Out of Town Blog
What Are The Pag-IBIG Loan Requirements?
Pag-IBIG Loan Requirements: Everything You Need to Know
Pag-IBIG Fund is a government agency in the Philippines that provides affordable housing loans, savings programs, and other financial assistance to its members. One of the most popular services that Pag-IBIG offers is its loan program. Pag-IBIG loans come in various types, such as the Multi-Purpose Loan (MPL), Calamity Loan, and Housing Loan.
To avail of a Pag-IBIG loan, members must meet certain requirements. For instance, to apply for an MPL, members must have contributed at least 24 monthly savings and have sufficient net take-home pay after all deductions to cover the monthly amortizations. On the other hand, to qualify for a Housing Loan, members must have at least 24 monthly savings, be of legal age, and have the capacity to pay.
It is important to note that the requirements for each type of Pag-IBIG loan may vary. Members are advised to check the Pag-IBIG website or visit a Pag-IBIG branch to get the most updated information on loan requirements and application procedures. By meeting the necessary requirements, members can take advantage of Pag-IBIG’s loan programs to fulfill their financial needs.
Eligibility Criteria
To be eligible for a Pag-IBIG loan, a member must meet certain criteria. These criteria are divided into several subsections, which are outlined below.
Membership Status
Firstly, the member must have a valid Pag-IBIG membership status. This means that they must have made at least 24 monthly contributions to the Pag-IBIG Fund. They must also have an active membership at the time of the loan application.
Financial Capacity
The member must have the capacity to pay the loan. This means that they must have sufficient income to cover the monthly loan payments. The Pag-IBIG Fund will evaluate the member’s monthly income and expenses to determine their capacity to pay.
Loan History
The member must not have any existing Pag-IBIG housing loan that is in default. They must also not have any loans that have been foreclosed, cancelled, or bought back by the Pag-IBIG Fund.
Legal Requirements
The member must have the legal capacity to enter into a loan agreement. This means that they must be at least 21 years old and not more than 65 years old at the time of the loan application. They must also not have any pending legal cases or criminal charges.
Property Eligibility
The loan can be used to finance the…
Click Here to Read the Full Original Article at Out of Town Blog…