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Home > Member Tools > FAQ and Answers
- Who can be member of Pag-IBIG Fund?
- Should one decide to join Pag-IBIG. 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 Pag-IBIG Savings?
- When can a member withdraw his savings?
- What is the Multi-Purpose Loan Program?
- What housing programs does the fund have for its members?
- Who are eligible to borrow? How much can one borrow under the EHLP?
- How does one go about the availment of a Pag-IBIG housing loan?
Who can be member of Pag-IBIG Fund?
With the signing of Republic Act No. 7742 all SSS and GSIS members earning P 4,000 and above monthly are mandatorily covered by Pag-IBIG fund.
- 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 US and Canada;
- Informal income group such as cooperative members;
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Non-working spouses.
Should one decide to join Pag-IBIG. How 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.
- 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) , OCWs 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?
Pag-IBIG offers its members the following benefits:
- savings
- short term loan
What is the Pag-IBIG Savings Program?
Pag-IBIG savings is saving made relatively painless. It institutes a systematic, regular and easy savings system utilizing existing networks, and makes regular saving a privilege for the small-wage earners as well as the middle and upper end market.
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
- a member carry with him his savings even if he transfers from one company to another , whether private or government.
- 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, a loan equivalent to 60 percent of the member's Total Accumulated (TAV) is extended to members, with interest rate pegged at 10.75 percent per annum.
MPLs may be renewed upon the anniversary date of the loan( based on the DV/check date). The outstanding balance, together with any accrued interests, penalties and charges, shall be deducted from the proceeds of the new loan.
What housing programs does the fund have for its members?
Pag-IBIG has the Housing Loan Program which extends financial assistance to individual borrower for financing of any or a combination of the following purposes:
- House construction on a lot owned by the member.
- Purchase of a lot (maximum of P2,000,000 or 50 percent of the loan entitlement, whichever is lower).
- Purchase of a lot and construction of a house thereon.
- Purchase of a residential unit.
- Home improvement.
- Refinancing of an exiting loan.
- Acquisition of acquired properties which are disposed of through sealed public bidding or negotiated sale.
Who are eligible to borrow?
- Must be an active contributing member:
- Under Pag-IBIG I & II, must have remitted at least 24 months at the time of loan application; or
- Under the Pag-IBIG Overseas Program (POP), must have remitted an amount equivalent to his savings for at least 12 months.
A member under Pag-IBIG I & II or the POP shall be allowed to make a lump sum payment equivalent to the required number of monthly contributions to satisfy this requirement.
- Must not be more than 65 years old at loan maturity and must be insurable;
- Must have the legal capacity to acquire and encumber real property;
- Must have passed satisfactory background/credit and employment/business checks of the developer and HDMF;
- Must have no outstanding Pag-IBIG housing loan, either as a principal borrower or co-borrower; and
- Has no outstanding Pag-IBIG multi-purpose loan in arrears at the time of loan application. A member whose multi-purpose loan is in arrears shall be required to pay his arrears over the counter to update his account.
How does one go about the availment of a Pag-IBIG Housing Loan?
For members interested to avail themselves of an EHLP loan, they only need to follow these basic steps:
- Attend a Loan Counseling session at the Pag-IBIG Office concerned and briefed on eligibility.
Accomplish a Preliminary Loan Counseling Questionnaire, Housing Loan Application (HLA) and Membership Status Verification Slip. If eligible, secure checklist of requirements.
- Submit HLA with complete requirements. Pay a processing fee of P1,000.00 (non-refundable)
- Receive Notice of Approval/Letter of Guaranty and sign loan documents.
- Proceed to BIR and present Deed of Absolute Sale (DOAS) between owner of the property and applicant for payment of documentary stamps and capital gains tax.
- Proceed to Registry of Deeds (RD) for payment of transfer of tax and registration fees for the transfer of title.
- Proceed to Notary Public for notarization of LMA and annotation of mortgage with the Registry of Deeds (RD) and to Assessor's Office to secure new tax declaration in the name of the applicant.
- Secure Occupancy Permit from the Local Government Unit's (LGU) Engineering Office for Purchase of new Residential Unit (PRU), Purchase of Lot and Construction of a New Residential Unit (PLCH) and Construction of House (CH) loan purposes.
- Submit the following documents to Pag-IBIG office concerned:
- Original Transfer Certificate of Title in the name of the applicant with annotated mortgage
- DOAS with original RD stamp
- New Tax Declaration in the name of the applicant
- Updated Real Estate Tax Receipt (house and lot, if applicable)
- Occupancy Permit
- Assignment of Loan Proceeds
- Release of loan proceeds
- Start monthly amortization on the month immediately following loan take-out/final loan release.
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