September 22, 2014

Pag-Ibig Calamity Loan for Typhoon Mario

Some of you may be wondering how to avail of the Calamity Loan from Pag-Ibig, especially after Typhoon Mario, so here is how:

Who are eligible?
The calamity loan program is open to any Pag-IBIG member who:
  • Has made at least 24 monthly savings;
  • Is an active member with at least 5 monthly savings for the last 6 months as of month prior to the date of loan application; and
  • Resides in an area which is declared by the Office of the President or the Local Sanggunian concerned as under a state of calamity. If the member has an existing Housing Loan, Multi-Purpose Loan (MPL) and/or Calamity Loan, the account must not be in default as of date of loan application.
If the member has an existing Housing Loan, Multi-Purpose Loan (MPL) and/or Calamity Loan, the account must not be in default as of the date of the loan application.
How much can one loan? 
  • An eligible member may borrow up to a maximum of 80% of his Total Accumulated Value (TAV) subject to the terms and conditions of the program.
  • The current interest rate for the Calamity Loan is 5.95% per annum.
What is the payment period? 
  • The Calamity Loan is amortized over a period of 24 months with a grace period of 3 months. Said member shall start paying his loan on the 4th month following the date of his DV/Check date.

Can a member still avail of a Calamity Loan even if he has an outstanding MPL/Calamity Loan? 
  • Yes, said member may still avail of a Calamity Loan subject to certain conditions. In no case, however, will the aggregate short-term loan (MPL and Calamity Loan) exceed 80% of the borrower’s TAV.
  • If, in addition to an outstanding MPL, the member also has an outstanding calamity loan in the amount of P2,000, in the example above, the member is still granted a new calamity loan of P3,000 but will only receive P1,000 because the P2,000 will pay off the existing calamity loan balance. This means that at any given time, a member can have both MPL and calamity loan, but only one calamity loan.
Until when can an eligible member avail of the loan?
  • Eligible borrowers must avail of the Calamity Loan within a period of 90 days from the declaration of a state of calamity.
What are the documentary requirements for the loan application?
  • Completely filled-up Calamity Loan Application Form (download here)
  • Photocopy of at least 2 valid IDs
  • Proof of Income
  • For formally employed members, duly accomplished Declaration of Being Affected by Calamity (download here)
Where can one apply for a loan
  • The borrower may submit his requirements to any Pag-IBIG Office nationwide. For inquiries, Pag-IBIG Fund’s hotline is open 24/7 – (02) 724-4244. E-mails can be sent to publicaffairs@pagibigfund.gov.ph.

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