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Friday, February 26, 2016

You Can Loan For Education and Tuition Needs, Home Renovation and More Through Pag-Ibig Multi-Purpose Loan

Monthly Contributions5 Years10 Years
Php 500.0034,484.1779,553.59

1. What is the Multi-Purpose Loan? 

The Multi-Purpose Loan (MPL) is a cash loan under Pag-IBIG’s short-term loan program that aims to provide financial assistance to qualified members for: 

• House Repair 
• Minor Home Improvement 
• Home Enhancement 
• Tuition/ Educational Expenses -Pag-Ibig members can avail up to 80% of the             total contribution in Pag-Ibig for Education Loan. 
To know the total amount of Pag-Ibig contribution. To know the total amount of your contribution or savings you may call the PAg-Ibig hotline:  724-42-44. 
• Health and Wellness 
• Livelihood 
• Other purposes

2. Who are eligible? 
The loan is open to any Pag-IBIG member who: 
• Has made at least 24 monthly mandatory savings (MS) 
• Has 5 MS for the last 6 months prior to date of loan application 
• If with an existing Housing Loan and/or MPL and/or Calamity Loan, the account/s must not be in default prior to loan application

3. How much can one borrow? 
The borrower’s loan value shall be a percentage of his Total Accumulated Value (TAV), to wit: 
No. of monthly savings Loan Value 
24 – 59 months- Up to 60% of Total Accumulated Value (TAV) 
60 – 119 months - Up to 70% of TAV 
At least 120 months - Up to 80% of TAV

However, an eligible borrower’s loan shall be limited to an amount for which statutory deductions, monthly repayment of principal and interest, and other obligations will render the borrower’s net take home pay to fall below the minimum requirement as prescribed by the General Appropriations Act (GAA) or company policy, whichever is applicable.

4. How much is the interest rate? 
The loan shall bear a nominal interest rate of 10.75% per annum, paid equally for the duration of the loan. 

5. What is the repayment period? 
The loan shall be repaid over a maximum period of twenty-four (24) months, with a grace period of two (2) months. Payments must be remitted to Pag-IBIG on or before the 15th day of each month starting on the 3rd month following the date on the DV/Check.

Watch the video below to know the requirements and how you can apply for loan:

More info here