PAG-IBIG HOUSING LOAN: HOW MUCH CAN YOU BORROW? | GUIDEPH

Pag-IBIG Housing Loan-Owning a house is one of the objectives of a Filipino. Be that as it may, possessing a fair house requires a ton of difficult work and tirelessness for somebody to achieve it. 

Fortunately, the Pag IBIG housing loan keeps on creating to meet the lodging needs of each Filipino, including the lowest pay permitted by law worker laborers. 

The Pag-IBIG Housing Loan permits you to obtain up to Php6 million to procure a private parcel/land, a house and lot, or an apartment/condominium suite unit. You may likewise profit from credit for house development, home improvement, or a redesign/renovation, or even to refinance an existing housing loan.

Thus, on the off chance that you are intending to construct your own home through the Pag-IBIG Housing Loan, this article will show the amount you can acquire from the said housing credit/loan. 

WHAT IS A PAG-IBIG HOUSING LOAN? 

The Pag-IBIG Fund or otherwise called the Home Development Mutual Fund (HDMF) is an administration partnership where you can benefit from a housing loan. It is an incredible option in contrast to banks as it offers a higher investment funds rate after some time. The fund was established up on June 11, 1978, to serve the essential needs of Filipinos. 

Pag IBIG isn't only a government office you go to on the off chance that you need to avail from a housing loan. It is additionally a decent option/good alternative in contrast to a bank in light of the fact that the cash you put in your Pag IBIG saving funds/earns acquires a higher interest (4-5% versus 1% per annum offered by most banks) after some time. 

Your Pag IBIG savings additionally fill in as a monetary deposit that will qualify you for housing loan as well as for other Pag IBIG items like calamity loan and multi-purposes loan. 

WHAT IS THE AFFORDABLE HOUSING LOAN PROGRAM? 

The reasonable housing loan program is for laborers who gain the lowest pay permitted by law whose gross monthly salary doesn't surpass Php 17,500. Because of this, the greatest loanable sum is up to Php 750,000. 

WHAT IS THE REGULAR HOUSING LOAN PROGRAM? 

The regular housing loan program, then again, is where Pag IBIG individuals/members with an above-least pay can make sure about a housing loan worth up to Php 6 million. 

In any case, the last loanable sum that will be approved by Pag IBIG will be founded on the most reduced of the accompanying: 

• Member's real/actual need 
• Chosen loan amount 
• Loan amount based on the part's/member's ability to pay. In case you're benefiting from a housing loan not exactly Php 1,250,000, the monthly amortization ought not to surpass 35% of your gross monthly pay generally speaking. In the meantime, for housing loans above Php 1,250,000, the monthly amortization ought not to surpass 30% of your gross monthly salary. Become familiar with monthly amortization/compensation deduction here. 
• Loan-to-appraised value (LTV) proportion is a proportion of how unsure you are as a borrower dependent on two factors: the loan amount and the estimation of the property you wish to procure.acquire in the common market rate. 

HOW MUCH ARE YOUR MONTHLY CONTRIBUTIONS?

To rearrange, the higher your commitments/contributions are, the higher the loan amount you can benefit from the Pag-IBIG Housing Loan. 

Prefer to the table underneath to give you a thought of the amount you can get from Pag-IBIG lodging credit Fund: 

Month to month Membership Contribution Possible Loan Amount 

Monthly Membership Contribution	Possible Loan Amount
P200	Up to P500,000
P250	P500,000 – P600,000
P300	P600,000 – P700,000
P350	P700,000 – P750,000
P400	P800,000 – P900,000
P450	P900,000 – P1,000,000
P500	P1,000,000 – P1,100,000
P550	P1,100,000 – P1,200,000
P600	P1,200,000 – P1,300,000
P650	P1,300,000 – P1,400,000
P700	P1,400,000 – P1,500,000
P750	P1,500,000 – P1,600,000
P800	P1,600,000 – P1,700,000
P850	P1,700,000 – P1,800,000
P900	P1,800,000 – P1,900,000
P950	P1,900,000 – P2,000,000
P1000	P2,000,000 – P2,100,000
P1500	P3,000,000 – P3,100,000
P2000	P4,000,000 – P4,100,000
P2500	P5,000,000 – P5,100,000
P2950	P5,900,000 – P6,000,000

WHAT IS THE DIFFERENCE BETWEEN PAG-IBIG HOUSING LOAN AND BANK HOUSING LOAN? 

Filipinos ordinarily rely on two lodging credit suppliers in building their dream house or purchasing a property. It very well may be either a Pag-IBIG lodging credit or a bank. 

Every supplier has its favorable advantages and disadvantages. At long last, your choice would be founded on what might suit you better depending upon your criteria.

In any case, preference should be given on aspects that issue increasingly like qualification, loanable amount, interest rate, advance term, and various/miscellaneous expenses. 

QUALIFICATIONS: Pag IBIG housing loan just offers advances to its individuals/members. Most banks, then again, don't require loaners to be a part or a savings account holder so as to get qualified for their housing loans, given that the candidate can show confirmation of income as well as work/employment. 

When applying for bank housing advances/loans, the minimum wage earners are increasingly inclined to get dismissed.rejected. All things considered, banks are still organizations and they have the benefit to dismiss/reject your application on the off chance that you can't demonstrate/prove that you have the capacity of taking care of your credit or loans.

To allow minimum wage earners to have their own home, the Pag-IBIG likewise has an Affordable Housing Loan Program explicitly intended for low-salary workers. 

Loanable sum: Borrowers under the Pag-IBIG Housing Loan Program can obtain housing loans up to Php 750,000 while normal individuals who acquire better than expected salary can get up to Php 6 million. 

Then, banks have a standard least loanable amount of Php 300,000. For both housing loan providers, the final loanable amount relies upon a few components or measures secured by the provider itself. 

Interest cost: Those who are gaining of Pag-IBIG housing loan enjoy lower financing costs as low as 3% for low-pay workers and 5.375% for normal housing loan borrowers in a fixed 1-year evaluating period. 

Subsequently, Pag-IBIG housing loans would now be able to conflict with banks that offer housing loans with a comparative financing cost of 5.5% for the principal year and up to 6.50% for a 3-year fixed evaluating period. 

Besides, the Pag-IBIG housing loan isn't permitted by law to expand its loan cost past 2% per annum. Be that as it may, banks don't have a ceiling on the interest rate.

Loan term: In Pag-IBIG housing loan, borrowers can choose how long they'll take care of their housing loan, with 30 years as the greatest advance time frame. Depending upon the motivation/purpose behind the credit, banks offer loan with a reimbursement period extending from 20 to 25 years. 

Miscellaneous expenses: Pag-IBIG housing loan program guarantees candidates that they won't be accused of different charges other than the Php 1,000 installment/payment during the application and another Php 2,000 preceding the loan release.

Expenses may include an evaluation/appraisal charge of up to Php 4,000, a dealing with the expense of Php 5,000, a notarial charge/fee of Php 500 just as doc stamps tax and enlistment/registration expense depending upon your bank.