FAQ — Frequently Asked Questions On Pag-IBIG Housing Loan,
Financing And Membership
Questions On Pag-IBIG Membership
1. How can I become a member of the Pag-IBIG Fund?
If you are working as an employee in the Philippines, your employer should take care of this on your behalf. Companies are required by the Philippine government to have their employees contribute to the Pag-IBIG Fund.
Voluntary membership is also open to self-employed individuals and even those who are out of the job market.
OFW’s who wish to become members should consultant the section below on the Pag-IBIG Overseas Program.
2. What is my Pag-IBIG Number?
It is unfortunate that Pag-IBIG Fund doesn’t issue a Pag-IBIG ID to all its members. However, you can still get your Pag-IBIG Number by simply requesting for a hard copy of your contributions.
3. I have been working with different employers throughout my career, what will happen to all of my previous contributions and my current one with the present employer? Is there a way to merge them?
Yes, they can be merged since all of those are under your name. If this is your case, it is important that you request a print-out of all your contributions just to be sure.
4. I used to work in the Philippines, but now I am already working abroad. What will happen to my contributions? Can I still be a member?
Your contributions also serve as your savings and you can claim them when it reaches maturity. You may continue contributing even if you are already and OFW. The other option is for you to avail of the Pag-IBIG Overseas Program.
5. Can I apply online to become a member?
No, there is no such facility as of the moment. If you are employed in the Philippines, your employer should take care of that.
Questions On Pag-IBIG Housing Loan / Financing
1. Can I get a housing loan?
Important notes to remember for those who wish to apply for Pag-IBIG Housing Loan:
In the past, you can apply for a loan even if it is your first time to contribute to the Pag-IBIG Fund by simply paying a one-time payment equivalent to 24 monthly contributions. The rules have already changed. Effective July 1, 2010, this is not allowed any more you have to be at least a paying member for at least 24 months — no one-time payment.
2.Can I use Pag-IBIG Loan to purchase a lot-only property?
Sure! In fact, you can also use it to finance your house construction or for house improvement.
3. Can I use Pag-IBIG Housing Loan to repair my house?
Yes that’s possible. But make sure the land title is in your name or the name of the Pag-IBIG Fund member.
4. Can I pay 24 months contribution at one time so that I can immediately apply for a real estate loan?
This used to be the case, but effective July 1, 2010, the rules have changed and for the better. In other words, for members to be able to even qualify to apply for a housing loan, he must be a member for at least 24 months or 12 months of seasoning or perpetual payment of your monthly contribution, another 12 months can be paid in lumpsum or one-time payment
Questions On Pag-IBIG Overseas Program (POP) for Filipinos Based Abroad
1. Is there a Pag-IBIG Office in my country?
There are a lot of Filipino Overseas Workers scattered all over the globe. Unfortunately, Pag-IBIG cannot simply install an office in every country where there are Filipinos.
2. I use to work in the Philippines, but I am now and OFW. What happens to my previous contributions? Can it be combined with my Pag-IBIG Overseas Program contributions?
Your contributions while you are here in the Philippines an as employee belong to Pag-IBIG I. You can continue with it and contribute still or just leave it to earn dividend. In any case, you can claim that money plus all other dividends it earned when it matures. On the other hand, the Pag-IBIG Overseas Program is different from Pag-IBIG I and is applicable to overseas Filipinos.
For many Filipinos, times seem so hard these days in their homeland. That is why more and more Pinoys try their luck abroad, where the grass is perceived to be greener. They work in foreign lands that promise them the financial freedom that their native country cannot seem to give them.
For those who are lucky enough to return to their native land with sufficient money they have accumulated abroad, the first sound investment that would come to mind is an investment in real property. Home ownership is in every responsible Filipino’s wish list.
Overseas Investment But waiting for a good sum of money to pay Spot Cash for a property in the Philippines is not only a good idea, but would also take a long time for most Overseas Filipinos. After all, there are other expenses, family remittances and obligations to take care of also.
Wouldn’t it be nice if they can start building their home in the Philippines while they are building their nest of cash overseas? In other words, building a house in the Philippines, without requiring too much upfront cash and pay for it in installments (mortgage amortizations).
Enter: The Pag-IBIG Overseas Program To help the Overseas Filipino Workers, along with immigrants and naturalized citizensrealize their dream home, the Pag–IBIG Overseas Program (POP) was created.
The Pag–IBIG Overseas Program is a voluntary Savings Program, wherein members are given a chance to set aside money for their future housing investments. With the program, members may avail of a housing loan of as much as Php 3,000,000 (at the time of this writing).
