Pag-IBIG Housing Loan Calculator & FAQs 2024

The Pag-IBIG Fund offers affordable housing loans to Filipino workers through its housing loan programs. With a Pag-IBIG housing loan, you can finance the purchase of a house, apartment, townhouse, condominium unit, or even a vacant lot to build your dream home on.

One of the key benefits of getting a Pag-IBIG housing loan is that it offers low-interest rates and flexible payment terms. Pag-IBIG currently charges between 3% to 6.5% interest per annum on its housing loans, which is very competitive compared to rates from commercial banks.

But before you apply for a Pag-IBIG housing loan, it’s important to assess if you can afford the monthly amortizations. This is where using the Pag-IBIG housing loan calculator comes in handy.

How to Use the Pag-IBIG Housing Loan Calculator

The Pag-IBIG Fund website has an easy-to-use online housing loan calculator that you can access for free. Just go to the Pag-IBIG website and you’ll find the calculator widget on the right-hand side of the page.

To use the Pag-IBIG housing loan calculator, you simply need to input the following information:

  • Loan amount – This is how much you plan to borrow from Pag-IBIG. Make sure this matches the amount you indicate in your housing loan application.
  • Payment terms – Pick from short-term loans (5 to 15 years) or long-term loans (up to 30 years). The longer the loan term, the lower the monthly amortization.
  • Interest rate – The prevailing Pag-IBIG housing loan rate for your chosen term. As of 2023, this is 3.375% for 5 years, 4.125% for 10 years, 4.875% for 20 years, and 6.375% for 30 years.
  • Monthly household income – Your gross monthly income plus your spouse’s income, if married. Pag-IBIG requires that monthly amortization must not exceed 30% of gross monthly income.

Once you enter the details, the calculator will automatically show the estimated monthly amortization you’ll pay for your chosen loan amount and term. It also shows the total interest for the full term of the loan.

You can play around with the figures until you get a monthly amortization that fits your budget. It’s best to pick the longest term possible to get the lowest monthly payment. Just don’t go beyond 30 years as it will just accrue more interest over time.

Sample Computation Using the Pag-IBIG Housing Loan Calculator

Let’s go through a sample housing loan calculation using the Pag-IBIG calculator. Say you want to borrow ₱2 million to buy a condominium unit. Here are the key inputs:

  • Loan amount: ₱2,000,000
  • Payment term: 20 years (the longest possible term for a loan below ₱2M)
  • Interest rate: 4.875% (20-year rate as of 2023)
  • Monthly household income: ₱100,000

Using the online calculator, the monthly amortization comes out to ₱12,852.79 based on the above figures. This is around 12.8% of the gross monthly income of ₱100k, which falls well below the 30% threshold.

The total interest payment for the 20-year term is ₱1,610,156.80. So the total loan payable is ₱2,000,000 (principal) + ₱1,610,156.80 (interest) = ₱3,610,156.80.

As you can see, the Pag-IBIG housing loan calculator allows you to easily estimate your monthly amortization. You can adjust the figures to suit your financial capacity.

Pag-IBIG Housing Loan Calculator FAQs

If you’re planning to get a Pag-IBIG housing loan, here are answers to some frequently asked questions about using the loan calculator and applying for Pag-IBIG financing:

How much can I borrow from Pag-IBIG?

  • For members with at least 24 monthly contributions, you can borrow up to ₱6 million. For those with less than 24 contributions, the maximum loanable amount is ₱3 million.

What is the minimum household income requirement?

  • Pag-IBIG requires your gross monthly income should be at least ₱12,000 if single, or ₱15,000 combined income if married. The higher your income, the larger the loan amount you may qualify for.

Can I include other income like from side hustles?

  • Yes, you can include income from other legal sources such as commissions, investment gains, and even “sideline” work like selling online or ride-hailing services. Submit proof like ITR, pay slips, and bank certificates.

Can I borrow 100% of the property’s purchase price?

  • No, you can only borrow up to 90% of the purchase price or appraised value, whichever is lower. You need to pay at least 10% as a downpayment from your own funds.

What documents do I need to apply?

  • The basic requirements are an application form, 1×1 ID photo, proof of income, employment certificate, latest contribution receipt, and a document showing your loan purpose (e.g. deed of sale for house purchase).

How long before my housing loan gets approved?

  • Processing and approval takes around 7 to 10 days for complete documents. The release of loan proceeds takes another 7 days from loan approval.

Can I pay more than the monthly amortization?

  • Yes, Pag-IBIG allows early or advanced repayments so you can pay down the loan principal faster and reduce the total interest. No prepayment penalty.

What if I lose my job or can’t pay the monthly amortization?

  • You can apply for a grace period of up to 3 months. The penalty is just the interest for the skipped months. You can also restructure or refinance the payment schedule if needed.

The Pag-IBIG housing loan calculator is an essential tool to help potential borrowers assess their capacity to pay monthly amortizations. Make sure to use the calculator first before applying. Visit their website or branches to learn more about getting a Pag-IBIG home loan.

Step-by-Step Process of Applying for a Pag-IBIG Housing Loan

Now that you have a good understanding of how the Pag-IBIG housing loan calculator works, let’s go through the detailed steps in applying for a Pag-IBIG home loan:

Step 1: Become a Pag-IBIG Member

Before you can apply for a housing loan, you need to register and become an active Pag-IBIG member first. Membership is mandatory for all SSS-registered and Philhealth-registered employees. Your employer will deduct Pag-IBIG contributions equal to 2% of your monthly income.

