Can a seaman loan in Pag ibig?
Can a seaman apply for a PAG-IBIG housing loan? Yes. The Filipino government recognizes this sacrifice and that is why it is doing what it can to support those dreams. Filipino seafarers can avail of this loan and attain their goals while working hard.
The Pag-IBIG Fund Affordable Housing Loan is designed for minimum-wage and low-income members who earn up to P15,000 a month within the National Capital Region (NCR) and earn up to P12,000 per month outside the NCR.
4How much can I borrow under the Pag-IBIG MPL? Qualified members can borrow up to 80% of their total Pag-IBIG Regular Savings, which consist of their monthly contributions, their employer's contributions, and accumulated dividends earned.
- Completely Filled out and signed Application Form.
- Promissory Note/Disclosure Statement.
- Photocopy Overseas Employment Certificate (OEC)
- Photocopy of Contract duly signed by POEA.
- Photocopy of Passport including filled out pages.
- Photocopy of Seaman's Book including filled out pages.
- Signed Katibayan.
There is a 2.5% interest rate per month that you need to pay on top of the loan amount once your loan gets approved and disbursed. Loan terms usually last for four to eight (4-8) months, or at least 2/3 of your contract period.
Yes, you are right. You can be a member of the Pag-IBIG Fund even if you are not employed. But remember: if you are going to apply for a Pag-IBIG Loan, you have to somehow demonstrate that you are capable of paying the loan.
4How much can I borrow with a Pag-IBIG Housing Loan? You can borrow up to as much as P6 million.
You may withdraw your Pag-IBIG Regular Savings upon the occurrence of certain grounds. These include the following: Membership maturity after 20 years, equivalent to 240 monthly contributions. Retirement at age 60 (optional retirement age) or at 65 (mandatory retirement age);
Loan Status Verification. Virtual Pag-IBIG. For questions or to follow-up on your loan application, please call (02)8724-4244 or chat us by clicking on the icon found at the bottom right of your screen.
Regardless of the mode of settlement, unpaid amount due and demandable shall be subject to a penalty of 1/20% of 1% for every day of delay.
How long does it take to get Pag-IBIG loan approved?
The Pag-IBIG Fund Multi-Purpose Loan or MPL is a cash loan designed to help our members with any immediate financial need. A member can borrow up to 80% of their Pag-IBIG Regular Savings, and can be processed in as fast as 2 days!
| Monthly contribution | Allowable amount to loan |
|---|---|
| 24 to 59 months | 60% of contribution's TAV |
| 60 to 119 months | 70% of contribution's TAV |
| 120 months and over | 80% of contribution's TAV |
- From your GCash dashboard, select View all GCash Services.
- Look for GLoan under the Financial Services option.
- Select the Get Started button.
- Drag the cursor to your desired loan amount then select the loan tenor.
- Select the purpose of your loan.
- Active membership, by having at least one (1) monthly membership savings within the last six (6) months prior to the date of loan application;
- At least twenty-four (24) monthly membership savings under the Pag-IBIG Regular Savings program;
The maximum loanable amount is 80% of the appraised value of the property or contract price. The interest rate will be the prevailing rate at the time of the loan approval.
How much can be loaned? A member can avail of a loan based on an average of the 12 monthly salary credits or MSCs. For a one-month salary loan, the amount is based on this MSC or the loan amount whichever is lower. For a two-month salary loan, the amount is based on twice the MSC or the loan amount whichever is lower.
OFWs who've been working overseas for at least two years and with a monthly income of P30,000 or more may qualify for a BPI Personal OFW Loan and Auto loan. Moreover, BPI also offers home loans for OFWs who earn a minimum of P40,000 per month.
- Chief mate.
- Second mate.
- Third mate.
- Deck cadet.
- Boatswain.
- Able bodied seaman.
- Ordinary seaman.
- Chief engineer.
The profession of an ordinary seaman (mostly known as OS) allows a person to work on the deck of a ship majorly. The deck jobs include cleaning the ship, taking care of the paint-work, taking duty of the helm of the ship and standing guard whenever the situation demands.