The Pag-IBIG Overseas Program is open to the following:
1. All Overseas Filipino Workers (OFWs) with valid Visas or Employment Contracts
2. Filipino immigrants and naturalized citizens
Money Talk – Member Contributions Members of the program are to contribute monthly an amount equal to $US 5, at a minimum.
An upgraded membership is required for members, who would like to avail of a higher loan amount. For instance, if a member wishes to avail of a housing loan ranging from P1,500,000 to P1,600,000, he or she will have to contribute monthly an amount equal to the US dollar equivalent of PhP 750 at the point of availing the loan.
The upgraded membership contribution will form part of the housing loan monthly amortization.
POP As Savings / Investment The Pag–IBIG Overseas Program not only serves as the OFW’s aid in fulfilling his dreams of owning a home. It also serves as a savings investment in the mutual fund company, that promises positive gains on the investment money. Note: The Pag-IBIG is a government controlled Mutual Fund corporation.
As a Pag – IBIG Overseas Program member, one is entitled to variable dividends from the excess earnings of the Fund. These dividends are distributed annually to the members and are credited to their Total Accumulated Values (TAV).
Members of the program have the option to withdraw their accumulated savings at the end of five (5), ten (10), fifteen (15), or twenty (20) years upon membership.
Foreign denomination contributions shall be converted to the Philippine Peso based on the prevailing US dollar exchange rate. As such, withdrawals of savings shall be made in Philippine Peso.
Member Benefits Members of the Pag-IBIG Overseas programs are illegible to the following benefits:
1. Housing Loan
2. Multi-Purpose Loan
3. Dividends
It is good to know that the Pag–IBIG Overseas Program is there to reward the efforts of OFWs through an effective savings and home financing scheme. Somehow, through POP, the OFW’s return to their native land will grant them the freedom that was somewhat denied them in the first place.
Indeed, perhaps one’s best investment in life is one’s own home. It reflects one’s status and achievement in life. This is especially true for Overseas Filipino Workers, who take chances and make sacrifices abroad for their future and that of their families.
- Pag-IBIG Membership — How to be a member, Branches overseas, status of membership, ID
Number, etc.
- Housing Loan — Loan application process, when to avail, how much, etc
- Pag-IBIG Overseas Program
(POP) — a lot
of website visitors are Filipinos based in other countries and they have a lot
of questions on about POP.
Questions On Pag-IBIG Membership
1. How can I become a member of the Pag-IBIG Fund?
If you are working as an employee in the Philippines, your employer should take care of this on your behalf. Companies are required by the Philippine government to have their employees contribute to the Pag-IBIG Fund.
Voluntary membership is also open to self-employed individuals and even those who are out of the job market.
OFW’s who wish to become members should consultant the section below on the Pag-IBIG Overseas Program.
2. What is my Pag-IBIG Number?
It is unfortunate that Pag-IBIG Fund doesn’t issue a Pag-IBIG ID to all its members. However, you can still get your Pag-IBIG Number by simply requesting for a hard copy of your contributions.
3. I have been working with different employers throughout my career, what will happen to all of my previous contributions and my current one with the present employer? Is there a way to merge them?
Yes, they can be merged since all of those are under your name. If this is your case, it is important that you request a print-out of all your contributions just to be sure.
4. I used to work in the Philippines, but now I am already working abroad. What will happen to my contributions? Can I still be a member?
Your contributions also serve as your savings and you can claim them when it reaches maturity. You may continue contributing even if you are already and OFW. The other option is for you to avail of the Pag-IBIG Overseas Program.
5. Can I apply online to become a member?
No, there is no such facility as of the moment. If you are employed in the Philippines, your employer should take care of that.
Questions On Pag-IBIG Housing Loan / Financing
1. Can I get a housing loan?
Important notes to remember for those who wish to apply for Pag-IBIG Housing Loan:
- You must be at least 24 months member. (12 months of seasoning or
perpetual payment of your monthly contribution, another 12 months can be paid
in lumpsum or one-time payment)
- You must not have any outstanding Pag-IBIG Housing Loan. That is,
all your mortgages must be fully paid.
- Check your age: You must be younger than 70 years old at loan
maturity.
- You must be an active member and of good standing (no existing
multi-purpose loan in arrears)
In the past, you can apply for a loan even if it is your first time to contribute to the Pag-IBIG Fund by simply paying a one-time payment equivalent to 24 monthly contributions. The rules have already changed. Effective July 1, 2010, this is not allowed any more you have to be at least a paying member for at least 24 months — no one-time payment.
2.Can I use Pag-IBIG Loan to purchase a lot-only property?
Sure! In fact, you can also use it to finance your house construction or for house improvement.