To check your membership status, you can request a registration form from your employer’s HR department. You can also register directly at a Pag-IBIG branch.

Step 2: Save Up for the Downpayment

Pag-IBIG housing loans require a minimum 10% downpayment from your own savings. Make sure you have cash ready to pay this upon loan application. Having a larger downpayment ratio can get you better loan terms too.

Step 3: Find a Property and Secure Supporting Documents

Start surveying the housing market and look for a property you want to buy. Once decided, obtain documents like a deed of sale, title certificate, registration form, tax declaration, and appraisal report.

Step 4: Apply Using the Housing Loan Application Form

Get the housing loan application form from the Pag-IBIG website or branch. Fill it up accurately and complete the buyer, seller, and property details. Indicate your preferred loan amount and terms. Attach supporting documents.

Step 5: Pay the Processing Fees

A one-time service fee of ₱1,200 is collected upon submission of your housing loan application and documents. An appraisal fee is also collected if the property needs to be appraised.

Step 6: Wait for Loan Approval

The Pag-IBIG housing loan approval process takes around 1 to 2 weeks. Claim the Notice of Approval (NOA) letter personally at the branch. Read the terms and conditions carefully.

Step 7: Open Your Pag-IBIG HDMF Savings Account

Open a Housing Development Mutual Fund (HDMF) savings account with Pag-IBIG. This will be used for monthly remittance of amortization payments. The account opening fee is ₱100.

Step 8: Attend Pre-Housing Orientation Seminar

Pag-IBIG also requires you to attend a seminar before releasing the loan. Check the schedule and reserve a slot. The 1-day orientation seminar is free of charge. Bring NOA and documents.

Step 9: Claim Your Pag-IBIG Housing Loan

Sign the loan and mortgage documents. Pay the 10% equity downpayment via bank transfer to the Pag-IBIG cashier. Coordinate with the seller. Once done, you can claim the loan proceeds check.

Step 10: Make Monthly Amortization Payments

Pay your monthly amortizations on time directly to your HDMF account. You can pay online, over the counter, or through a salary deduction arrangement with an employer. Enjoy your new home!

Following this 10-step process and using the housing loan calculator ensures a smooth journey toward owning your dream home with Pag-IBIG financing. Visit their website or branch for complete details and get started on your application today.

Benefits of Getting a Pag-IBIG Housing Loan

Here are the top benefits you can enjoy with a Pag-IBIG housing loan:

  • Low fixed interest rates– Rates start at 3% per annum which is lower than banks. The rate stays fixed for the entire term of the loan.
  • Flexible payment terms– Choose from loan terms ranging from 5 years up to 30 years. Longer terms have lower monthly amortization.
  • No balloon payments– Some bank loans have ballooning installments. Pag-IBIG amortizations are fixed throughout the term.
  • No prepayment penalties– You can pay off your loan ahead of schedule without fees or penalties.
  • Minimal fees– Apart from the processing fee, there are no hidden charges or upfront fees. Appraisal fee only if needed.
  • Can be used for new or existing property– The loan can be used to buy a brand new or finished property from developers.
  • Backed by the government– Pag-IBIG is government-owned and offers member guaranty funds. Very secure financing option.

As you can see, a Pag-IBIG housing loan offers easy, flexible, and very affordable terms for Filipino workers. Use their online calculator today and explore your options.

Other Ways to Finance a Home Purchase Aside from Pag-IBIG

A Pag-IBIG housing loan is the top choice for affordable financing for low to middle-income Filipino workers. However, here are a few other options you can look into to buy your dream home:

Bank Housing Loans

Banks like BPI, BDO, and RCBC offer housing loans with competitive rates. Approval is tougher with more requirements. Banks have wider loanable amounts of up to ₱30 million.

Developer In-House Financing

Many real estate developers can offer in-house installment plans at 0% interest within a fixed payment term. Only available for buying properties from the same developer.

Home Equity Loans

If you have an existing property you own, you can take out a home equity loan using this as collateral. Interest rates are a bit higher but easier to qualify for.

Pag-IBIG Multi-Purpose Loans

Regular Pag-IBIG members with 24 monthly contributions can get multi-purpose loans up to 80% of their total savings. Can be used for home purchase but at a higher interest.

Government Housing Programs

Government agencies like SHDA and NHA have socialized housing programs for the underprivileged sector. These offer homes at very low prices payable over time.

While a Pag-IBIG housing loan remains the top-choice program, also consider other options to see which one provides the best deal for your specific financial situation and housing needs.

Final Tips for Getting Approved on Your Pag-IBIG Housing Loan

Here are some handy tips to increase your chances of successfully getting approved for a Pag-IBIG housing loan:

  • Maintain good credit standing and no bad loan history with Pag-IBIG
  • Keep your declared income within realistic levels as this is verified against supporting documents
  • Opt for longer loan terms like 20 to 30 years to get lower monthly amortizations
  • Have ready cash for the required 10% downpayment from your own savings
  • Complete all documentary requirements and make sure forms are accurate and consistent
  • Build your Pag-IBIG membership tenure and number of contributions
  • Attend the pre-housing orientation seminar and understand the loan policies
  • Consider getting mortgage insurance to cover the balance of a loan in case of contingencies
  • Work on improving your debt-to-income ratio to reassure Pag-IBIG of payment capacity
  • Make sure the property fully matches your loan purpose as declared in the application
  • Be responsive to queries during evaluation to avoid delaying the approval process

By following these handy tips and using the Pag-IBIG online housing loan calculator, you can pave the way for a smoother journey toward homeownership for your family. Check their website at for the latest programs, rates, and application forms.

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