What is Pag IBIG?
Pag-ibig is a housing loan in the Philippines that is offered by the government. It is a low-interest loan that includes a down payment and monthly amortization. Pag-ibig has been around for decades, but it has recently been used as a solution to the country's housing crisis.
Housing loan is the primary loan offered by Pag IBIG. But now, they also offer multi-purpose loan, calamity loans, personal loans, etc.
Pag IBIG loan, how does it work?
Pag-Ibig is not just for homeowners, it also offers low interest loans for those who are looking to buy a home, but cannot afford it outright. This program allows buyers to borrow from the government with an affordable interest rate of 0% and repay over 20 years.
While, other loans of Pag IBIG is also helpful if you are looking for a money to borrow and pay for college tuitions, medical emergencies, and other life’s whereabouts.
How much does Pag IBIG loans?
Pag-ibig loans are designed for people who need short-term financial assistance, such as those who need money to pay for medical expenses, education expenses, or home repairs. The loans are also available for those who want to upgrade their homes or buy a car and other essential household items. Pag IBIG housing loans allows borrowers to loan money up to PHP 6 million. This loan comes with low interest rates and flexible amortization terms.
Interest rates
The interest rates of Pag IBIG housing loan are depending on the number of years you wish to repay the money. Whereas, the interest rates vary from 5.7% to 9.8% and you can repay it from 1 year to 30 years’ period.
On the other hand, Pag IBIG multi-purpose loan interest rate is 10.5% per year. If you wish to find other information about a certain loan on Pag IBIG, you may visit their website’s FAQS.
How long does it take to claim the loan money?
If you avail the Pag IBIG fund Multi-purpose loan, it can be processed right away and you can get the borrower money within 2 working days. For the housing loan, it can take up to 15 and over depending on the processing of requirements and loan amount.
Pag IBIG loan benefits
The Pag-ibig Loan is a government-backed loan program that helps low-income Filipino families build a sustainable future. It is an affordable, some are interest-free, and non-collateralized loans that provides easy access to affordable housing and basic education for the next generation of Filipinos.
Requirements
Requirements for Pag IBIG differs depending on the loan you want to avail. Aside from that, you must also be one of their members before being able to apply for one. A valid ID and an accomplished loan form are the most important things to qualify.
For example, if you want to avail the calamity loan of Pag IBIG, you have to download their calamity loan form and fill out all the details it necessitates. After that, go to the nearest Pag IBIG branch in your area together with your accomplished form, valid ID, and other documents the latter requires.
Loan calculator
Pag IBIG loan calculator is available on their website. You may access this even without an account and is available 24/7.
How to check Pag IBIG application status?
It is important to know what the status of your loan application is. This will help you know if your application has been approved or rejected. If you want to follow up your loan application or just check its status, you can call their Customer Service Hotline provided below this article.
How to pay your Pag IBIG loan?
Pag-ibig loans can be paid off in installments at any payment center nationwide or through online payments. Furthermore, you can repay your Pag IBIG loan through the following payment centers:
CIS Bayad Center (Meralco Company), SM Business Centers, M. Lhuiller, ECPay, online banks, and E-wallets.
What happens if I can't pay?
Pag IBIG loan is a government-backed program that can be availed by anyone with a valid ID and proof of income. However, if you default on your loan and do not repay it, Pag IBIG applies a late payment fee of 1% of the unpaid amount due every day until the amount is settled.
Pag IBIG website
The Pag-ibig website is a government-owned website that provides loans to the Filipino people. It is one of the largest loan providers in the Philippines. You can access this website 24/7 for free. All the information that you wish to see is available here.
Pag IBIG contact number and customer service
The importance of customer service agents in this program cannot be understated, as they are tasked with handling all customer inquiries and complaints that arise from borrowers who have been approved by lenders. So if you wish to contact Pag IBIG, refer to the information below:
Hotline
- 8724-4244
Email address
- contactus@pagibigfund.gov.ph
Pag IBIG loan reviews
The Pag IBIG loan program is designed to help people with a low income or those who are unable to borrow from traditional sources. They are also considered as a type of microcredit and can be used to help people with emergency needs or start small businesses. A lot of people are fond of this because in recent years, they provided an alternative to traditional lenders like banks and microfinance institutions – especially this time of pandemic.
Have you used the Pag Ibig loan? Share your experience here.