Pag-IBIG Multi-Purpose Loan FAQs

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Pag-IBIG Multi-Purpose Loan FAQs

1. How much is the Pag-IBIG Multi-Purpose Loan interest? 

The interest rate is 10.5% per annum. Although Pag-IBIG may earn from loans it extends to its borrowers, it’s good to know that member-borrowers can receive a portion of these earnings in the form of dividends. 

2. How long does a Pag-IBIG Multi-Purpose Loan take?

Qualified members who apply for the Pag-IBIG Multi-Purpose Loan can have their loan processed in as short as two days. 

3. How long can I pay my Pag-IBIG Multi-Purpose Loan?

Borrowers can now pay off the loan for up to three years. If you didn't indicate the term, you can pay off the loan in three years as default. 

4. How can I check the status of my loan application?

multi-purpose loan pag-ibig - status verification

You can check your Multi-Purpose Loan application status via the Virtual Pag-IBIG Loan Status Verification page.[5] Choose Multi-Purpose Loan from the dropdown box and enter your Pag-IBIG MID number and last name. You'll see the Short-Term Loan Status Tracker. View whether your application has already been received, reviewed, and approved. 

5. What happens if I don’t pay my monthly amortizations on time?

Delays in monthly payments will be penalized daily with one-twentieth of one percent (1/20 of 1%) of the unpaid amount.

6. What if my employer fails to pay my Pag-IBIG Multi-Purpose Loan installment payment?

Borrowers who fail to pay on time will still be charged with penalties. However, the penalty will be reversed upon submission of proof that the employer is at fault. The employer will be charged one-tenth of one percent (1/10 of 1%) per day of delay. 

7. Can my MPL balance be offset against my TAV?

Yes. Your unpaid MPL balance will be offset against your TAV for the following reasons: 

  • Death of a member’s immediate family member
  • Total disability or insanity
  • Separation from service due to health reasons
  • Unemployment
  • Critical illness
  • Repatriation (OFW)

8. When can I pay directly to Pag-IBIG if my loan is initially set through salary deduction?

You can pay your MPL directly to Pag-IBIG if you:

  • Are suspended from work
  • Incurred leave of absence without pay
  • Cannot cover your monthly installment payments because your take-home pay is not enough

9. When can I renew my Pag-IBIG Multi-Purpose Loan?

You can renew your multi-purpose loan after paying an amount equivalent to six monthly installments. However, you may also need to check if you’re eligible for renewal. But once your renewal application is approved, your remaining balance from your existing loan will be deducted from your new loan. 

Further reading: The Complete Guide to Claiming Your Pag-IBIG Contributions


Final Thoughts

Paying your Pag-IBIG contributions can be very rewarding, especially if you take advantage of financing programs like the multi-purpose loan. Aside from offering low interest rates, Multi-Purpose Loans in Pag-IBIG also allow for restructuring programs and payment extensions depending on your situation. Thus, you can still achieve your financial goals even when funding solutions are limited. 

If you require further clarifications or assistance, email the Pag-IBIG help desk at publicaffairs@pagibigfund.gov.ph or call the hotline at (02) 724-4244.

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