Inquries on POP Multi-Purpose Loan

PURPOSE
To provide financial assistance to Pag-IBIG members under the Pag-IBIG and Pag-IBIG Overseas Program for:
- Medical- Educational- Livelihood- Minor home Improvement- Purchase of Appliance/furniture- Other important needs
ELIGIBILITYMust have made at least 24 monthly membership contributions.Must be an active/contributing member upon loan application.
LOAN AMOUNT
Sixty (60) percent of member's total accumulated value (TAV) under Pag-IBIG I Program.Sixty(60) percent of member's TAV under the POP ProgramIf savings are in US dollars or in other foreign currencies, he may borrow 60% of peso equivalent of his TAV based on applicable exchange rate at the time of loan approval. (MPL for POP borrowers, HDMF Cir No.132 dated July 1995)
INTEREST RATE
10.75 percent per annum
LOAN PERIOD
Payable in 2 years (24 equal monthly amortizations)
LOAN PAYMENT
Payable thru salary deductionsDirect payment allowed in case of separation from employerPayments to be remitted to Pag-IBIG on or before the 15th day of each month.
PENALTY FOR DELAYED PAYMENT
A penalty of 1/2 percent of any unpaid amount shall be collected for each day of delay.Shall be charged only upon loan renewal or full payment.
DEFAULT
He shall be in default in any of the following cases:Any willful misrepresentation made by the borrower in any of documents executed in relation hereto.Failure to pay 3 consecutive monthly amortizations.Failure to pay 3 consecutive monthly contributionsViolation of any of the policies, rules, regulations and guidelines of the Fund.
EFFECTS OF DEFAULT
The following remedies shall be applied:Any amount outstanding inclusive of the principal, interest, penalties and charges become due and demandable.The amount due constitutes a lien on the borrower's TAV.
MEMBERSHIP TERMINATION
If made prior to loan maturity, any amount outstanding shall be deducted from borrower's TAV and/or any amount due him or his beneficiaries in possession of the Fund.
LOAN RENEWAL
A borrower may renew his MPL prior to anniversary date, provided the loan proceeds shall be used for the repair of a house which was destroyed by a calamity declared as such by the Office of the President of the Philippines. (Waiver of One-Year Restriction for MPL Renewal, HDMF Cir. No. 136 dated 22 Nov. 1995).A POP member with outstanding MPL under the Pag-IBIG program may still avail of a multi-purpose loan based on his TAV under the POP program.