PAG-IBIG Overseas Program

With the governments efforts in talking to other countries to generate more jobs for us, and the resurging of international jobs, going overseas is once again a viable option for a lot of skilled filipinos. PAG-IBIG has a housing program that our OFWs should look at.

Here are the details I received through email:

Pag IBIG Overseas Program (POP)

A Program for overseas Filipinos
Join, save for your future and be a happy homeowner now!

Offers the best housing loan packages!!!

1) Lowest Interest Rates - as low as 6% interest rate for loans up to Php 400,000; 7% interest rate for loans over Php 400,000 up to Php 750,000; 8.5% for loans over Php 750,000 up to Php 1 Million
2) High Loan To Collateral Ratio - as high as 95% loanable amount for loans over Php 750,000 up to Php 1.25 M (Developers with buyback agreement). Down payment can be as low as 5% of the selling price
3) Longest Loan Term - maximum of 30 years to pay. Member can choose the loan term, from 1 to 30 years to pay, provided that it shall not exceed the difference betwwen the principal borrower's age at the time of loan application and age seventy
4) Up to Php 3 Million Loan - based on the lowest of the ff: capacity to pay (40% of NDI); actual need; loan to collateral ratio; and membership contribution (member may upgrade contribution to increase the loanable amount). Tacking provision is allowed up to 2 co-borrowers (parents & siblings)

What is the Pag IBIG Overseas Program (POP)?

- A voluntary savings program
- Open for Filipino overseas contract workers / immigrants / permanent residents / seafarers
- Opportunity to save for their future
- Avail of a housing loan of as much as Php 3 million

Non-members can join by simply accomplishing the member's data form and paying the required membership contribution

A Savings Program

- All contributions of the member earn dividends and the contributions plus the dividends can be withdrawn at the end of the membership term (5, 10, 15 or 20 years)

House & Lot as low as Php 1.8 M or Php 16,000 / month*
Condominium as low as Php 1.1 M or Php 8,000 / month*
*monthly amortization

You can check out the official guidelines at the PAG-IBIG Website.