The Pag-IBIG Affordable Housing Loan Program is our home loan facility especially designed for minimum and low-wage earners.
The program allows minimum and low-wage earners to acquire their own dream homes as it carries the lowest interest rate in the market today – 3% annual interest - for the first 5 years of the loan term. With this program, minimum and low-wage earners need to pay a monthly amortization of as low as Php2,445.30* for a Php580,000 housing loan!
Here are the type of properties you may purchase and the various purposes where you can use your Pag-IBIG Fund Housing Loan:
- Purchase of fully developed residential lot or adjoining residential lots not exceeding one thousand square meters (1,000 sq. m.);
- Purchase of a residential house and lot, townhouse or condominium unit, which may be:
- Old or brand new;
- A property mortgaged with the Fund; or
- Adjoining houses and lots / townhouses / row houses / condominium units.
- Construction or completion of a residential unit on a residential lot owned by the borrower or a relative of the borrower;
- Home improvement on the house owned by the borrower or a relative of the borrower, or on a property currently secured under a Contract-to-Sell (CTS), or Deed of Conditional Sale (DCS) between Pag-IBIG Fund and the buyer; or
- Refinancing of an existing housing loan; provided, that the borrower must be regularly paying without any payment made beyond thirty (30) days past due for the last six (6) months from date of application.
The subdivision project where said residential units are located must have complied with all the required facilities pursuant to BP No. 220.
The Pag-IBIG Fund Housing Loan Program is available to all active Pag-IBIG Fund members, who have satisfied the following requirements:
- At least 24 monthly savings. Lump sum payment of the required 24 months savings is allowed;
- Not more than 65 years old, and not more than 70 years old maturity of the date of loan application;
- Has the legal capacity to acquired and encumber real property;
- Passed satisfactory background/credit and employment/business checks of Pag-IBIG Fund
- Has no outstanding Pag-IBIG Fund Short-Term Loan (STL) in arrears at the time of loan application;
- Has no Pag-IBIG Fund Housing Loan that was foreclosed, cancelled, bought back due to default, or subjected to dacion en pago. If with existing Pag-IBIG Fund Housing Loan account, either as principal borrower or co-borrower, it must be updated.
You may borrow up to Seven Hundred Fifty Thousand Pesos (P750,000.00). However, the loan amount you will receive shall still depend on either the actual amount you need, your loan entitlement based on capacity to pay or loan-to-appraised value ratio – whichever is lowest.
Eligible members shall be entitled to special, affordable interest rates following the table below. The 3% interest rate can be enjoyed for the first 5 years of the loan term while the 6.5% rate can be enjoyed during the first ten.
|Details||Gross Monthly Income|
|Income Cluster 1 (NCR)||Up to P15,000||Up to P17,500|
|Income Cluster 2 (Regions)||Up to P12,000||Up to P14,000|
|Loan Amount||Up to the Socialized Housing Loan Ceiling||Up to P750,000|
*Applicable interest rates may change subject to the approval of the Management.
The maximum payment period for the loan is thirty (30) years.
Yes. Your Pag-IBIG Fund Housing Loan shall be covered by a Mortgage Redemption Insurance (MRI) or a Sales Redemption Insurance (SRI), whichever is applicable, as well as a Fire and Allied Perils Insurance (FAPI).
For details, please refer to this program’s circular found on our Circulars Page