3.2. Not more than sixty-five (65) years old at the date of loan application and mustbe insurable; provided further that he is not more than seventy (70) years oldat loan maturity;3.3. Has the legal capacity to acquire and encumber real property;3.4. Has passed satisfactory background/credit and employment/ business checksof the developer and Pag-IBIG Fund;3.5. Has no outstanding Pag-IBIG housing loan, either as a principal borrower or co-borrower;However, should a co-borrower in a tacked loan signify an intention to avail of aPag-IBIG housing loan for himself, he shall be allowed to do so provided thetacked loan is updated and the amount proportionate to his loan entitlementhas been fully paid. Hence, the co-borrower shall be released from the originalobligation and shall be allowed to avail of his own Pag-IBIG housing loan,subject to standard evaluation procedures.3.6. Had no Pag-IBIG housing loan that was foreclosed, cancelled, bought back dueto default, or subjected to dacion en pago, which shall include cases where theborrower is no longer interested to pursue the loan and surrenders the property;3.7. Has no outstanding Pag-IBIG multi-purpose loan in arrears at the time of loanapplication. A member whose multi-purpose loan is in arrears shall be requiredto pay his arrearages over the counter to update his account.
4. LOAN AMOUNT
A qualified Pag-IBIG member shall be allowed to borrow an amount up to amaximum of
Three Million Pesos
, which shall be based on thelowest of the following: the member’s actual need, his loan entitlement and the loan-to-collateral ratio.4.1.
Loan Entitlement based on Pag-IBIG Contributions
A member’s loan entitlement shall be proportionate to his Pag-IBIGcontributions (inclusive of the employer counterpart contributions), which shallbe based on the following schedule:
Pag-IBIG Membership ContributionsPOP Pag-IBIG I & IILoan Amount
US $5US $ equivalentat point ofavailmentP200250300350400450500550600650700750800Up to P500,000Over P500,000 – P600,000Over P600,000 – P700,000Over P700,000 – P800,000Over P800,000 – P900,000Over P900,000 – P1,000,000Over P1,000,000 – P1,100,000Over P1,100,000 – P1,200,000Over P1,200,000 – P1,300,000Over P1,300,000 – P1,400,000Over P1,400,000 – P1,500,000Over P1,500,000 – P1,600,000Over P1,600,000 – P1,700,000