Guide on the Pag-IBIG Calamity Loan Vs. SSS Calamity Loan Offers for Eligible Pinoys
PAG-IBIG CALAMITY LOAN – Here is a comparison of the Pag-IBIG Fund loan offer and the SSS Calamity Loan offer of the Social Security System.
Natural calamities are no strangers in the Philippines. Every year, the country is hit by at least three (3) typhoons every six (6) months. Unfortunately, these typhoons usually cause deep flooding in several areas and bring damages in properties.
Considering how rampant flood is in the Philippines now, it is an edge to qualify to the calamity loan offers that you can turn to in case the unwanted happens. The state-run institutions SSS or Social Security System and the Pag-IBIG Fund are among those that offer calamity loans.
Part of the SSS loans and the Pag-IBIG Loans are the SSS Calamity Loand and the Pag-IBIG Calamity Loan that qualified members of these state institutions may turn to. They were crafted as the loan offers that the qualified members may turn to in case a natural disaster has left their place of residence or work under a State of Calamity.
The Pag-IBIG Calamity Loan and the SSS Calamity Loan come with different features. Here is a guide on the features under each offer so you can choose which better suits your needs:
Who are qualified to apply for loan?
| SSS Calamity Loan | Pag-IBIG Calamity Loan |
| registered in the SSS Website (My.SSS facility) to facilitate filing of online application | at least twenty-four (24) monthly membership savings under the Pag-IBIG Regular Savings |
| have not been granted any final benefit | with proof of income |
| with thirty-six (36) monthly contributions and above, six (6) of which should be posted within the last twelve (12) months prior to the month of filing of application | If with an existing Pag-IBIG Housing Loan, Multi-Purpose Loan and/or Calamity Loan, the account/s must not be in default |
| with at least six (6) posted monthly contributions under the current coverage/membership type prior to the month of loan application for Self-Employed, Voluntary (including Non-Working Spouse), and Overseas Filipino Worker (SE/VM/OFW) members who are land based | 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 |
| residents of the calamity declared areas and suffered damages/loss to their properties. A resident, for the purpose of CLAP, is one who has a home address or property at the calamity-stricken area | |
| without any past due SSS Short-Term Member Loans | |
| with no outstanding Loan Restructuring Program (LRP) or Calamity Loan Assistance Program (CLAP) |
How Much You May Borrow
| SSS Calamity Loan | Pag-IBIG Calamity Loan |
| equivalent to one (1) Monthly Salary Credit (MSC) computed based on the average of the last twelve (12) MSC | up to 80% of their total Pag-IBIG Regular Savings, which consist of their monthly contributions, their employer’s contributions, and accumulated dividends earned |
Interest Rate
| SSS Calamity Loan | Pag-IBIG Calamity Loan |
| 10% per annum until fully paid | 5.95% per annum |
What are the loan terms available?
| SSS Calamity Loan | Pag-IBIG Calamity Loan |
| within two (2) years in twenty-four (24) equal monthly installments | within three years or 36 months |
Lists of Requirements for Application
| SSS Calamity Loan | Pag-IBIG Calamity Loan |
| duly-accomplished SSS calamity loan application form | duly accomplished Pag-IBIG Calamity Loan application form |
| valid bank account for the disbursement of the loan proceeds | proof of income |