HQP-SLF-065

GUIDELINES AND INSTRUCTIONS (V06, 08/2021)

A. Who May File

Any Pag-IBIG Fund member who satisfies the following requirements:
1. Has made at least 24 monthly membership savings (MS);
CERTIFICATE OF NET PAY ▪ A member who has withdrawn his MS due to membership maturity or who has optionally withdrawn his MS, shall
be allowed to apply for an MPL provided said member has subsequently accumulated 24 MS or at least its
equivalent from the cut-off date of membership maturity or optional withdrawal.
▪ A member, who does not meet the required 24 MS, may nevertheless, be allowed to avail of an MPL if his total
savings is at least equivalent to 24 MS at the rate applicable to him.
2. Has made at least one (1) MS within the last six (6) months prior to the date of loan application;
3. If with existing Pag-IBIG housing loan, the account must not be in default as of the date of application;
4. If with existing MPL and/or Calamity Loan, the account/s must not be in default as of date of application; and
Rivera, Angie Mae H. 5. Has sufficient proof of income.
B. How to File
NAME OF BORROWER The applicant shall:
1. Secure the Multi-Purpose Loan Application Form (MPLAF) from any Pag-IBIG Fund branch or download from
Pag-IBIG website at www.pagibigfund.gov.ph.
For the month of: Nov. 16-30
_________________ 2. Accomplish 1 copy of the application form.
3. For releasing of loan proceeds through Payroll Account/Disbursement Card, attach photocopy of payroll
account/disbursement card/deposit slip (for newly-opened account).
4. Submit accomplished application, together with the required documents to any Pag-IBIG Fund Branch. Processing of
loans shall commence only upon submission of complete documents.
Basic Salary 12,096
_________________ C. Loan Features
1. Loan Amount
A qualified Pag-IBIG member shall be allowed to borrow an amount based on the lowest of the following:
Add: Allowances 1.1 Desired Loan Amount
1.2 Loan Entitlement
The loan entitlement shall be equivalent to eighty percent (80%) of TAV. However, If the borrower has an existing
Overload
_____________________ __________
2,061 calamity loan, the loanable amount shall be the difference between the 80% of the borrower’s TAV and the
outstanding balance of his calamity loan.
1.3 Capacity to Pay
1,000 The loanable amount shall be limited to an amount which will not render the borrower’s Net Take Home Pay
_____________________
Homeroom __________ (NTHP) to fall below the minimum requirement as prescribed by the General Appropriation Act (GAA) or company
policy, whichever is applicable.
2. Interest Rate
DeMinimis
_____________________ 500
__________ The loan shall be charged with an interest of 10.5% p.a. (equivalent rate of 17.5% based on diminishing principal
balance) with interest during the grace period and shall be amortized equally over the term of the loan.
3. Loan Term
_____________________ __________ The loan shall be repaid over a period of two (2) years or three (3) years, at the option of the member upon
loan application, with a grace period of two (2) months.
However, in the event that the borrower does not indicate the chosen loan term, the default term shall be three
_____________________ __________ (3) years.
4. Loan Release
The loan proceeds shall be released through any of the following modes:
_____________________ __________ a) Crediting to the borrower’s disbursement card or Loyalty Card Plus;
b) Crediting to the borrower’s bank account through LANDBANK’s Payroll Credit Systems Validation (PACSVAL);
c) Check payable to the borrower. However, when the check remains unclaimed for a period of thirty (30) calendar
days from the DV/Check date despite notice to the borrower (either by email, registered mail or personal
delivery to his postal address, or Short Message Service (SMS) informing him that the same is available
for release, the check shall be cancelled and the loan will be reversed.
Gross Monthly Income __________ d) Other acceptable modes of disbursement.
5. Loan Payments
5.1 The loan shall be paid in equal monthly payments in such amounts as may fully cover the principal and interest
over the loan period. Said amortization shall be made, whenever feasible, through salary deduction.
5.2 For self-employed individuals, Overseas Filipino Workers (OFWs), or other types of individual payors, monthly
Less: Deductions payments shall be paid over-the-counter or any other modes of payment approved by the Fund.
5.3 Payments shall be remitted to the Fund on or before the fifteenth (15 th) day of each month, starting on the third
(3rd) month following the date on the DV/check or manual disbursement voucher.
5.4 If the due date falls on a non-working day, the monthly amortization shall be paid on the first working day after the
SSS Contribution
_____________________ __________
1125 due date.
5.5 The borrower may fully pay the outstanding balance of the loan prior to loan maturity.
5.6 The borrower shall pay directly to the Fund in case the borrower is unable to pay through salary deduction for any
Philhealth
_____________________ 362.88
__________ of the following circumstances, such as but not limited to:
a. Suspension from work
b. Leave of absence without pay
