In short
The one Pag-IBIG program that names buying a car is the Home Equity Appreciation Loan (HEAL). It is open only to housing-loan borrowers whose loan is at least five years old and paid on time.
A bank car loan on ₱1,000,000 over 60 months starts at ₱20,967 a month at UnionBank, one of 8 banks you can compare here.
- Car, auto or vehicle loan at Pag-IBIG
- None. Not in Home Loans or Cash Loans
- Multi-Purpose Loan (MPL) rate
- 1.4583% a month, diminishing balance
- MPL purposes list
- Car repair is listed; car purchase is not
- Home Equity Appreciation Loan (HEAL)
- Names buying a car, for existing housing-loan borrowers only
Check which banks' rules you meet
Loan length: 5 years.
Enter your age and monthly income to see which banks' rules you meet.
The banks' stated minimums. Banks also check your credit record and documents; meeting these rules is not an approval. Security Bank's income rule differs between its own pages, so this tool leaves it out.
Does Pag-IBIG have a car loan?
No. Pag-IBIG Fund's member loan menu splits into two branches, Home Loans and Cash Loans, and neither lists a car, auto or vehicle loan.
Home Loans cover the Expanded 4PH Program, the Regular Housing Loan, the Affordable Housing Loan and a handful of improvement programs.
Cash Loans cover the Multi-Purpose Loan (MPL), the Health and Education Loan Programs (HELPs), the Calamity Loan and the Home Equity Appreciation Loan (HEAL).
A member who wants to buy a car has two real Pag-IBIG paths, not one. The MPL is cash for a repair, not a purchase.
HEAL can fund a car, but only for members who already carry a Pag-IBIG housing loan of a certain age. Everyone else needs a bank car loan instead, and that is most members searching this question.
What the Multi-Purpose Loan actually covers
The MPL lends up to 90% of your total Pag-IBIG Regular Savings, over 12, 24 or 36 months. The rate is 1.4583% a month on a diminishing balance.
Circular No. 469 lists ten allowed purposes. They are medical expenses, minor home improvement, small business capital, tuition and furniture and appliances.
The rest are utility and credit card bills, travel, special events, car repair, and other needs. Car repair sits on that list.
Buying a car does not.
To apply you need at least 12 monthly Pag-IBIG savings and one contribution in the last six months (twelve for OFWs). You also need no existing MPL, Calamity Loan or HELPs account in default, and proof of income.
Pag-IBIG states the MPL clears in two to three working days once your papers are complete. You can file it over the counter at a branch or online through Virtual Pag-IBIG.
- Rate
- 1.4583% a month, diminishing balance
- Amount
- Up to 90% of your total Pag-IBIG Regular Savings
- Term
- 12, 24 or 36 months, member's choice
- Eligible for car purchase
- No, car repair only
HEAL: the one Pag-IBIG loan that names a car
The Home Equity Appreciation Loan is the single Pag-IBIG program whose own page names buying a car as a use, alongside home renovation and furniture. It is not open to every member.
HEAL is reserved for members who already carry a Pag-IBIG housing loan that is at least five years old. That loan must be paid regularly and on time for the last twelve months.
The loan amount is the lowest of four figures. The first two are the amount you ask for, and your capacity to pay.
The other two are 60% of your property's latest appraised value less your remaining housing balance, or ₱10 million less that balance.
The term runs up to 30 years, and you cannot be older than 70 when it ends, or older than 65 when you apply. The collateral is your mortgaged property, not the car.
Pag-IBIG states no rate figure for HEAL; it says the rate follows whichever repricing period you choose.
- Who qualifies
- Existing housing-loan borrowers, loan 5+ years old, paid on time
- Age limit
- Not over 65 at application, not over 70 at loan maturity
- Collateral
- The mortgaged property under your existing housing loan
- Interest rate
- Not stated; set by the repricing period you pick
3 of 3 still to check
If you do not qualify for HEAL yet
Most people typing "pag ibig car loan" are nowhere near five years into a housing loan, so HEAL is not on the table today.
The MPL can still help with a smaller piece of the cost, since its list leaves room for "other needs" beyond car repair. But Pag-IBIG has never named a car purchase as one of them.
For the loan itself, a bank is the real route. Terms vary widely.
BPI sets its minimum down payment at 15%, and Metrobank asks for a household income of ₱40,000 a month. The car loan calculator lines up all 8 banks for your own down payment and term.
On a ₱1,000,000 loan over 60 months, add-on rates at the 7 that quote one currently span 25.80% to 32.52%.
Do not treat the MPL or HEAL as a substitute for the loan itself. Both pay out as cash to you, not as financing secured against the car the way a bank auto loan is.
How to reach Pag-IBIG
Call the Pag-IBIG hotline at 8-724-4244 for MPL or HEAL questions. Or open Virtual Pag-IBIG to check your Total Accumulated Value and file an application online.
If a car loan is what you need this month, rather than a Pag-IBIG program you may not qualify for. Start with the bank comparison instead.