In the Philippines, where people dream of having their own homes, there’s a special friend called Pag-IBIG Fund. It helps make those dreams of owning a house come true. But here’s the exciting part you might not know about: Pag-IBIG Fund is also helping people get solar panels for their homes. This isn’t just about houses; it’s about making homes eco-friendly. In this article, we will explore Pag-IBIG Solar Financing and see how it’s changing the game for Filipino homes.
- What Is Pag-IBIG Solar Financing?
- Why Does The Pag-IGIB Housing Loan Cover Solar?
- How Much Will Be Covered Under The Pag-IGIB Housing Loan?
- Criteria For Pag-IGIB Solar Financing
- Loan Application Process For Pag-IGIB
- Pag-IGIB Loan Repayment Term and Methods
- What If I Already Have An Existing Loan with Pag-IGIB?
- Greener Philippines With Pag-IBIG
- GetSolar: Who Are We?
What Is Pag-IBIG Solar Financing?
Pag-IBIG Housing Loan
To understand the significance of Pag-IBIG Solar Financing, it’s essential to understand the Pag-IBIG Housing Loan. This program, designed to fulfil the dream of homeownership, enables borrowers to access up to P6 million at favourable terms. Beyond traditional uses like purchasing residential lots and houses, the loan extends to cover solar panel installations as a major home improvement.
Pag-IBIG Solar Financing
Back in 2015, Pag-IBIG Fund decided to spice things up a bit. They’re not just about helping homeownership; they also supporting solar panel adoption. Why? Because solar panels are like magic generators fuelled by the sun, and they’re amazing for the planet. Pag-IBIG Fund wanted to support not just homes but also the environment. So, they made it possible for you to get a loan for solar panels. These solar panels fit right into the electricity part of your home loan, covering all the things you need, like materials and costs.
You can read the official memo here.
Why Does The Pag-IGIB Housing Loan Cover Solar?
The expansion of the Pag-IBIG Housing Loan to support solar panel loans is not just a financial support mechanism but a testament to Pag-IBIG Fund’s dedication to sustainability. By including solar technology in the scope of the loan, Pag-IBIG Fund actively contributes to the broader government agenda of promoting renewable energy and combating climate change. This integration allows homeowners to seamlessly incorporate eco-friendly solutions into their properties.
How Much Will Be Covered Under The Pag-IGIB Housing Loan?
You can expect to be covered up to P500,000 for the installation of solar panels on your own home. You can expect to generate approximately 1,000kWh of electricity per month just from your solar panel system alone.
If you wish to find out more about the price of installing a solar panel system in the Philippines, click here!
Criteria For Pag-IGIB Solar Financing
In order to extend your Pag-IGIB housing loan for the acquisition or installation of solar panels, you must meet the following criteria:
- A qualified Pag-IBIG Fund member may be allowed to avail of a housing loan for the acquisition/installation of solar panels as part of home improvement or as a component of the housing unit to be purchased subject to the prevailing Pag-IBIG Fund retail housing loan programs.
- The loan shall be secured by a collateral that shall consist of the same residential property to which the loan proceeds are applied.
Want to install solar but not sure who to approach? Check out our top 10 solar companies in the Philippines!
Loan Application Process For Pag-IGIB
Application requirements for the housing loan include:
- Housing loan application
- Updated tax declaration and tax receipts
- Vicinity map of property
- Valid IDs
- Additional requirement of loan purpose
- Certified true copy of title
- Proof of income
You may submit your application form with its initial requirements through Virtual Pag-IBIG. After that, you may then submit your application form and its complete set of requirements at any Pag-IBIG housing business center or Pag-IBIG fund branch near you.
For the full set of requirements and steps, please refer here.
Pag-IGIB Loan Repayment Term and Methods
With Pag-IBIG, you get the flexibility of options for repayment. You can pay back the money through your boss, use post-dated checks, or they can take it directly from your bank. They even let you pay online! You are free to choose whatever works best for you.
Lastly, let’s talk about time. Pag-IBIG gives you a lot of time to pay them back, up to 30 years! But, of course, it depends on how old you are. They want it to be fair and not too hard on you.
What If I Already Have An Existing Loan with Pag-IGIB?
According to Pag-IBIG Fund Cebu Manager Rio Teves, if a member has an existing housing loan, he can still avail himself of another loan under the “major home improvement loans” for the installation of the solar panels. Solar installations will be considered under the electrical aspect of the housing loan that includes the bill of materials and cost estimate.
Greener Philippines With Pag-IBIG
In a world that’s pushing us to be more Earth-conscious, Pag-IBIG is stepping up to bat. It’s not just wishful thinking; it’s a signal that green homes are within reach for everyone in the Philippines. So, as we look into a future that pushes us towards eco-smart choices, Pag-IBIG is there, shining the light on a path that says, “Sustainable living? Yeah, you can do that. Let’s make it happen, one home at a time.”
GetSolar: Who Are We?
At GetSolar (formerly Solar AI) we’re a passionate team based in Singapore committed to the mission of decarbonising our energy grid. Our innovative rent-to-own solar model is designed to bring solar energy within reach for homeowners, removing upfront costs and simplifying the process with a straightforward monthly payment plan. This approach effectively overcomes the challenges associated with embracing solar energy.
As of now, our services are exclusively available within Singapore’s borders. However, we invite you to connect with us on our social media platforms. The future holds exciting possibilities, and who knows, we may expand our reach beyond Singapore one day. When that time comes, you’ll be among the first to know!