Guide on Pag-IBIG Calamity Loan Features & Application
PAG-IBIG CALAMITY LOAN – The Fund is ready to financially help its members who are affected by natural disasters.
In the Philippines, one of the biggest state institutions is the Pag-IBIG Fund. It has millions of members composed not only of Filipinos within the country but as well as abroad. There are many overseas Filipino workers who are maintaining active memberships to the Fund.
The Pag-IBIG Fund was mainly crafted to help the Filipinos have access to affordable means of acquiring residential properties. Meanwhile, it also has other offers including the Pag-IBIG Calamity Loan.
The Calamity Loan offer was designed as an option for members in case a natural disaster left their place in a State of Calamity. Here are the qualifications set by the Fund under the loan offer:
- at least twenty-four (24) monthly membership savings under the Pag-IBIG Regular Savings
- in active membership, by having at least one (1) monthly membership savings within the last six (6) months prior to the date of loan application
- existing Pag-IBIG Housing Loan, Multi-Purpose Loan and/or Calamity Loan accounts must not be in default if there is
- gainfully employed or self-employed with proof of income
How much is loanable under the Pag-IBIG Calamity Loan? According to the Fund, a qualified member may borrow up to 80% of his/her total Pag-IBIG Regular Savings which is inclusive of the following:
- the member’s monthly contributions
- the employer’s contributions
- the accumulated dividends earned by the savings
The loan is payable for up to 36 monthly installments. The loan application is open within a period of ninety (90) days since the declaration of the State of Calamity. The Fund has set different requirements among the locally-employed and self-employed individuals and the overseas Filipino workers (OFWs).
Aside from the Fund, the Social Security System also has its own Calamity Loan offer. Surely, many of the Fund members are also SSS members and have access to the social insurance institution’s loan offers.
