable amounts, the eligibility requirements, the interest rates, and the documentary requirements.
The Pag-IBIG Fund is undeniably most popular for its Housing Loan offer. It has helped a huge part of its member populace obtain residential properties in an affordable ways. Members may maximize the loan term for up to 30 years paving the way for low monthly installments.
The Housing Loan offer of the Fund is actually open to finance several purposes. You may apply for it to finance any of the following:
- purchase (plus cost of transfer) of residential lot or adjoining residential lots (max 1,000 sq.m.)
- purchase (plus cost of transfer) of residential house & lot, townhouse or condominium unit (old or brand new, property mortgaged w/ the Fund, adjoining houses/units) inclusive of a parking slot
- house construction
- home improvement
- refinancing of existing home loan
- combined Loan Purposes
There are eligibility requirements under the Pag-IBIG Fund Housing Loan offer. To qualify, the member-borrower must meet the following eligibility criteria:
- active member with least 24 months savings
- not more than 65 years old at the date of loan application
- not more than 70 years old at the date of loan maturity
- Legal capacity to acquire and encumber real property
- No Pag-IBIG housing loan foreclosed, cancelled, bought back, or voluntarily surrendered
- If with existing Pag-IBIG Housing account or Short Term Loan (STL), payments must be updated
With regards to the loanable amounts under the Pag-IBIG House Construction Loan offer, it depends on the assessment of the government agency based on certain factors including the actual need. Meanwhile, it has generously posted the maximum amount set under the offer.
On the Pag-IBIG House Construction Loan interest rate, it depends on the fixing term chosen in the contract. You may repay the loan for up to 30 years.
The Pag-IBIG House Construction Loan interest rate will be implemented until the loan is fully-paid. Here are the rates set by the government agency based on the fixing term:
| 1-Yr* Fixing | 5.750% |
| 3-Yr Fixing | 6.375% |
| 5-Yr Fixing | 6.625% |
| 10-Yr Fixing | 7.375% |
| 15-Yr Fixing | 8.000% |
| 20-Yr Fixing | 8.625% |
| 25-Yr Fixing | 9.375% |
| 30-Yr Fixing | 10.000% |
To apply for the offer, prepare the requirements for Pag-IBIG House Construction Loan 2023. Make sure you have the original copies of the documents as the Pag-IBIG Fund checks the original copies.