The PAG-IBIG funding institute basically designed to provide financial protection to the Filipino citizens. This institute is controlled by the local government and is catering their services in many ways like short term plans, long terms plan and monthly payment plan. In this post we will discuss about the monthly loan offers.
When a person or member of the company decide to take the loan after sign their agreement for the housing loan, the department has to do some calculations regarding your interest, payments and look all the aspects to amortize your monthly details and provide that information in table form.
The main intention to make table form info is provide customer friendly info that should be easy to understand and feasible to process without any assistance even bingers can easy amortize the detail. They don’t find the whole computing system tricky that’s way it is the most reliable way to assist the members with receiving money and renovating their own houses.
Payment time;
| 1-Year | 3-Years | 5-Years | 10-Year | 15-Years | 20-Years | 25-Years | 30-Years |
| 5.375% | 6.375% | 7.270% | 8.035% | 8.585% | 8.800% | 9.050% | 10.000% |
For the purposes of getting housing loans funds from PAG-IBIG the members has to decide the time duration for which they are applying for the loan and according to tenure the institute compute the evaluation on the monthly basis. According to new amendments in payment scheme Members are able to pay back within 30 years. Now have look at the interest rate impose on payments monthly
Year interest rate
- 1 year 375%
- 3 year 375%
- 5 year 270%
- 10 year 035%
- 15 year 585%
- 20 year 800%
- 25 year 050%
- 30 year 000%
Let’s have a look at the simple computation as an example for those members who find table computation difficult. You have accomplished one year membership payment your interest rate would be 5.375% and you are applying for the 100,000 loan. Now what would have you pay on monthly basis?
Here is the formula of amortization
Loan 100,000
Interest 5.375%
100,000 multiply 5.375= 5,375.00
100.000 + 5,375.00= 105,375.00
105,375.00/12 = 8781.25 PHP
Hence the amount of the loan and year would be different according to the member requirement but the process of the amortization is same there is no different rule for other computation. Here are frequently asking question emerging that need to be answered to satisfy the visitors regarding to pag-ibig housing loan monthly amortization table so here we see the details.
What are the documents needed for the PAG-IBIG loan repayment?
Once you know the interest package, monthly payment settled so the next step is documentation. You need to submit the documents are
- MSVS membership status verification slip
- Two copies of loan form
- ID card photocopy
- Passport photo
What should document verification proof required?
- Income tax form
- Member income and compensation certification
- One month loan pay slip and three month before applying for loan
Is there any Verified documents needed for the local employ?
Yes certain documents are needed here are mentioned
- ITR, income tax return certificate that shows your money trail of entire years.
- Employment verification letter from the company and both documents should be stamped and verified.
Are there any documents required for the oversea Filipino workers?
Yes just like local employs oversea workers also need to submit documents.
- Employment letter
- Income license of applying employer
- Photocopies
- Verified from country’s informational officers
What are the documents for self employ?
- ITR
- 12 month income statement
- Commission slip for 12 previous months
- Tax declaration
- Business owner letter
- ID photo
- Marriage certificate
- TCT
- Property location map
- Insurance receipt
- Medical statement
Check This Pag ibig Housing Loan Calculator
So in this post we are able to identify the process of amortization monthly loan funds, their required documents and all detailed information related to the pag-ibig housing loan monthly amortization table in a very simple manner to make this procedure feasible for the bingers and also who are confused how much we have to pay monthly. For the further details please visit this page.