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Pag-IBIG Contributions: Determining the Loan Amount
A guide on determining how much loan a Pag-IBIG member is allowed.
Many Filipinos rely on Pag-IBIG to help them build a permanent home. Just like any other loaning institution, there are a number of requirements to comply with to guarantee that members do not default in their monthly amortizations. Below are some ways to know the total amount you’re entitled to.
Related Question: How much is monthly Pag-IBIG contribution?
Generally, members can get a housing loan from Pag-IBIG from P100,000 to P3,000,000. The total loan amount each member is entitled to will depend on two factors. The first is the monthly contribution that you can comfortably pay to Pag-IBIG. The second factor is your net disposable income. Pag-IBIG will review these conditions to determine your capacity to pay the monthly amortizations.
Capacity to Pay the Loan
A table is provided, which will show the total loan that each member is entitled to, based on their monthly contributions.
For example, a monthly contribution of P200 will let people loan up to P500,000, while P400 will allow individuals to loan between P900,000 and P1,000,000. A monthly contribution of P950 a month will allow them P1,900,000 to P2,000,000 and a monthly contribution of P1,450 will allow members to avail of the maximum amount range of P2,900,000 to P3,000,000. POP or OFW members will have to convert the figures from US Dollars to Philippine Peso.
As a rule, Pag-IBIG members are entitled to a loan with a monthly amortization amounting only up to 40% of their net disposable income. A table will also be provided to properly guide members the range that they will fall into.
Calculate the total loan plus interest per year by the total number of years you plan to pay the full amount. Divide the loan amount by the period (years divided by 12) and then factor in the interest rate per year. Get 40% of your net disposable income. If the monthly amortization is less than 40% of the net disposable income, you are eligible for the amount.
The General Requirements
The first two requirements are the monthly contributions and the net disposable income. You should also be a Pag-IBIG member for at least 24 months and remitted 24 monthly contributions at least. You should have no outstanding housing loan from Pag-IBIG or have a Pag-IBIG loan that was canceled, foreclosed, bought back by Pag-IBIG or made into a dation in payment. Members must have no multi-purpose loans in arrears upon application. The age limit for applicants is 65 years old at the time of loan application.