As a Filipino worker, you’ve likely heard of the Pag-IBIG Fund, a government-run savings and loan program. But did you know that Pag-IBIG also offers a Multi-Purpose Loan (MPL) to help members with various financial needs? If you’re wondering how much you can borrow for your first Pag-IBIG loan, you’ve come to the right place.
Understanding the Pag-IBIG Multi-Purpose Loan (MPL)
The MPL is a cash loan designed to assist Pag-IBIG members with any of their immediate needs. Whether it’s home renovations, medical bills, educational expenses, or other purposes, the MPL can provide you with financial support.
How is Your First Pag-IBIG Loan Amount Calculated?
The maximum loanable amount for your first Pag-IBIG loan revolves around a key factor: your Total Accumulated Value (TAV). Here’s how it works:
- Your TAV: This consists of your regular Pag-IBIG contributions, your employer’s contributions, and the dividends you’ve earned over time. The more you save, the higher your TAV.
- Loanable Percentage: Pag-IBIG allows you to borrow up to 80% of your TAV.
Example: Let’s say you’ve been consistently contributing to your Pag-IBIG fund for a few years, and your TAV is now PHP 50,000. You could potentially borrow up to PHP 40,000 (80% of PHP 50,000) as your first loan.
Important Considerations:
- Membership Duration: While the loanable percentage is generally 80% of your TAV, there may be variations depending on how long you’ve been an active Pag-IBIG member.
- Existing Loans: If you currently have an outstanding Pag-IBIG Calamity Loan, the loanable amount for your MPL will be adjusted accordingly.
How to Check Your Pag-IBIG TAV
- Virtual Pag-IBIG: The easiest way is through the Virtual Pag-IBIG portal ([invalid URL removed]). Log in and find your TAV.
- Pag-IBIG Branch: Visit a branch and ask for your TAV.
- Pag-IBIG Hotline: Contact their hotline for assistance.
In Conclusion
Your first Pag-IBIG loan can be a valuable financial resource when you need it. Understanding the calculation and how your TAV influences your loan amount will help you plan and make informed decisions.