- Who can be member of Pag-IBIG Fund?
- How much is the monthly contribution?
- What are the benefits of Pag-IBIG membership?
- What is the Pag-IBIG Savings Program?
- What are the special features of this program?
- When can a member withdraw his savings?
- What is the Multi-Purpose Loan Program?
- Who are eligible to borrow? How much can one borrow under the housing loan program?
- How does one go about the avail of a housing loan?
Who can be member of Pag-IBIG Fund?
Mandatory
With the signing of Republic Act No. 7742 all SSS and GSIS members earning P4,000 and above monthly are mandatorily covered by Pag-IBIG fund.
Voluntary
Membership to the fund is also open to:
- Private and government workers earning less than P 4,000 a month but who wish to join anyway;
- Self-Employed workers such as professionals and businessmen;
- Overseas contract workers (OCW);
- Residents and immigrants in the United Staes and Canada;
- Informal income group such as cooperative members;
- Non-working spouses.
How much is the monthly contribution?
For employees with monthly compensation (Basic+COLA) of P1,500 and less, an amount equivalent to one percent (1%) of their monthly compensation, and two percent (2%) of the monthly compensation of employees earning over P1,500.
- Over P1,500 , an amount equivalent to two percent (2%) of the monthly compensation of each covered employee.
Employers are mandated to match their employees' monthly contributions with an amount equivalent to two percent (2%) of the monthly compensation of each covered employee.
For self-employed members, monthly contribution is equivalent to two percent(2%) of their monthly gross earnings.
Under the Pag-IBIG Overseas Program (POP) ,OFWs with monthly compensation of:
- US $1,000 or less shall contribute US$20 or its peso equivalent monthly.
- Over US $1,000 , monthly contribution of US $40 or its peso equivalent.
- C$1,500 or less, monthly contribution of US $40 or its peso equivalent.
- Over C$1,500 a month. monthly contribution of C$60 or its peso equivalent.
What are the benefits of Pag-IBIG Membership?
The Fund offers its members the following benefits:
- savings
- short term loan
- Housing loan
What is the Pag-IBIG Provident Savings Program?
The Pag-IBIG provident savings program is a fast, easy and affordable way of saving for a member's future needs.
What are the special features of Pag-IBIG Savings Program?
Pag-IBIG savings enjoy the following features:
- double or triple your money benefit
- tax-free dividend earnings
- portability of savings
- government-guaranteed
When can a member withdraw his savings?
Withdrawal of Pag-IBIG savings is allowed upon occurrence of any of the following :
- Membership maturity after 20 years
- A member who signs up under RA 7742 (Pag-IBIG Universal Coverage Law) shall be allowed partial withdrawal after 10 or 15 years of continuous membership, provided he has no outstanding housing loan with the Fund.
- Retirement
- at age 45 (early retirement plan)
- at age 60 (optional retirement)
- at age 65 (mandatory retirement)
- Permanent departure from the country.
- Permanent total physical disability/insanity.
- Termination from service by reason of health.
- Death of the member
-in case of the member's death, the Fund provides the legal heirs an additional P6,000 death benefit grant (DBG).
What is Multi-Purpose Loan?
The Multi Purpose Loan (MPL) Program provides immediate assistance to Pag-IBIG members who have made at least 24 monthly membership contributions which they can use to finance medical, educational, livelihood, minor home improvement, purchase of appliance and furniture, and other related need.
Under the program, up t to 60 percent of the member's total savings is extended, with interest rate pegged at 10.75 percent per annum. MPLs may be renewed upon payment of at least six(6) amortizations.
What is the Housing Loan Program? (Circ. 213)
The Housing Loan Program extends assistance to individual borrowers to finance any or a combination of the following:
- Purchase of a fully developed lot not exceeding one thousand (1,000) square meters which should be within a residential area;
- Purchase of a lot and construction of a house thereon.
- Purchase of a residential house and lot, townhouse or condominium unit, inclusive of a parking slot, which may be:
- -old or brand new;
- -a property mortgaged with the Fund; or
- -an acquired asset which is disposed of through sealed public bidding, negotiated sale or Rent to Own program
- Construction or completion of a residential unit in a lot owned by the member;
- Home improvement;
- Refinancing of an existing mortgage loan with an institution acceptable to the Fund, provided that:
- - the loan to be refinanced is current and updated at the time of loan application;
and
- - the account reflects a perfect repayment history for at least two years, as supported by the borrower's official receipts
- Combination of loan purposes shall be limited to the following:
- -Purchase of a fully developed lot not exceeding 1,000 sq.m. and construction of a residential unit thereon
- -Purchase of a residential unit, whether old or new, with home improvement;
- -Refinancing of an existing mortgage with home improvement or
-
-Refinancing of an existing mortgage, specifically a lot loan with construction of a residential unit thereon.
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Who are eligible to borrow?
