Yes, that’s a wrong question and later I will explain why.
The main purpose of this article is simply to tell you not to ask that question from now on, because it’s a wrong question. Enough of that question. Period.
The Right Answer To The Wrong Question
We have received that kind of question several times and the answer has already been put at the FAQ Page of this website. You can go visit that page if you don’t want to read a lengthy explanation.
But since you are already here, heck, let’s answer that.
Maybe someone already told you that you can pay the whole 24 months upon membership and right there and then apply for a housing loan. That used to be possible. But the management of Pag-IBIG Fund found out that it’s been abused many times with some members doing it just for the sake of getting a loan.
And so they fixed the loophole. A new rule was implemented and it is not anymore allowed do it. In other words, if you are a new Pag-IBIG Member, you really have to be actively contributing for a period of 24 months before you can begin applying for a housing loan.
So Why Is It A Wrong Question?
The very question itself shows that the person asking is in desperate need of a loan. Unfortunately, just because you are desperate need of a loan doesn’t mean you will get the money. As a matter of fact, the odds are against you if you display such a behavior.
It’s a wrong question because:
- Pag-IBIG Fund Doesn’t Care If You Need A Loan.
- Pag-IBIG Fund Doesn’t Know You Yet.
- Pag-IBIG Fund Can’t Tell If You Have The Means To Pay For The Loan.
Okay, let’s tackle it one by one.
Reason #1: Pag-IBIG Fund Doesn’t Care If You Need A Loan.
One of the erroneous notions Pag-IBIG Members have is thinking that they are entitled to a loan. Unfornately, no. Just because you are a member of the Pag-IBIG Fund doesn’t mean you can apply for a loan any time and get the proceeds too.
Reason #2: Pag-IBIG Fund Doesn’t Know You Yet.
Most people who are asking such question are either not yet members or new Pag-IBIG Members. That means, these people have no proven records yet at Pag-IBIG. They are like strangers asking for a loan. They could be here now and gone the next day, who knows?
As a member, it is to your advantage if you maintain a clean, active and impressive record with Pag-IBIG Fund before you even attempt to apply for a loan. See to it that your records are updated and your contributions are up-to-date.
Reason #3: Pag-IBIG Fund Can’t Tell If You Have The Means To Pay For The Loan
Think about it. When you get loan, you are most likely to benefit from it and Pag-IBIG is taking a risk in granting you the loan. So to lessen the chances of making a mistake in granting the loan, and therefore losing money, Pag-IBIG has to make sure that they are giving it to the right guy — the one who has the means of paying the loan.
One of the ways Pag-IBIG checks for you are capable of paying the loan is by checking on your employment records such as employment history, contract of employment, salary, etc. So, before applying for a loan, see to it that your finances are in the right order.
This article is written by Carlos Velasco to help Pag-IBIG Fund Members understand the importance of the 24-month period of active membership to the Fund. The question is also among the most asked by the website visitors and with this article we at PagIBIGFinancing.com hope to make things clear for all Pag-IBIG Members.