Pag-IBIG Housing Loan Amount 2024 for Members — A Guide…

Details about the Pag-IBIG Housing Loan Amount 2024 — Here’s How Much Members May Borrow

PAG-IBIG HOUSING LOAN AMOUNT 2024 – Here’s a guide on how much Pag-IBIG Fund members may borrow under the loan offer.

In the Philippines, countless Filipinos have acquired residental properties through the loan offer of the Pag-IBIG Fund. It is one of the agencies under the government with millions of members thus there are a lot of Filipinos who have access to the loan offers of the Fund.

Pag-IBIG Loans 2023

Undeniably, the Fund is most popular for the Pag-IBIG Housing Loan offer although it also offers the Pag-IBIG cash loan. It remains as one of the main offers of the state institution for decades now. It serves several purposes with excellent features that gives members the chance to have a residential property under low monthly monthly amortizations.

Pag-IBIG Housing Loan Amount 2024
Photo Credit: Lessandra

Which purposes are covered under the Housing Loan offer of the Pag-IBIG Fund? A qualified member may apply for the financing of any of the following purposes:

  • purchase of a fully developed residential lot or adjoining residential lots not exceeding 1,000 square meters
  • purchase of a residential house and lot, townhouse or condominium unit
    • pre-owned or brand-new units
    • property mortgaged with Pag-IBIG Fund
    • adjoining house and lots / townhouses / row houses / condominium units
  • construction or completion of a residential unit on a residential lot owned by the borrower or a relative of the borrower
  • home improvement
  • refinancing of an existing housing loan, provided, that the borrower must be regularly paying the amortizations of the said loan without any payment made beyond thirty (30) days past due for the last six (6) months from the date of application

Who are qualified to apply for the loan offer of the Pag-IBIG Fund? Under the Housing Loan, for a member to be eligible for application, he/she must have posted at least twenty-four (24) monthly membership savings and is not more than 65 years old at the date of the loan application.

Furthermore, the member-borrower must have the legal capacity to encumber real property and is not more than 70 years old at the time of the loan maturity. He/She must possess the ability to pass satisfactory background / credit and employment / business checks of the Pag-IBIG Fund and, in case of having existing loans, the payments must be updated.

The Fund also disqualifies members who have Pag-IBIG Housing Loan that was foreclosed, cancelled, bought back due to default, or subjected to dacion en pago.

With regards to the Pag-IBIG Housing Loan amount that members may borrow, it may vary on a case-to-case basis. The Fund considers the following factors:

  • the actual need of the member
  • the desired loan amount of the member
  • the loanable amount based on the member’s capacity to pay
  • Loan-to-Appraised Value ratio

The Pag-IBIG Housing Loan loanable amount is up to P6 million according to the Fund. The amount borrowed is payable for up to 30 years. To apply, there are requirements for Pag-IBIG Housing Loan that must be submitted completely to the Fund.

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