The Home Development Mutual Fund (HDMF), or known as the Pag IBIG Fund was established on June 11, 1978 to an answer to the need for a national savings program and to provide assistance for the needs of Filipino workers.
The Pag IBIG Multi Purpose Loan is faster answer for basic needs or emergency. For you to qualify and apply the said loan program, you have to know these information and follow the step by step procedures.
Loan Purpose of the MPL can be used to any of these
– Home renovations and improvement
– Capital for small business or livelihood
– Education matter
– Appliance, Furniture and Electronic Gadgets
– Credit card and monthly bills
– Auto repair
– Travel and Special events
MPL Qualification or eligibility
The member must have to following to qualify for the said program
– At least 24 months membership savings
– At least made a 1 month saving within the last six months prior to the date of loan application.
– For those existing Pag IBIG Fund housing loan, MPL or Calamity loan, the account must not be in default
– Must submit the proof of income
MPL Loan amount and Interest Rate
The loan of applicant is equivalent to 80% of TVA Total Accumulated Value, If the borrower has an existing loan the loanable amount will be different. In interest rate the loan will be charged with an interest rate of 10.5% per annum. (Interest rate may vary)
Renewal of Loan
Borrower may renew after six months equivalent amortization and satisfying the eligibility requirements. On the other hand the new loan shall applied to the borrower’s outstanding MPL obligation.
How to Apply for Pag IBIG Multi Purpose Loan
1.Download the Pag-Ibig Multi-Purpose Loan Application Form (MPLAF) and fill in the blanks with your right info.
2. Submit the following Pag-IBIG Loan requirements:
-Photocopy of at least two (2) valid IDs
-Proof of income or latest pay slips of your one month salary
a. Employed Borrower’s:
– Submit a photocopy of your authenticated one month payslip but the Certificate of Monthly Net Income from the employer.
b. For Self-Employed or Individual-Payor borrower’s:
Photocopy of any of the following:
– Business/Mayors Permit, Commission Vouchers and other valid proof of income
– File your application form and documents to the nearest Pag-IBIG Office.
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