As an expected as aftereffects of the Habagat floods, many PAG-IBIG members might avail of the Calamity Loan offered by the agency. Nineteen cities, municipalities and provinces in Luzon, including Manila, the whole province of Bulacan, parts of Rizal, among others, were declared under the “state of calamity” when the Habagat floods hit most of Luzon over the weekend.
Good thing the government allows its employees to apply for a calamity loan through Pag-IBIG to start anew after the devastation.
Below are the requirements on how to apply for a calamity loan:
A. Who can file for a Calamity Loan?
Any Pag-IBIG member who satisfies the following requirements may apply for a calamity loan:
- The member has made at least 24 monthly contributions.
- The monthly net take home pay requirement of government employees shall be subject to the rules and regulations as provided for in the General Appropriations Act (GAA). On the other hand, the monthly net take home pay of employees working with the private sector shall be based on their respective company policies, if there is any.
- Members with active Fund membership at the time of application with commitment from both the employee and employer to continuously remit contributions at least for the term of the loan.
- For members who have withdrawn their membership contributions due to membership maturity, the reckoning date of the updated 24 monthly contributions shall be the first monthly contribution following the month the member qualified to withdraw his Pag-IBIG contributions.
- For members who have active contributions under both the Pag-IBIG I and Pag-IBIG II, the membership contributions under Pag-IBIG II shall be considered to meet the required 24 monthly contributions.
- The member is a resident of the area which is declared under a state of calamity.
B. How to File for a Calamity Loan?
The applicant shall:
- Secure the Pag-IBIG Calamity Loan Application Form (CLAF) from any Pag-IBIG Fund NCR/Provincial branch.
- Accomplish 1 copy of the application form.
- 3. Attach Certification from the Barangay Chairman that the member is a victim of the calamity together with Sangguniang Bayan Resolution declaring the area in a state of calamity.
- Under PACSVAL/PDDTS releasing, attach photocopy of passbook or Automated Teller Machine (ATM) card reflecting the account name and bank account number.
- Submit complete application, together with the required documents to any Pag-IBIG Fund NCR/Provincial branch. Processing of loans shall commence only upon submission of complete documents.
C. Loan Features
The loanable amount is 80% of the member’s Total Accumulated Value (TAV) with interest rate of 10.75% p.a. for the duration of the loan. The loan should be availed of within 90 days from the occurrence of the calamity and is amortized over a period of 24 months with a grace period of 5 months.
To apply for a Pag-IBIG Calamity Loan, you can go to the nearest Pag-IBIG office and submit your duly filled up application form.
Pag-IBIG halved its interest rate on calamity loans to 5.95 percent from 10.75 percent. (See story)