P40.41B Home Loans in Jan-May 2022

Pag-IBIG Fund releases record-high P40.41B Home Loans in Jan-May 2022, up 15%

Pag-IBIG Fund again surpassed its own record by releasing over P40 billion in home loans in the first five months of 2022, top officials announced on Tuesday (June 28).

From January to May, the agency released home loans worth P40.41 billion, the highest ever amount released during the first five months of any year in its history. Compared to the same period last year, the amount disbursed so far this year grew 15% from the P35.28 billion released during the same period in 2021.

“Pag-IBIG has once again set a new record in the amount of home loan releases to begin the first five months of the year. We are happy that the number of Filipino workers who are able to become homeowners through the Pag-IBIG home loan programs continue to grow. Our consistent performance also indicates that the home loan policies we have set in place have been effective, and we expect that these would continue to enable even more Filipino workers to have decent and affordable homes in safe, sustainable and resilient communities,” said Secretary Eduardo D. del Rosario, who heads the Department of Human Settlements and Urban Development (DHSUD) and the 11-member Pag-IBIG Fund Board of Trustees.

Meanwhile, Pag-IBIG Fund Chief Executive Officer Acmad Rizaldy P. Moti said that the amount released as of May financed the acquisition and construction of 36,865 homes for Pag-IBIG Fund members, 5% higher than the 34,979 homes financed during the same period last year.

He added that out of the total number of homes financed, 6,787 or 18% were socialized housing units which are now owned by minimum-wage and low-income workers and their families.

“Last year, we surpassed the P100-billion peso level in home loan releases, a feat we previously thought was impossible. This year, with our record-high home loan releases from January to May, we are optimistic that Pag-IBIG Fund is well on its way to yet another banner year. Should the current trend hold, we expect to release at least P105 billion pesos in home loans by year's end. I am confident that our outstanding performance on the home loan front will be sustained, especially under the leadership of our Deputy CEO for Home Lending Marilene C. Acosta, who has been instrumental in our record-breaking performance in home loan releases since 2017”, Moti said.

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Virtual Pag-IBIG - Frequently Asked Questions

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Pag-IBIG Loyalty Card Plus

The Pag-IBIG Loyalty Card Plus allows you to enjoy exclusive discounts and rewards on your grocery purchases, tuition fee, hospital bills, fuel expenses, restaurant bills and many more from our more than 300 partner-establishments nationwide.

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Active Pag-IBIG Fund members may easily enrol for a Pag-IBIG Loyalty Card Plus at any of our branches. Here’s how:

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Pag-IBIG Housing Loan FAQ's

What is the Pag-IBIG Housing Loan?

The Pag-IBIG Fund Housing Loan allows you to borrow up to P6 million under very low rates and at the friendliest terms, to help you fulfill your dream of owning a home!

What can I do with a Pag-IBIG Housing Loan?

You may use the Pag-IBIG Housing Loan to finance any one or a combination of the following:

• Purchase of a fully developed residential lot or adjoining residential lots not exceeding 1,000 square meters;
• Purchase of a residential house and lot, townhouse or condominium unit;
• Pre-owned or brand-new units,
• A property mortgaged with Pag-IBIG Fund; or
• Adjoining house 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; and
• Refinancing of an existing housing loan, provided, that the borrower must be regularly paying the amortizations of the said loan without any payment made beyond thirty (30) days past due for the last six (6) months from the date of application.

How do I qualify for a Pag-IBIG Housing Loan?

You must have the following to qualify for the loan:

• At least twenty-four (24) monthly membership savings (a lump sum payment of the required monthly membership savings is allowed);
• Age of not more than sixty-five (65) years at the date of application and not more than seventy (70) years at maturity of the loan;
• Legal capacity to encumber real property;
• Ability to pass satisfactory background / credit and employment / business checks of Pag-IBIG Fund;
• No outstanding Pag-IBIG Short-Term Loan (STL) in arrears at the time of the loan application;
• No Pag-IBIG Housing Loan that was foreclosed, cancelled, bought back due to default, or subjected to dacion en pago.
• If with an existing Pag-IBIG Housing Loan as a principal buyer / borrower or co-buyer / co-borrower, the account must be updated.

How much can I borrow with a Pag-IBIG Housing Loan?

You can borrow up to as much as P6 million. The amount you may borrow, however, shall be based on the lowest of the following:

• Your actual need;
• Your desired loan amount;
• Your loanable amount based on your capacity to pay; and,
• Loan-to-Appraised Value ratio

How do I apply for a Pag-IBIG Housing Loan?

You can easily apply for a Pag-IBIG Housing Loan by submitting your duly accomplished form and its requirements at any Pag-IBIG Fund branch, or through the accredited partner-developer from whom you shall purchase your property.

You may also take the first step in applying for a loan by visiting Virtual Pag-IBIG (www.pagibigfundservices.com/virtualpagibig), clicking the Apply for or Manage Loans tab and choosing Apply for a Housing Loan.

What are the interest rates of the Pag-IBIG Housing Loan?

The interest rates of our Pag-IBIG Housing Loan remain at its lowest levels. We keep our rates low to help you secure a home under the most affordable terms.

The interest rate on your loan is based on the repricing period that you choose. Here are our rates effective 01 January 2022

Rates per Repricing Period, effective 01 JAN 2022.

01-Yr Fixing = 5.750%

03-Yr Fixing = 6.375%

05-Yr Fixing = 6.625%

10-Yr Fixing = 7.375%

15-Yr Fixing = 8.000%

20-Yr Fixing = 8.625%

25-Yr Fixing = 9.375%

30-Yr Fixing = 10.000%

How will I pay for my Pag-IBIG Housing Loan?

You may pay your Pag-IBIG Housing Loan in a number of convenient ways, which include:

• A collection servicing arrangement with your employer (if employed), who will then remit your monthly payments to Pag-IBIG Fund;
• Issuance of post-dated checks;
• Auto-Debit Arrangement (ADA) with a Pag-IBIG Fund partner-bank;

You may also pay your monthly amortizations via Virtual Pag-IBIG, at any Pag-IBIG Fund branch near you, or through any of our accredited collecting partners’ outlets or their online payment channels.

What is the loan repayment term?

The maximum payment period for the loan is thirty (30) years, but should not exceed the difference between age seventy (70) and the present age of the principal borrower.

Does the Pag-IBIG Housing Loan carry insurance?

Yes. Your Pag-IBIG 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).

Where can I read more about the Pag-IBIG Housing Loan?

To know more about the Pag-IBIG Housing Loan, you may download Pag-IBIG Fund Circular No. 396, Modified Guidelines on the Pag-IBIG Fund End-User Home Financing Program by clicking here.

SOURCE: Pag-IBIG