Beyond Bending Tell You How
The Pag-IBIG Fund is a government agency in the Philippines that provides affordable housing financing to Filipinos. The agency offers a housing loan program that is tailored to the needs of low to middle-income earners. The program allows qualified members to borrow up to Php 6 million for the purchase of a house and lot, a townhouse or a condominium unit.
If you are planning to apply for a Pag-IBIG housing loan, it is essential to determine how much you can afford to borrow and how much you need to pay monthly. This is where the Pag-IBIG housing loan calculator comes in.
What is a Pag-IBIG Housing Loan Calculator?
A Pag-IBIG housing loan calculator is an online tool that helps you estimate your monthly loan amortization based on your desired loan amount, loan term, and interest rate. The calculator is designed to provide you with a rough estimate of how much you need to pay every month to repay your Pag-IBIG housing loan.
The Pag-IBIG housing loan calculator is a convenient tool that allows you to compare different loan amounts, terms, and interest rates. By using this calculator, you can determine which loan option is best suited for your budget and financial capacity.
How to Use the Pag-IBIG Housing Loan Calculator?
Using the Pag-IBIG housing loan calculator is simple and straightforward. All you need to do is enter your desired loan amount, loan term, and interest rate, and the calculator will compute your monthly loan amortization.
To use the Pag-IBIG housing loan calculator, follow these steps:
- Go to the Pag-IBIG Fund website and click on the “Housing Loan Payment Calculator” link.
- Enter your desired loan amount, loan term, and interest rate.
- Click on the “Compute” button.
- The calculator will display your monthly loan amortization.
Note that the Pag-IBIG housing loan calculator provides an estimate only. Your actual loan amortization may vary depending on your loan application and approval, prevailing interest rates, and other factors.
Factors that Affect Your Pag-IBIG Housing Loan Amortization
Several factors can affect your Pag-IBIG housing loan amortization, including the following:
Loan Amount
The loan amount is the total amount you borrow from Pag-IBIG for the purchase of your house and lot or condominium unit. The higher the loan amount, the higher your monthly loan amortization.
Loan Term
The loan term is the number of years you have to repay your housing loan. The longer the loan term, the lower your monthly loan amortization but the higher the total interest you pay over the life of the loan.
Interest Rate
The interest rate is the percentage charged by Pag-IBIG on the outstanding balance of your housing loan. The higher the interest rate, the higher your monthly loan amortization.
Monthly Income
Your monthly income is one of the factors considered by Pag-IBIG in determining your loan eligibility and loan amount. The higher your monthly income, the higher your loan amount and the higher your monthly loan amortization.
Loan-to-Value Ratio (LTV)
The loan-to-value ratio is the percentage of the appraised value of the property that can be financed by Pag-IBIG. The maximum LTV ratio is 80%, which means that you need to make a down payment of at least 20% of the property’s appraised value. The higher your LTV ratio, the higher your monthly loan amortization.
Pag-IBIG Housing Loan Calculator Output
The Pag-IBIG housing loan calculator output provides you with the following information:
- Monthly amortization – the amount you need to pay every month to repay your housing loan
- Total interest – the total interest you pay over the life of the loan
- Total amount due – the total amount you need to repay, including the principal loan amount and interest
The output also includes a payment schedule that shows your monthly amortization for the duration of the loan term. The payment schedule indicates the breakdown of your monthly payment into principal and interest components.
Important Notes on Using the Pag-IBIG Housing Loan Calculator
When using the Pag-IBIG housing loan calculator, keep in mind the following important notes:
- The calculator is for estimation purposes only.
- The actual loan amount, loan term, and interest rate may vary depending on your loan application and approval.
- The actual monthly loan amortization may vary depending on the prevailing interest rates and other factors.
- Always consult with a Pag-IBIG Fund representative for more accurate information on your housing loan application.
Frequently Asked Questions (FAQs)
Here are some of the most frequently asked questions about the Pag-IBIG housing loan calculator:
1. Is the Pag-IBIG housing loan calculator accurate?
The Pag-IBIG housing loan calculator provides an estimate only. Your actual loan amortization may vary depending on your loan application and approval, prevailing interest rates, and other factors.
2. How do I determine my loan eligibility?
Your loan eligibility is determined by Pag-IBIG based on your monthly income, employment status, credit history, and other factors. You can consult with a Pag-IBIG Fund representative to determine your eligibility and loan amount.
3. How do I apply for a Pag-IBIG housing loan?
To apply for a Pag-IBIG housing loan, you need to complete the application form and submit the required documents to the nearest Pag-IBIG Fund branch. You can also apply online through the Pag-IBIG Fund website.
4. How long does it take to process a Pag-IBIG housing loan application?
The processing time for a Pag-IBIG housing loan application may vary depending on the completeness of your documents and other factors. The average processing time is around 20 to 30 working days.
5. What are the other fees associated with a Pag-IBIG housing loan?
Apart from the monthly loan amortization, there are other fees associated with a Pag-IBIG housing loan, including processing fee, appraisal fee, mortgage redemption insurance, and documentary stamp tax. The total amount of fees may vary depending on the loan amount and property value.
Conclusion
The Pag-IBIG housing loan calculator is a useful tool that can help you estimate your monthly loan amortization and determine your loan options. However, it is important to keep in mind that the calculator provides an estimate only, and your actual loan amortization may vary depending on various factors.
If you are planning to apply for a Pag-IBIG housing loan, it is advisable to consult with a Pag-IBIG Fund representative to get more accurate information on your loan eligibility, loan amount, and other details.
