PAG-IBIG Home Loans: What is the Maximum Loan Amount
It can be daunting to apply for a home loan at a bank, which is why many people prefer, if not rely solely on, PAG-IBIG as their loan option. One common question is how much they can borrow based on their monthly income. The good news is that, like most banks, PAG-IBIG has an online loan calculator. This means that we no longer have to spend hours in long lines just to get answers to these simple questions.PAG-IBIG Home Loans: What is the Maximum Loan Amount? It may seem too good to be true given our government’s standards, but let’s take advantage of this convenience and find the answers we need through the online loan calculator.
Moving on, their latest rates are effective as of July 2016, and for this test, I used the below example:
- Desired Loan Amount: Php 2.0M
- Preferred Repayment Period: 25 years
- If you’re making Php 25,000 per month, you can borrow up to Php 1.22M and pay a monthly installment of Php 7,500 for 25 years. This is a reasonable offer.
- However, if you require Php 2.0M, what should your total monthly income be? Based on the given estimates, you’ll need a monthly income of Php 41,000 to meet the requirements. To qualify, you’ll need a co-borrower with a monthly income of at least Php 16,000.
- If you’re making Php 25,000 per month, you can borrow up to Php 1.22M and pay a monthly installment of Php 7,500 for 25 years. This is a reasonable offer.
- However, if you require Php 2.0M, what should your total monthly income be? Based on the given estimates, you’ll need a monthly income of Php 41,000 to meet the requirements. To qualify, you’ll need a co-borrower with a monthly income of at least Php 16,000.
- Monthly Income: Php 25,000To rephrase the given text in English, it can be written as follows:There are three distinct calculations used to determine loan eligibility – based on the desired loan amount, property value, and monthly income. However, the second calculation takes priority over the other two. This means that your monthly income, or combined monthly income with a co-borrower, will ultimately determine your loan eligibility.For the purpose of this discussion, let’s focus on the estimated maximum loan amount that can be availed with a gross monthly income of Php 25,000. It is important to note that all the figures provided here are estimates and may differ from the actual numbers obtained upon approval.
- If you’re making Php 25,000 per month, you can borrow up to Php 1.22M and pay a monthly installment of Php 7,500 for 25 years. This is a reasonable offer.
- However, if you require Php 2.0M, what should your total monthly income be? Based on the given estimates, you’ll need a monthly income of Php 41,000 to meet the requirements. To qualify, you’ll need a co-borrower with a monthly income of at least Php 16,000.
Let’s examine the third option. The findings indicate that if the property is valued at Php 2.0M, the maximum loanable amount suggested is Php 1.5 M. This implies that you would need to provide the remaining Php 500,00 in cash. Assuming your salary is approximately Php 31,000, you would unquestionably be eligible for this option. Moving on to the third option, according to the results, it recommends a maximum loan amount of Php 1.5 million if the property value is Php 2 million. This indicates that you’ll have to pay the remaining amount of Php 500,000 in cash. Additionally, if your salary is approximately Php 31,000, you’ll be eligible for the loan.”
