MULTI-PURPOSE LOAN PROGRAM (MPL). -This program aims to provide financial assistance to Pag-IBIG members for purposes of minor home improvement, livelihood, medical, educational, purchase of appliance and furniture and other needs.
a. New Loan
a.1. With at least twenty-four (24) monthly contributions.
a.2. An active member at the time of loan application, with at least five (5) monthly contributions for the last six (6) months.
a.3. Member-applicant's net take home pay shall not fall below the minimum requirement of the General Appropriations Act (GAA) or company policy, whichever is applicable.
a.4. If with existing callamity loan, a member shall be allowed to avail of the MPl only after payment of at least six (6) monthly amortizations. The outstanding balance, together with any accrued interests, penalties and charges, shall be deducted from the proceeds of the MPL.
b. Loan Renewal
b.1. With payment of at least six (6) monthly amortizations. The outstanding balance, together with any accumulated interests, penalties and charges, shall be deducted from the proceeds of the new loan.
b.2. An active member at the time of loan application, with at least five (5) monthlyy contributions for the last six (6) months.
b.3. Member-applicant's net take home pay shall not falle below the minimum requirement of the General Appropriations Act (GAA) or company policy, whichever is applicable.
CALAMITY LOAN PROGRAM
-This program aims to provide financial assistance to Pag-IBIG Fund member-victims in calamity-stricken areas, as declared by the Office of the President or the Sangguniang Bayan.
Borrower Eligibility
a. New Loan
a.1. With at least twenty-four (24) monthly contributions.
a.2. An active member at the time of loan application, with at least five (5) monthly contributions for the last six (6) months.
a.3. member-applicant's net take home pay shall not fall below the minimum requirement of the General Appropriations Act (GAA) or company policy, whichever is applicable.
a.4. A resident of the calamity-stricken area.
a.5. If with existing MPL, the outstanding balance, together with any accrued interests, penalties and charges, shall be deducted from the proceeds of the calamity loan.
Loan Renewal
Should another calamity occur in the same area, a borrower may renew his calamity loan any time. The outstanding balance of his existing loan, together with any accrued interests, penalties and charges, shall be deducted from the proceeds of the new loan.
Availment Period
The member must avail of a loan under the program within a period of ninety (90) days fro mthe occurence of the calamity.
Loan Features
a. Loan Amount
The loanable amount shall depend on the number of contributions made, based on the following schedule.
Number of Contributions - Loan Amount
24 to 59 months - up to 60% of the TAV
60 to 119 months - up to 70% of the TAV
At least 120 months - up to 80% of the TAV
b. Interest
The loan shall bear an interest rate of 10.75% p.a. for the duration of the loan.
c. Manner of Release of Loan
The loan proceeds shall be released through a check payable to the borrower or shall be credited to the borrower's bank account through the LANDBANK's Payroll Credit Systems Validation (PACSVAL) and the Philippine Domestic Dollar Transfer System (PDDTS) facilities and other similar modes of payments.
d. Loan Term
The loan shall be paid over a maximum period of 24 months, plus the applicable grace period of 2 months for local accounts and 5 months for centralized accounts. Centralized accounts shall refer to employers that prepare the payroll in advance, ussually at the central office. All other accounts not falling under the category of centralized accounts shall be classified as local accounts.
e. Loan Payments
The loan shall be paid in equal monthly amortizations in such amounts as may fully cover the loan obligation. For Employed Members, payments shall be made thru salary deduction. For Voluntary Members/Individual Payors, payments shall be made through any of the following modes:
a. Over the counter
b. Auto-debit arrangment with banks
c. Other mode of payment that Pag-IBIG Fund may adopt in the future.
Remittance of MPL amortizations by government and private employers shall commence on the 3rd month follwoing the date on the DV/Check for local accounts and on the 6th month for centralized accounts. It shall be in accordance with the follwoing schedule:
First Character of Employer's Name - Due Date
A to D - 10th to 14th day of the month
E to L - 15th to 19th day of the month
M to Q - 20th to 24th day of the month
R to Z, and Numeral - 25th to end of the month
For Voluntary Members/Individual Payors, pyments shall be remitted to the Fund on or before the 15th day of each month, beginning on the 3rd month following the date on the DV/Check.
A penalty of 1/2% of any unpaid amount shall be charged to the borrower for every month of delay. However, for borrowers apying their loans through automatic salary deduction, penalties shall be cancelled / reversed only upon presentaion of proof that non-payment was due to the fault of the employer. The said penalties shall then be charged against the employer.
Schedule of Receipt of Apllication
Monday to Friday, 8:00AM - 5:00PM
No Lunch Break
Processing Time
3 working days - new loan application / loan renewal
Processing fee
None
Requirements
1. Duly accomplished Multi-Purpose Loan Application Form (MPLAF) or Calamity Loan Application Form (CLAF)
2. Two (2) valid Ids
3. Proof of Income
3.1. Formally - employed
The Certificate of Monthly Net Income portion at the back of the application form must be accomplished by the employer or submit photocopy of latest payslip authenticated by company's authorized representative.
3.2. Self-Employed or Individual Payors
Photocopy of any of the ff:
-Business permit/Mayor's Permit;
Commission Voucher; or
-Any other proof acceptable to the Senior Management Committee
