Details about the Pag-IBIG Calamity Loan Loanable Amount 2024 for Members
PAG-IBIG CALAMITY LOAN LOANABLE AMOUNT 2024 – You can check the details here regarding the amount you may borrow from the Fund.
In the Philippines, one of the government agencies with multi-million members is the Pag-IBIG Fund. Its members are coming from different walks of life — locally-employed and self-employed individuals, overseas Filipino workers, and other voluntary members.
A Pag-IBIG membership is required for all employees in the public and private sector in the Philippines. The members submit a monthly contribution or savings to maintain an active and updated account to the state agency that may qualify them to the loans offered by the government agency.
Aside from the Pag-IBIG Cash Loan offer, the Fund also has the Pag-IBIG Calamity Loan offer that was designed as a financial assistance that a member may turn to in times of natural disaster. Such circumstances include the following:
- Typhoon
- Landslide
- Earthquake
- Tsunami
- Storm Sruge
- Volcanic Eruption
- Tornado
- El Niño and La Niña phenomena
There are eligibility requirements set by the Fund in applying for the loan offer. To qualify, the member-borrower must meet the following qualifications to the offer:
- a minimum of 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
- has proof of income
- If with an existing Pag-IBIG Housing Loan, Multi-Purpose Loan and/or Calamity Loan, the account/s must not be in default
With regards to the Pag-IBIG Calamity Loan loanable amount, according to the Fund, a member may borrow up to an equivalent of 80% of his/her total Pag-IBIG Regular Savings. It consists of the member’s monthly contributions, the employer’s share in the contributions, and the accumulated dividends of the savings.
In case you have an existing Pag-IBIG Multi-Purpose Loan, the Pag-IBIG Calamity Loan loanable amount will be the “difference between the 80% of your total Pag-IBIG Regular Savings and the outstanding balance of your Pag-IBIG MPL”.
In applying for the offer of the Fund, there are documentary requirements for Pag-IBIG Calamity Loan 2024 application. Prepare and submit them to the government agency.