For centuries, the term ordinary seaman was used to refer to a seaman with between one and two years' experience at sea, who showed enough seamanship to be so rated by their captain. Historically in some navies and the merchant marine a sailor with less experience was called a landsman.
How can I get Pag-IBIG loan if I am self-employed?
- Photocopy of at least two (2) valid IDs;
- For employed members: ...
- For self-employed members, photocopy of any of the following: ...
- Photocopy of the Payroll Account/Disbursem*nt Card authenticated if self-employed and certified by Employer if employed.
Pag-IBIG Voluntary Contribution Rates
The minimum monthly savings or contribution for all Pag-IBIG members, including freelancers and OFWs, is PHP 200. You may increase your monthly payments to maximize your Pag-IBIG benefits.
- Submit two copies of MDF and other supporting requirements to the Marketing and Enforcement Division of the local Pag-IBIG branch. ...
- Get a Payment Order Form (POF) from the said office, and go to the Cash Division to pay for Membership Contribution.
The signing of Republic Act 9679 or the Home Development Mutual Fund Law of 2009 expands the mandatory coverage of Pag-IBIG Fund. Now, overseas Filipino workers and other individuals employed by foreign-based companies are required to register with the Fund as member.
With Pag-IBIG Fund's Affordable Housing Program (AHP), it is now easier for minimum-wage and low income earners to own a home! With monthly payments as low P2,445.30* per month and terms as long as 30 years, owning your dream home has never been this affordable.
Yes, the Pag-IBIG Fund allows that for housing loan applications. If you've paid less than 24 monthly contributions, you can pay in lump sum for the unpaid months to qualify for the housing loan. Simply go to the nearest Pag-IBIG office, pay the amount, and keep the official receipt.
Pre-termination of MP2 savings. The Pag-IBIG Fund allows early and full withdrawal of MP2 savings before the five-year maturity period for any of the following reasons: Retirement (except for pensioners) Total disability or insanity.
| Monthly Salary | Employee's Contribution Rate | Total |
|---|---|---|
| At least Php 1,000 to Php 1,500 | 1% | 3% |
| Over Php 1,500 | 2% | 4% |
The credit terms of Balikbayad are flexible. For land-based OFWs, they can pay their credit from 6 months to a maximum of 18 months. For seamen, the minimum payment term is 3 months and the maximum is 8 months. Interest rates also vary; 5.75% per month for OFWs and 4.08% per month for seamen.
A seaman who wishes to be an Able Bodied Seaman in any water-body across the world requires a minimum of three years of experience working on a ship. AB Unlimited, the highest-ranking for able seamen, will have at least 1080 days of qualifying sea service experience on the deck of vessels.
How much is the maximum loan for OFW?
The maximum loanable amount is 80% of the appraised value of the property or contract price. The interest rate will be the prevailing rate at the time of the loan approval.
OFWs who've been working overseas for at least two years and with a monthly income of P30,000 or more may qualify for a BPI Personal OFW Loan and Auto loan. Moreover, BPI also offers home loans for OFWs who earn a minimum of P40,000 per month.
Is there an OWWA Personal Loan available? Currently, OWWA does NOT offer any personal loans. It offers only business loans (e.g. OFW -Enterprise Development and HEROES Loan Program), which focus on developing enterprises.
Note: An Overseas Filipino Worker or OFW is a person from the Philippines who is living and working in another country, typically on a temporary basis. This includes land-based OFWs and seafarers/sea-based OFWs. Families traveling together with at least one OFW will be considered all OFWs. 1.
| Annual Salary | Monthly Pay | |
|---|---|---|
| Top Earners | $60,500 | $5,041 |
| 75th Percentile | $51,500 | $4,291 |
| Average | $45,825 | $3,818 |
| 25th Percentile | $31,500 | $2,625 |
...
What are Top 10 Highest Paying Cities for Ordinary Seaman Jobs.
| City | Sunnyvale, CA |
|---|---|
| Annual Salary | $57,625 |
| Monthly Pay | $4,802 |
| Weekly Pay | $1,108 |
| Hourly Wage | $27.70 |
