Details about the Pag-IBIG Calamity Loan Offer for Members Hit by Typhoon Kristine
PAG-IBIG CALAMITY LOAN – Here is a guide on the loan offer that members hit by severe tropical storm “Kristine” may apply for.
The Philippines is one of the countries that is usually hit by flood and other calamities. Recently, a severe tropical storm brought heavy rains and strong winds in several areas in the country. Bicol region is one of those that was hit hard by the severe tropical storm Kristine.
Naga City was left flooded by severe tropical storm Kristine. The flood even entered a shopping mall urging the evacuees inside the mall to move to the second floor of the building. The flooding also damaged countless cars in the bus terminals as well as subdivisions.
In Camella Naga Subdivision, the cars were not only wet by floodwater. There are also vehicles that bumped against each other as the flood and wind drove them in a corner. This is where the benefits of eligibilities for loans and insurance claims step in.
In times of natural calamities like flooding caused by storm, it is a huge advantage to qualify to calamity loan offers. One of the state entities that offer a calamity loan is the Pag-IBIG Fund. It is one of the biggest loan-providing state entities in the Philippines.
There are several Pag-IBIG loans that members may turn to. One of the offers is the Pag-IBIG Calamity Loan that qualified members of the Fund who are living in areas declared under a State of Calamity due to severe tropical storm Kristine may turn to.
The Pag-IBIG Calamity Loan was designed to provide an immediate relief to members living in areas hit by the typhoon. 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;
- If with an existing Pag-IBIG Housing Loan, Multi-Purpose Loan and/or Calamity Loan, the account/s must not be in default; and
- Proof of income.
With regards to the loanable amount under the Pag-IBIG Calamity Loan, according to the state entity, an amount that is equivalent to up to 80% of the Pag-IBIG Regular Savings of the member-borrower may be borrowed. The savings is inclusive of the following:
- member’s monthly contributions
- their employer’s contributions,
- accumulated dividends earned
In case the member-borrower has an existing multi-purpose or calamity loan, the difference between the existing loan and the borrowed amount is the amount that the member will receive.
How much is the interest rate under the Pag-IBIG Calamity Loan offer? The Fund charges a 5.95% interest rate per annum. It boasts its loan offer saying it has the lowest interest rate for a calamity loan.
To apply for the loan offer, there are requirements intended for the SSS Calamity Loan application. The documents required by the state entity depends on the nature of income of the member-borrower:
- If you are locally-employed, here are the Pag-IBIG Calamity Loan requirements
- If you are self-employed, here are the Pag-IBIG Calamity Loan requirements
- If you are an overseas Filipino Worker (OFW), here are the Pag-IBIG Calamity Loan requirements