Pag IBIG Housing Loan Calculator
Calculate monthly payments, total interest, and required monthly income for Pag-IBIG Fund housing loans in the Philippines.
Understanding Pag-IBIG Housing Loans
The Pag-IBIG Fund (Home Development Mutual Fund) offers accessible home financing for Filipinos. Whether purchasing a residential property, constructing a house, or refinancing an existing home loan, estimating your monthly amortization helps in financial planning.
How Monthly Amortization Is Calculated
The Pag-IBIG housing loan monthly amortization depends on the total loan principal, fixed interest rate, and repayment term:
\[ M = P \times \frac{r(1 + r)^n}{(1 + r)^n - 1} \]
Where $P$ is the principal loan amount, $r$ is the monthly interest rate, and $n$ is the total number of monthly payments.
Required Gross Monthly Income Rule
Pag-IBIG guidelines mandate that your monthly amortization must not exceed 35% of your gross monthly income. This ensures loan repayments remain manageable without overextending household budgets.
Frequently Asked Questions
What is the maximum loan amount under Pag-IBIG?
Eligible members can borrow up to PHP 6,000,000 depending on actual capacity to pay, property value, and loan-to-appraisal ratio.
What is the maximum repayment term?
Pag-IBIG housing loans offer flexible repayment terms of up to 30 years, provided the borrower does not exceed 70 years of age at loan maturity.
How does interest rate fixing work?
Borrowers can select fixed pricing periods ranging from 1 year to 30 years. After the fixing period expires, rates adjust based on prevailing market conditions.
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