Pag-ibig
_____________________ 100
__________ c. Insufficiency of take home pay at any time during the term of the loan; or
d. Other circumstances analogous to the foregoing.
5.7 Payment shall be applied according to the following order of priorities:
Tax
_____________________ 621.42
__________ a. Penalties; if any
b. Interest; and
c. Principal
5.8 Any amount in excess of the required monthly amortization shall be applied to succeeding amortizations which
MITRF
Issued this _______ day of _________,
____________________ 20__.
__________
604.80 will be posted on the next due date.
I certify under pain of perjury that the above- 6. Penalties
3,941.07 A penalty of 1/20 of 1% of any unpaid amount shall be charged to the borrower for every day of delay. For borrowers
mentioned
Bankard information is true and correct.
_____________________ __________ paying through salary deduction, penalties shall only be reversed only upon presentation of proof that non-payment
was due to the fault of the employer. In such case, penalties due from the borrower shall be charged to the employer.
SSS Salary Loan 415.31 Non-remittance of the total loan amortization shall likewise subject the employer with a penalty of 1/10 of 1% per day
of delay of the amounts payable from the date the loan amortization or payments fall due until paid.
7. Default
D. ___________________________________________
Loan Renewal The borrower shall be in default in any of the following cases, without need for demand:
HEAD
Total OF OFFICE/AUTHORIZED SIGNATORY
Deductions 7,170.48
__________ a. Any willful misrepresentation made by the borrower in any of the documents executed in relation hereto.
E. Loan Renewal (Signature over printed name) b. Failure of the borrower to pay any three (3) consecutive monthly amortizations.
c. Failure of the borrower to pay any three (3) consecutive MS; or
d. Violation by the borrower of any of the membership/STL/housing loan policies, rules, regulations and guidelines of
Pag-IBIG Fund.
8. Effects of Default
Net Monthly Income __________
8,884.73 In the event of default, the outstanding loan obligation shall become due and demandable. The outstanding loan
obligation shall be deducted from the TAV after exerting all collection efforts.
D. Other Provisions
1. The MPL and/or Calamity Loan programs shall be treated as separate and distinct from each other. Hence, the member
shall be allowed to avail of an MPL while he still has an outstanding calamity loan, and vice versa. Application for loans
on these two programs shall be governed by their corresponding guidelines.
2. In no case shall the aggregate STL exceed eighty percent (80%) of the borrower’s TAV.
3. For both 2-year and 3-year terms, a borrower may renew his/her MPL after payment of equivalent to six (6) monthly
amortizations; not earlier than the sixth (6th) monthly amortization due date; and provided that he meets the eligibility
Issued this ________
25th day of Nov. 21
____, 20___. requirement. The approved loan shall be applied to the borrower’s outstanding MPL obligation and the net proceeds
shall then be released to him. In case of full payment prior to loan maturity, a borrower shall be allowed to apply for a
new loan anytime thereafter.
I certify under pain of perjury that the 4. In the event of membership termination prior to loan maturity, the outstanding loan obligation shall be deducted from
the borrower’s TAV and/or any amount due him or his beneficiaries in the possession of the Fund. In case of the
above-mentioned information is true and borrower’s death, the outstanding loan obligation shall be computed up to the date of death. Any payments received
correct. after death shall be refunded to the borrower’s beneficiaries.
5. Borrower may request for the immediate offsetting of his/her outstanding MPL balance against his/her TAV.
It shall be effected upon approval of the borrower’s request, provided, the request is based on the following
Regie R. Jennings
________________________________________ justifiable reasons: Total disability or insanity; Separation from service by reason of health; Death of member’s
immediate family member; Distressed member due to unemployment limited to layoff and/or closure of
HEAD OF OFFICE/AUTHORIZED SIGNATORY company; Critical illness of the member or any of his/her immediate family member, as certified by a licensed
(Signature Over Printed Name) physician under one of the following categories, subject to the approval of the DCEO-Member Services
Cluster: cancer, organ failure, heart-related illness, stroke and neuromuscular-related illness; Repatriation of
OFW member from host country and other meritorious grounds as may be approved for by the Board, by
reason thereof, resulted in his failure to pay the required amortizations when due.
6. If TAV offsetting has been effected on the borrower’s defaulting MPL, he may apply for a new MPL provided he has
paid at least (6) monthly amortizations prior to default and its consequent offsetting against the borrower’s TAV.
However, if he has paid less than 6 monthly amortizations prior to default, he may apply for a new loan only after two
(2) years from the date of TAV offsetting.