Definition
The Home Development Mutual Fund (HDMF), commonly known as Pag-IBIG Fund, offers housing loans to its members at lower interest rates than commercial banks. Members can borrow up to ₱6 million with terms up to 30 years.
Examples
- •Pag-IBIG interest rate: 5.75% for loans up to ₱750,000
- •Maximum loan amount: ₱6 million (2024)
Tips & Best Practices
- ✓You must be a contributing member to qualify
- ✓24 monthly contributions minimum required
- ✓Consider Pag-IBIG for its lower interest rates
Related Terms
More in Financing Terms
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