Home Development Mutual Fund or commonly know as Pag Ibig offers financial assistance to its Members. Pagibig Multi Purpose Loan is designed to provide short term loans with affordable monthly installment payments and very low interest rates. Today, we’ll walk you through on How To Apply for your very first Pag Ibig Multi Purpose Loan. Apply for this can be easy as one two three, as long as you meet the eligible for this program.
The Multi Purpose Program was designed to help finance members’ immediate medical, educational or livelihood needs; minor home improvement, purchase of appliance and furniture, and other related needs.
Before planning to avail the Pag Ibig Multi Purpose Loan , you must first have to know the following:
1. Loan amount is equal to:
2. Eligible Pag Ibig Member should have at least Twenty Four (24) months of contribution. (see “Who are Eligible to File”)
3. The loan is payable in 24 equal monthly installments.
4. Loan Interest is 10.75% per annum for the duration of the loan.
5. Available Mode of Payments:
6. Penalty of ½% is charge for every month of delay. Penalties can be cancelled or reversed if the member presents a proof that the delay is caused by the employer.
7. Check is usually provided within 4 – 5 days.
8. Transfer of Member’s Records and Loan Details take 15 – 30 days of processing. (only applies to Members with previous employers)
9. Renewal of Multi Purpose Loan can be done if the member already paid at least 6 amortizations.
10. If self employed, Annual Income Tax Return, Baranggay Clearance/Certificate, Land Bank ATM Account (Initial Deposit of P100 and P50 atm card fee.), and Letter of Introduction from HDMF are required as an attachment to your MPL Application form.
Any Pag-IBIG Member who satisfies the following requirements may apply or file for a multipurpose loan (MPL):
1. The member has made at least 24 monthly contributions.
2. The monthly net take home pay requirement of government employees shall be subject to the rules and regulations as provided for in the General Appropriations Act (GAA). On the other hand, the monthly net take home pay of employees working with the private sector shall be based on their respective company policies, if any.
3. Members with active Fund membership at the time of application with commitment from both the employee and employer to continuously remit contributions at least for the term of the loan.
4. For members who have withdrawn their membership contributions due to membership maturity, the reckoning date of the updated 24 monthly contributions shall be the first monthly contribution following the month the member qualified to withdraw his Pag-IBIG contributions.
5. For members who have active contributions under both the Pag-IBIG I and Pag-IBIG II, the membership contributions under Pag-IBIG II shall be considered to meet the required 24 monthly contributions.
6. A member with an outstanding Pag-IBIG housing loan that is not more than 9 months in arrears and is not yet cancelled or foreclosed.
7. A member with an outstanding Pag-IBIG housing loan that is more than 9 months in arrears but is not yet cancelled or foreclosed may be allowed to avail of an MPL, provided that the purpose of the MPL is to update his/her housing loan arrearages. The MPL proceeds to be applied to the housing loan arrearages shall be subject to the applicant’s loan entitlement.
1. If you HAVE previous Employer: Download the Request for Transfer of Member’s Records and Loan Details Form by clicking this link and fill up the necessary details. This form consolidates your previous contribution from your previous Employer with your current Employer. Usually, it will take 15 – 30 days before your record will be the consolidated. Just be patient, don’t worry.
If you DON’T HAVE previous Employer: Download the Pag Ibig Multi Purpose Loan Application Form by clicking this link. Fill it all up with necessary details. You can see the sample on how to fill up form here.
2. After completing the application form, you can now submit it to your Human Resources Department. If your Company insisted that you should personally process your Loan application, you can ask them where to go. Or you can contact the Pag Ibig Hotline 724-4244.
3. Wait for 3 days for the feedback. Your HR Dept or a Pag Ibig personnel will contact you if your application is approved or not.
4. Your loan will be in Check. It will take 4 – 5 working days before it will be release. You can pick it up personally or send someone with signed Authorization Letter and your Valid ID. I think that’s it!I would like to remind everyone that you should bring 2 valid ID when you pick up you check.