To be eligible for Pag-IBIG housing loans, you must be a member of the
Pag-IBIG Fund, which includes employees, self-employed individuals, and voluntary members. You should have made enough contributions to qualify for the loan you are applying for. The minimum contribution requirement may vary based on the type of loan. 2. Types of Loans: Pag-IBIG offers various types of loans, including Multi-Purpose Loan, Calamity Loan, and Housing Loan. Each type of loan has its specific eligibility criteria and requirements. 3. Loan Application: You can apply for a Pag-IBIG housing loan through the Pag-IBIG branch or online, depending on the specific program. Prepare all necessary documents, which may include proof of income, valid ID, proof of billing, and other relevant documents. 4. Loan Eligibility: The amount you can borrow depends on several factors, including your Pag-IBIG contributions, the loan purpose, and your capacity to pay. Your age and the loan term will also affect the maximum loan amount. 5. Interest Rates and Terms: Interest rates and loan terms may vary depending on the specific loan program. For housing loans, the interest rate is typically fixed for the first few years, and it may be adjusted periodically after that. 6. Loan Repayment: Loan repayments are made through monthly installments, which can be paid through various payment methods, including payroll deduction, post- dated checks, and other payment channels. 7. Loan Processing Time: The processing time for Pag-IBIG loans can vary, but it typically takes several weeks to a few months to complete the application and approval process. 8. Loan Insurance: Mortgage Redemption Insurance (MRI) and Fire Insurance are required for housing loans to protect both the borrower and the property. 9. Loan Defaults: It's important to make regular and timely loan payments. Defaulting on Pag-IBIG loans can result in penalties, legal action, or even foreclosure in the case of housing loans. Please note that Pag-IBIG loan guidelines can change over time, so it's crucial to check the official Pag-IBIG Fund website or contact them directly for the most up-to-date information and specific details regarding loan programs and eligibility requirements.