As per the Pag-ibig regulations, you must pay at least 24 months worth of contributions to avail of a housing loan. But, a recent amendment states that non-members can avail if they pay the equivalent of 24 monthly contributions at one setting.
The amount of loan than can be taken out depends on four factors.
a) Capacity to pay based on net disposable income. This means that the monthly amortization should be no less than 40% of your net disposable income.
?b) Actual need
c) The monthly contribution of the member. A member is allowed a maximum of P125, 000.00 for every P100.00 monthly contribution. The maximum loan amount is P2, 000,000.00 based on P1, 600.00 monthly contribution of a member.
?d) The value of collateral (appraisal will be conducted)