After college, the next thing that comes to mind is finding a job. It’s not easy to get a perfect one and you’ll never know until you try it. When you have your first job, Once you’re finished sending all your resumes, you can either get news on the spot or the usual “We will call you”.
Once you’ve landed on one (congratulations!) Be keen on the details being explained to you, know your rights as an employee. After being regularized, the primary thing your employer will have to arrange is to provide you documents or forms that allow you to enroll with PhilHealth, SSS, Pag-IBIG. PhilHealth is one of the crucial things you must have as an employee because it contains Health and Medical Insurance. While SSS identifies you as a private employee, even your unemployed you can have SSS simply include your TAX Identification Number (TIN ID) and Pag-IBIG Fund is your way to get Financial Assistance for house loans.
The advantage of being a Pag-IBIG member is, you can apply for a Pag-IBIG Salary Loan and Home Loan among others. Yes, “Salary Loan” which depends on the amount of your contribution as a member of Pag-IBIG, and the Housing loan will depend if it’s a reconstruction, newly build, or rent to own.
Are you Interested to apply for a Pag-IBIG Salary Loan? Here’s a step by step application guide for you:
Who is qualified to apply for Pag-IBIG Membership?
- Must have a Pag-IBIG savings total of PHP 4,800 or at least a 24 months (2 years) Membership Savings (MS)
- Must have at least one MS within the last half-year (six months) a previous time and date of the loan application
- Submission of the proof of income (Pay stubs, Tax Returns, Bank Statements, SSS Documents, etc)
Note: Pag-IBIG members who have existing Pag-IBIG Housing and Calamity Loan must not have a default account on the date of the application.
What are the Requirements?
- Photocopies of two valid ID’s (Primary ID or Government Issue) and two Signature-bearing ID
- The latest proof of income such as payslips or a monthly salary
- An accomplished Pag-IBIG Multi-Purpose Loan (MPL) Application form
You need to be an active member at the time of application with at least five months of contribution for the last six months. It is important that your application form contains employer’s information such as:
- Signature of Office Head/ or Authorized Representative
- Employer/Company Name
- SSS/GSIS No.
- Business Permit
- Agency Code and Branch Code
When you have already completed everything you need, go to the nearest Pag-IBIG branch in your area and present your documents to process your approval.
Note: You can also apply for a Loan Renewal after 6 paying months of your existing loan and outstanding balance together with the attached interest. Penalties and charges will be deducted from the amount you take.
How to compute the loanable amount?
For example, 36 months multiplied by PHP 200 divide by 60% is equivalent of PHP 12,000
Note: The final loanable amount is determined by Pag-IBIG.
What are the terms and how will it be released?
Upon approval, you can choose how you want you Pag-IBIG Salary Loan to be released:
- Remitting to your Disbursement card
- Cheque Issuance
- Bank transfer to your account or through LandBank Philippines
Note: A borrower can pay their salary loan for a maximum period of 24 months with 2 months grace period.
What other loans can I apply through Pag-IBIG?
- Calamity Loan (through cash assistance)
- House Improvement
- Construction or completion of a residential unit
- Refinancing of existing loans
- Purchase a lot and construction with residential unit
- Educational Assistance
How to pay?
It’s always a best practice to pay on time to avoid debt and high-interest rates.
Accounts which is covered by a buyback guarantee
- An employee can pay Over the Counter
Accounts which is not covered by a buyback guarantee
- An employee can pay the loan through Salary Deduction
- Auto debit arrangement through banks
There might be a few problems you may encounter along the way. Delays are common for processing and releasing. You may follow up through their email [email protected] or call them (02) 8724-4244.