Pag IBIG Calamity Loan – In times of calamities or natural disasters, it’s not just the physical damages that people have to deal with, but also the financial strain that comes with it. This is where the Pag-IBIG Calamity Loan comes in as a helpful solution to alleviate some of the financial burden that affected individuals may face. In this article, we will discuss everything you need to know about Pag-IBIG Calamity Loan, including its definition, eligibility requirements, and how to apply for it.
Definition of Pag IBIG Calamity Loan
The Pag-IBIG calamity loan is a financial assistance program offered to Pag-IBIG Fund members who are affected by natural disasters such as typhoons, earthquakes, and other calamities. It is designed to provide immediate financial assistance to the affected members to help them rebuild and recover from the damages caused by the calamity.
Eligibility for Pag IBIG Calamity Loan
To be eligible for the Pag-IBIG calamity loan, a member must meet the following requirements:
- Active Pag-IBIG Fund membership for at least 24 months
- Must be residing in an area declared by the National Disaster Risk Reduction and Management Council (NDRRMC) as under a state of calamity
- Has made at least 1 monthly contribution within the last 6 months as of the date of the calamity
- Has no outstanding Pag-IBIG short-term loan, housing loan, or mult-purpose loan in arrears
- Must have sufficient proof of income and identification documents.
How to Apply for Pag IBIG Calamity Loan Online
Time needed: 1 hour
If you meet the eligibility requirements, you can apply for the calamity loan in Pag-IBIG. Here are the steps:
- Step 1: Visit the Pag-IBIG Fund website
Go to the official website of the Pag-IBIG Fund at www.pagibigfund.gov.ph.
- Step 2: Click on “E-Services”
Once you’re on the homepage, click on “E-Services” on the top menu and select “Online Membership Registration” from the dropdown list.
- Step 3: Provide your information
Fill out the online form with your personal information, contact details, and employment information.
- Step 4: Submit your application
After completing the form, click on “Submit” to send your application.
- Step 5: Wait for your loan application to be approved
After submitting your application, wait for the Pag-IBIG Fund to process your loan application. You will be notified of the status of your application through the contact details you provided.
- Step 6: Receive your loan proceeds
If your loan application is approved, the Pag-IBIG Fund will release the loan proceeds to your nominated bank account or through a Landbank cash card.
Required Documents for Pag IBIG Calamity Loan
- Accomplished Pag-IBIG Calamity Loan Application Form
- Two valid IDs
- Proof of income (such as payslips, certificate of employment, etc.)
- Proof of residency in the calamity-declared area (such as barangay certificate, utility bills, etc.)
Loanable Amount and Repayment Terms
The loanable amount for the Pag-IBIG calamity loan is up to 80% of the member’s total accumulated savings or TAV. The TAV is the total amount of the member’s contributions and employer’s counterpart contributions, including dividends earned.
The loan has a repayment term of 24 months with an interest rate of 5.95% per annum. The first payment will be due on the second month following the date of the loan release.
Here’s a sample computation and payment terms for a Pag-IBIG Calamity Loan:
Assuming you are eligible for a maximum loan amount of Php 20,000:
Loan Amount: Php 20,000
Interest rate: 5.95% per annum
Term: 24 months
Monthly amortization: Php 919.54
Total loan payment: Php 22,068.96
Here’s how the payment terms would look like:
- Monthly payment – The monthly payment for the loan is Php 919.54. This amount includes both the principal and the interest.
- Payment period – The payment period for the loan is 24 months.
- Due date – The payment is due every 15th or 30th day of the month, whichever is applicable.
- Penalty – A penalty of 1/20 of 1% of any unpaid amount per day shall be charged on all accounts not paid on their due date.
It’s important to note that these payment terms may vary depending on the loan amount and term that you choose. It’s also important to make sure that you can comfortably afford the monthly amortization before applying for a loan in Pag-IBIG .
Other important things to remember
When applying for a Pag-IBIG Loan, there are a few things to remember to ensure a smooth and successful application process. Here are some additional tips to keep in mind:
- Check your eligibility: Make sure you meet all the eligibility requirements before applying for the loan. These include being an active Pag-IBIG member for at least 24 months, having at least 24 monthly contributions, and being a resident of an area declared under a state of calamity.
- Prepare your requirements: Make sure you have all the necessary documents and information ready before applying for the loan. This includes your Pag-IBIG ID or Loyalty Card, proof of income, and proof of residency in the affected area.
- Apply early: It’s important to apply for the loan as soon as possible to ensure that you receive the funds in a timely manner. Processing times may vary depending on the number of applications received.
- Follow up on your application: Keep track of the status of your loan application by checking online or contacting Pag-IBIG directly. This will help you stay informed and avoid any delays in processing.
- Use the loan wisely: Remember that the Calamity Loan is intended to provide financial assistance during times of crisis. Use the loan only for necessary expenses related to the calamity, such as repairs or medical expenses.
By following these tips, you can increase your chances of successfully obtaining a Loan in Pag-IBIG and effectively managing the funds to aid in your recovery from a calamity.