To help members who are in need of cash for minor home renovations, livelihood, educational expenses, health and wellness, payment for utility bills and more, the Pag-IBIG Fund now grants as much as 80 percent of the member’s total savings in Multi Purpose Loan (MPL).
Members who have at least 24 months remitted savings based on the mandatory rate inclusive of the employee and the employer counterpart are qualified to avail the loan.
The total savings of a Pag-IBIG Fund member entails his or personal share, employer counterpart and earned dividends.
To avail the MPL, Pag-IBIG Fund members must submit the duly accomplished and original copy of the MPL, latest pay slip, payroll or any sufficient proof of income, duly authenticated photocopies of the member’s two valid and unexpired identification cards (IDs), stencil or photocopy of the member’s unexpired Land Bank of the Philippines (LBP) or Citibank Cash Card or automatic teller machine (ATM) or passbook of member’s savings account in LBP or Development Bank of the Philippines (DBP), latest transaction receipt of the member’s savings account in LBP or DBP.
Moreover, a member who opts to renew his or her MPL may qualify provided that he or she has remitted at least one month remitted savings for the last six months prior to the date of application and paid at least six months monthly amortization. Members will also qualify if it has been already six months since the date that he or she made the previous loan.
The documents can be submitted for evaluation at the nearest Pag-IBIG Fund branch or service desk.(RTP/PIA10)