THE maximum housing loan from the Home Development Mutual Fund, or Pag-IBIG Fund, will be increased from P3 million to P6 million effective July 2.
Susan de Vera of the Pag-IBIG Fund Dagupan City said only Pag-IBIG members who have at least 24 months contribution can qualify for the loan.
New members, on the other hand, can also avail of the loan if they can pay in full the equivalent 24-month contribution, De Vera explained during the weekly radio program of the Philippine Information Agency.
Required contribution for those who can qualify to loan the ceiling amount is P2,950 per month.
The housing loan, De Vera added, is not limited to the purchase of a house and lot, but also includes renovation, improvement and lot expansion.
The increase was prompted by requests from members in the National Capital Region who reasoned that the P3-million ceiling is no longer enough given current construction prices.
For more information and inquiries, visit pagibigfund.gov.ph or visit the new Pag-IBIG Dagupan office located at Rodel Building, Perez Blvd. corner Guilig St., where the Central Bank was previously located.
Meanwhile, application for membership with Pag-IBIG can now be done through the agency’s website, pagibigfund.gov.ph.
The data to be encoded include personal details, mobile contact number, names and birthdates of beneficiaries, Tax Identification Number (TIN), and Social Security System (SSS) number.
After the transaction, the client must print out two copies of the Member’s Data Form (MDF), which will have to be submitted directly to the Pag-IBIG office or through the employer.
Verification is within three weeks, after which the applicant will receive confirmation of the application through a text message. (PIA-Pangasinan/ARF)