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Qualified Pag-IBIG Fund members may avail of a calamity loan up to 90 days after the area of their residence was declared under a state of calamity
Thousands of Filipino families are working to rebuild their lives following the two tropical cyclones that affected the Philippines in July – Butchoy and Carina.
According to the National Disaster Risk Reduction and Management Council, as of 8 am on Friday, July 26, at least 317 houses were damaged by the two storms, with an estimated cost of damaged houses at P2.66 million.
Filipinos needing housing assistance may be qualified to avail of a calamity loan from the Home Development Mutual Fund (Pag-IBIG Fund).
The Pag-IBIG Fund Calamity Loan was established to provide immediate financial aid to its members in calamity-stricken areas.
Here’s a quick guide on how to apply, according to the Pag-IBIG Fund’s website.
Pag-IBIG lists the following requirements to be qualified for the calamity loan:
Eligible members have until 90 days after the declaration of a state of calamity by the Office of the President or their local Sangguniang Bayan to avail of the loan.
For example, if you live in Metro Manila and you need a calamity loan after Typhoon Carina, you have until October 22 to apply for the loan, since the Metro Manila Council declared a state of calamity over the region on July 24.
If you’re qualified, you may borrow up to 80% of your total Pag-IBIG Regular Savings. These consist of your monthly contributions, your employer’s contributions, and accumulated dividends earned.
If you have an outstanding Multi-Purpose or Calamity Loan, the amount you can receive from the new application will be the difference between 80% of your total Pag-IBIG Regular Savings, and the outstanding balance of your previous loan/s.
The more savings you have in your Pag-IBIG Regular Savings or contributions, the more you can loan.
You can apply through the human resources division at your workplace, or directly over-the-counter at any Pag-IBIG Fund branch by submitting an accomplished loan application form and requirements.
Pag-IBIG also offers an online alternative called Virtual Pag-IBIG. This is reserved for members with a Pag-IBIG Loyalty Card Plus, or cash cards issued by any of Pag-IBIG Fund’s partner banks.
According to Pag-IBIG Fund acting media relations division chief Ariane Luceña, active members (or those who have given a monthly contribution at least once in the last six months) can avail of a Loyalty Card Plus in any branch after paying a one-time fee of P125.
Pag-IBIG Loyalty Card Plus cardholders will receive the loan directly in their card. This card acts like an ATM card, powered by Asia United Bank, Union Bank of the Philippines, and Robinsons Bank.
If you don’t have a Pag-IBIG Loyalty Card Plus, the loan will be issued via check.
The loan is payable within three years, with an initial payment due on the third month after the loan release.
You can also opt to pay in two years.
Employed members can also pay loan amortizations via salary deduction arrangements with their employer. If you want to do advance payments, you can do so at any Pag-IBIG branch, Virtual Pag-IBIG, or accredited collecting partners’ outlets or online payment channels.
The Pag-IBIG Fund Calamity Loan has an interest rate of 5.95% per annum.
More details about the loan can be found in Pag-IBIG Fund’s Circular No. 449. – Rappler.com
