Pag-IBIG Housing Loan Calculator: A Comprehensive Guide

Pag-IBIG or Home Development Mutual Fund (HDMF) is a government agency that provides Filipinos with various housing programs and financial assistance. One of the most popular programs offered by Pag-IBIG is the housing loan program. If you are planning to apply for a Pag-IBIG housing loan, it is essential to know how much you can borrow and how much your monthly payments will be. This is where the Pag-IBIG housing loan calculator comes in.

What is a Pag-IBIG Housing Loan Calculator?

A Pag-IBIG housing loan calculator is an online tool that helps borrowers calculate their estimated loan amount and monthly amortization based on the loanable amount, interest rate, and loan term. This tool is free to use and can be accessed on the official website of Pag-IBIG.

How to Use the Pag-IBIG Housing Loan Calculator?

Using the Pag-IBIG housing loan calculator Philippines is easy. Here are the steps:

Step 1: Go to the official website of Pag-IBIG.

Step 2: Click on the “Housing Loan Payment Calculator” under the “E-Services” tab.

Step 3: Fill out the necessary information such as loanable amount, interest rate, and loan term.

Step 4: Click “Calculate” to get your estimated monthly amortization.

You can also adjust the figures in the calculator to see how it affects your monthly payments.

Interest Rate and Loan Term

Sure, there’s a table for the interest rates of Pag-IBIG housing loans for the year 2023:

Loan Amount	Loan-to-Value Ratio	Repayment Term	Interest Rate
Up to Php 450,000	100%	30 years	3%
Above Php 450,000 up to Php 750,000	90%	30 years	4.5%
Above Php 750,000 up to Php 1,000,000	80%	30 years	5.5%
Above Php 1,000,000 up to Php 3,000,000	70%	30 years	6.0%
Above Php 3,000,000 up to Php 6,000,000	60%	20 years	6.5%
Above Php 6,000,000 up to Php 10,000,000	50%	20 years	7.27%
Above Php 10,000,000 up to Php 15,000,000	40%	20 years	7.95%

Note that these interest rates are subject to change, so it’s best to check with Pag-IBIG for the most updated rates.

The interest rate and loan term are two of the most crucial factors that affect your monthly payments. The interest rate is the amount charged by the lender for the use of the loaned money, while the loan term is the length of time you have to repay the loan.

As of 2021, the Pag-IBIG housing loan interest rates range from 3% to 6.5% per annum. The interest rate varies depending on the loan amount, loan-to-value ratio, and repayment term. The loan term can be up to 30 years, depending on the borrower’s age and capacity to pay.

For example, if you are borrowing Php 1,000,000 with an interest rate of 6.5% per annum and a loan term of 20 years, your estimated monthly amortization would be around Php 7,413. However, if you choose a shorter loan term of 10 years, your estimated monthly amortization would increase to around Php 12,214.

Frequently Asked Questions

Can I use the Pag-IBIG housing loan calculator to determine my eligibility for a loan?

No, the Pag-IBIG housing loan calculator only provides you with an estimate of your monthly payments based on the loan amount, interest rate, and loan term. To determine your eligibility for a loan, you need to submit a loan application and undergo the necessary evaluation process.

Can I change the figures in the calculator after I have submitted my loan application?

No, once you have submitted your loan application, you cannot change the figures in the calculator. The calculator is only for estimating purposes, and the actual figures may vary depending on the results of the evaluation process.

How do I know if I am eligible for a Pag-IBIG housing loan?

To be eligible for a Pag-IBIG housing loan, you must meet the following requirements:

• Must be a member of Pag-IBIG for at least 24 months
• Must have a total of at least 24 monthly contributions
• Must not be more than 65 years old at the time of loan application
• Must have a stable source of income

How do I apply for a Pag-IBIG housing loan?

To apply for a Pag-IBIG housing loan, follow these steps:

Step 1: Check your eligibility by visiting the official website of Pag-IBIG.

Step 2: Attend a loan counseling session, which is required for first-time borrowers.

Step 3: Submit the required documents such as ID, proof of income, and proof of billing.

Step 4: Wait for the evaluation process to finish.

Step 5: If approved, sign the loan documents and pay the necessary fees.

In Conclusion

The Pag-IBIG housing loan calculator is an essential tool for anyone planning to apply for a housing loan. It allows you to estimate your monthly payments based on the loan amount, interest rate, and loan term. Knowing your estimated monthly payments can help you plan your budget and determine if you can afford the loan. Remember to use the calculator as a guide and not as the final word. Actual figures may vary depending on the results of the evaluation process.

If you have more questions about the Pag-IBIG housing loan calculator or the Pag-IBIG housing loan program, you can visit the official website of Pag-IBIG or visit their branch near you. It is always better to seek advice from the experts to avoid any confusion or misunderstanding about the loan program. With the right information and guidance, you can make an informed decision and achieve your dream of owning a home.