3. Can I use Pag-IBIG Housing Loan to repair my house?
Yes that’s possible. But make sure the land title is in your name or the name of the Pag-IBIG Fund member.
4. Can I pay 24 months contribution at one time so that I can immediately apply for a real estate loan?
This used to be the case, but effective July 1, 2010, the rules have changed and for the better. In other words, for members to be able to even qualify to apply for a housing loan, he must be a member for at least 24 months or 12 months of seasoning or perpetual payment of your monthly contribution, another 12 months can be paid in lumpsum or one-time payment
Questions On Pag-IBIG Overseas Program (POP) for Filipinos Based Abroad
1. Is there a Pag-IBIG Office in my country?
There are a lot of Filipino Overseas Workers scattered all over the globe. Unfortunately, Pag-IBIG cannot simply install an office in every country where there are Filipinos.
2. I use to work in the Philippines, but I am now and OFW. What happens to my previous contributions? Can it be combined with my Pag-IBIG Overseas Program contributions?
Your contributions while you are here in the Philippines an as employee belong to Pag-IBIG I. You can continue with it and contribute still or just leave it to earn dividend. In any case, you can claim that money plus all other dividends it earned when it matures. On the other hand, the Pag-IBIG Overseas Program is different from Pag-IBIG I and is applicable to overseas Filipinos.
For many Filipinos, times seem so hard these days in their homeland. That is why more and more Pinoys try their luck abroad, where the grass is perceived to be greener. They work in foreign lands that promise them the financial freedom that their native country cannot seem to give them.
For those who are lucky enough to return to their native land with sufficient money they have accumulated abroad, the first sound investment that would come to mind is an investment in real property. Home ownership is in every responsible Filipino’s wish list.
Overseas Investment But waiting for a good sum of money to pay Spot Cash for a property in the Philippines is not only a good idea, but would also take a long time for most Overseas Filipinos. After all, there are other expenses, family remittances and obligations to take care of also.
Wouldn’t it be nice if they can start building their home in the Philippines while they are building their nest of cash overseas? In other words, building a house in the Philippines, without requiring too much upfront cash and pay for it in installments (mortgage amortizations).
Enter: The Pag-IBIG Overseas Program To help the Overseas Filipino Workers, along with immigrants and naturalized citizensrealize their dream home, the Pag–IBIG Overseas Program (POP) was created.
The Pag–IBIG Overseas Program is a voluntary Savings Program, wherein members are given a chance to set aside money for their future housing investments. With the program, members may avail of a housing loan of as much as Php 3,000,000 (at the time of this writing).
The Pag-IBIG Overseas Program is open to the following:
1. All Overseas Filipino Workers (OFWs) with valid Visas or Employment Contracts
2. Filipino immigrants and naturalized citizens
Money Talk – Member Contributions Members of the program are to contribute monthly an amount equal to $US 5, at a minimum.
An upgraded membership is required for members, who would like to avail of a higher loan amount. For instance, if a member wishes to avail of a housing loan ranging from P1,500,000 to P1,600,000, he or she will have to contribute monthly an amount equal to the US dollar equivalent of PhP 750 at the point of availing the loan.
The upgraded membership contribution will form part of the housing loan monthly amortization.
POP As Savings / Investment The Pag–IBIG Overseas Program not only serves as the OFW’s aid in fulfilling his dreams of owning a home. It also serves as a savings investment in the mutual fund company, that promises positive gains on the investment money. Note: The Pag-IBIG is a government controlled Mutual Fund corporation.
As a Pag – IBIG Overseas Program member, one is entitled to variable dividends from the excess earnings of the Fund. These dividends are distributed annually to the members and are credited to their Total Accumulated Values (TAV).
Members of the program have the option to withdraw their accumulated savings at the end of five (5), ten (10), fifteen (15), or twenty (20) years upon membership.
Foreign denomination contributions shall be converted to the Philippine Peso based on the prevailing US dollar exchange rate. As such, withdrawals of savings shall be made in Philippine Peso.
Member Benefits Members of the Pag-IBIG Overseas programs are illegible to the following benefits:
1. Housing Loan
2. Multi-Purpose Loan
3. Dividends
It is good to know that the Pag–IBIG Overseas Program is there to reward the efforts of OFWs through an effective savings and home financing scheme. Somehow, through POP, the OFW’s return to their native land will grant them the freedom that was somewhat denied them in the first place.
Indeed, perhaps one’s best investment in life is one’s own home. It reflects one’s status and achievement in life. This is especially true for Overseas Filipino Workers, who take chances and make sacrifices abroad for their future and that of their families.