Guide on Pag-IBIG Cash Loan Amount 2024 — Here’s How Much Members May Borrow
PAG-IBIG CASH LOAN AMOUNT 2024 – Here is a guide on the loanable amount under the Pag-IBIG Fund Multi-Purpose Loan (MPL) offer.
You may not realize it now but there is really a huge advantage in maintaining an active account with the Pag-IBIG Fund. In times of financially-challenging circumstances, you have loans that you can turn to.
Truth be told that no matter how prepared you may be, there are cases that may bring impact that are really beyond your expectation. These include calamities, sickness, disability, etc. While they are unwanted, they are totally inevitable. For the members of the Pag-IBIG Fund, they have loan offers that they may turn to like the Pag-IBIG Calamity Loan in times of natural disasters. Another offer is the Multi-Purpose Loan (MPL), a cash loan offer.
The Multi-Purpose Loan offer of the Fund was designed to help meet the short-term financial needs of qualified members. It can be used to finance an event, travel, car repair, minor home improvement, etc.
The MPL is open for members who have posted at least twenty-four (24) monthly membership savings under his/her Pag-IBIG Regular Savings program. The membership of the borrower must be in an active status for his/her to be eligible to the loan offer.
To maintain an active account, at least one (1) monthly membership savings must have been posted within the last six (6) months prior to the date of loan application. Furthermore, to qualify, the member-borrower must have a source of income.
In case the borrower has an existing Pag-IBIG Housing Loan, MPL and/or Calamity Loan, the account/s must not be in default and under updated payments.
How much is the Pag-IBIG Calamity Loan amount? This 2024, qualified members of the Fund are still allowed to borrow an equivalent of up to 80% of their regular savings. The basis include the monthly contributions posted by the member, the share of the employer, and the dividends earned.
The Pag-IBIG Calamity Loan amount is payable within three (3) years or 36 monthly installments. To apply for the offer, there are documentary requirements for the Pag-IBIG cash loan offer that the member must submit to the Fund.
