Pag-IBIG Housing Loan Calculator
How the Pag-IBIG Housing Loan Calculator Works
It basically determines some of the most important factors that determine the monthly payments of your mortgage loan, to come up with an estimated monthly payment. Here’s what the mortgage calculator considers:
Amount of the Loan: This is the total amount of money that clients wish to borrow in order to either buy an existing property or build one if necessary. This option may be filled in according to how much you wish your loan to be.
Interest Rate: Pag-IBIG usually sets the percentage of interest and the percentage of interest that you will pay on the loan will depend on this rate. In general, the early years of repayment (first five years) are quoted at a fixed rate which might have the chance of adjustment after this period. Please provide the interest rate that comes closest to what you were offered for your loan.
Loan Duration: Duration of the loan is basically the timeframe that you are going to take to pay off the loan taken. Pag-IBIG has a provision of repayment terms of 5 years all the way to 30 years. The longer the duration, the more you pay over time, but the lower your monthly payments are.
Monthly Wages: In consideration for various loans offered, Pag-IBIG considers the wage of the borrower on a monthly basis in order to determine the range of the loans applicable for them. Generally speaking, your monthly payments shouldn’t exceed 30% of your monthly gross salary.
All you need to do is fill in the required details that include the loan amount, loan interest, submission income, and the term period. The Pag IBIG housing loan calculator will determine the estimated monthly payment you would have to make.
What is the need of Pag-IBIG Housing Loan Calculator?
Get Monthly Payment Estimates: You will have an easier time knowing how much will be the monthly payment of your Pag-IBIG Housing Loan. Enhance your Budget Planning: Knowing how much most likely you will owe on your mortgage allows you to plan better and make sure it works for you. Assess Your Computational Capabilities: The loan amount you take might be too low depending on the guidelines set by Pag-IBIG basing on your income and so you should check first the amount you are willing to loan.
FAQs
- Who can take a Pag-IBIG Housing Loan?
Pag IBIG Housing Loan is intended for home purchasing or refurbishment. Pag IBIG offers their services through providing interest rates and repayment terms that consider home buyers in the Philippines.
- What paperwork do I need to submit to apply for Pag-IBIG Housing Loan?
For you to be able to get a Pag-IBIG Housing Loan it is important that you:
Be a member of Pag-IBIG for over two years.
If you are (a) 21 years or above age limit (b) Loan maturity present age is not more than sixty five years old.
And lastly have a reliable and frequent source of income.
Stay comfortable with your Pag-IBIG contributions.
- What is the upper limit when it comes to the Pag-IBIG housing loan?
Determined mainly by the borrower’s repayment capability and appraisal value of the property, Pag-IBIG can now allow loans of as much as PHP 6 million as per recent guidelines, given the income of the borrower and the value of the property in question.
- How do you determine the interest rate of Pag-IBIG housing loan?
Pag-IBIG Housing Loans can be fixed by the borrower for the first 5 years when the market rate applies, and subsequently, it can be adjusted according to the guidelines set by Pag-IBIG.
- What goes into computation when making monthly repayments on your Pag-IBIG housing loan?
In order to arrive at a monthly payment, the amortization formula is applied. Some of these factors include:
Loan Term: The duration in months you define to pay back the loan. The equation used is: 𝑀 = 𝑃 × 𝑟 (1 + 𝑟) 𝑛 (1 + 𝑟) 𝑛 − 1 M=P×(1+r)n−1r(1+r)n Where: M is the monthly payment. P is the loan principal (loan amount). r is the monthly interest rate (annual rate divided by twelve). n is the payment’s number (the loan term in months). 6 Can I apply for Pag-IBIG Housing Loan on the internet? Yes, Pag-IBIG has a procedure to apply for housing loans online. You can present the form for your application together with the needed documents on their official website or go to any local Pag-IBIG branch for assistance. 7 What are the requirements to apply for Pag-IBIG Housing Loan? The most frequently required documents for the Pag-IBIG Housing Loan application include: A loan application form which has been completed in full. 2 forms of ID issued by the government. Income verification (like payslips, ITR or Certificate of Employment). Marriage Certificate if married. Proof for a billing address. Real property documents such as TCT or Tax Declaration.
- How can I confirm my eligibility for a Pag-IBIG Housing Loan?
Use the Pag-IBIG Housing Loan Calculator on this page to assess your eligibility. It will help you see the maximum amount of loans you can apply for according to your income and the interest rates at the time. For binding eligibility, better just ask Pag-IBIG yourself.
- Are there any penalties if I want to prepay my Pag-IBIG Housing Loan?
Yes, there are no penalties for early or prepayment of Pag-IBIG loans. If you plan to clear your debts in advance, you will save a lot of interest costs. It is appropriate for Pag-IBIG to be made aware of your plans to pay early (in full).