Pag-IBIG's benefits

Benefits of Pag-IBIG (HDMF): calamity loan, multi-purpose loan, housing loan, and withdrawing your contributed funds (including employer contributions and dividends earned).
I've been digging up on Pag-IBIG (HDMF) trying to find out more about it's housing loan. But along the way I stumbled across a few cool facts.

Did you know that Pag-IBIG actually stood for Pagtutulungan sa Kinabukasan: Ikaw, Bangko, Indusria, at Gobyerno?

And did you know that you could withdraw everything you've contributed to the fund? Including the part your employer contributed (if any)? And also including all dividends earned?

But to make such a withdrawal, you'd have to have one of these as your reason:
  • Membership Maturity (either 5, 10, 15, or 20-year member; apparently something you chose when signing-up, though I don't remember any such thing. Probably means I'm stuck with 20)
  • Retirement (Age 65, Age 60, or 45 and also retired with SSS/GSIS)
  • Permanent and Total Disability or Insanity
  • Separation from the service due to health reason
  • Permanent departure from the country
  • Death (given to your heirs)

They even offer a multi-purpose loan. You might have even received a letter from HDMF (Pag-IBIG) telling you such, as well as how much you can loan.

It's basically the equivalent of a personal loan (no collateral) from a bank. Presumably, getting approved for such a loan is easier/likelier since you're a member.

You can also avail of their calamity loan, as long as your place of residence was declared by the president or local government as being under a state of calamity (along with a few other requirements).

Of course, their main benefit (and I assume is the most popular one) is their housing loan.

And, as you can reliably expect from our government, there's a whole lot of paperwork to fill out and submit in order to apply for one.

(It's all laid out here; and, in fairness to them, rather neatly.)

If you were to browse their official site, you can conveniently read up on all the requirements, download the necessary forms, and simply fill out, print and submit it to them.

And they're also developing a facility for accepting online housing loan applications.

Except for the part I hear where they require you to attend their seminar/briefing before being eligible for a loan.

In fact, after talking with co-workers, there's a couple of things they say at that seminar that seem crucial but doesn't even seem to be hinted at in their website. I'm not sure why that is, but on my next post I'll tackle some of the topics in that seminar/briefing.


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photo credit: HDMF Official site

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