How Much Is the Pag-IBIG Multi-Purpose Loan Amount 2024 for Members?
PAG-IBIG MULTI-PURPOSE LOAN AMOUNT 2024 – Here is a guide for the members of the Fund on the borrowing amounts allowed under the cash loan.
The Pag-IBIG Fund has millions of members composed not only of Filipinos residing in the country but as well as Pinoys abroad. There are several overseas Filipino workers (OFWs) who maintain an active membership to the government agency.
The Fund was primarly created for the purpose of helping the Filipinos attain residential properties in an affordable way. Meanwhile, through the years, it has continually grow its offers. Aside from the Pag-IBIG Housing Loan, the government institution also offers a multi-purpose cash loan, the Pag-IBIG Multi-Purpose Loan or also called MPL.
The Multi-Purpose Loan is open for members who have updated accounts and have posted at least twenty-four (24) monthly membership savings under the Pag-IBIG Regular Savings program. The borrower must have a proof of income and, in case of existing loans, the loan must not be in default.
With regards to the Pag-IBIG Multi-Purpose Loan amount, a qualified member may borrow up to 80% of his/her total Pag-IBIG Regular Savings which is composed of the following:
- member’s monthly contributions
- employer’s contributions
- accumulated dividen’s earned by the savings
Thus, the higher your Pag-IBIG Regular Savings is, the higher the loanable amount is as well. In case the borrow has an existing Pag-IBIG Calamity Loan, the Pag-IBIG Multi-Purpose Loan amount will be the difference between 80% of the total Pag-IBIG Regular Savings and the outstanding balance of the Calamity Loan to the Fund.
The loan is payable within three (3) years or up to 36 monthly contributions. The first payment is deferred. Meanwhile, a member-borrower may also repay the loan in two (2) years or 24 monthly installments. In the case of locally-employed members, the repayment will be through a salary deduction arrangement with the employer.
For self-employed individuals and overseas Filipino workers (OFWs), the loan amortizations may be paid to Pag-IBIG through any of the following:
- in-person at the nearest Pag-IBIG Fund branch
- Virtual Pag-IBIG
- any accredited Pag-IBIG collecting partners’ outlets and their online payment channels