Handy Guide to Pag-IBIG Calamity Loan Online Application

Published: November 14, 2020 | Updated: February 2, 2021 | Posted by: Moneymax | Government Services

Pag-IBIG Calamity Loan Online Application Guide | Moneymax

Were you recently affected by a calamity? It can be difficult, especially if you need financial assistance to recover. Fortunately, the Home Development Mutual Fund or more popularly known as the Pag-IBIG Fund offers cash assistance to calamity-stricken members through the Pag-IBIG Calamity Loan. Learn all about this loan program, its deadline, interest rates, and steps to applying online in this guide.

What is the Pag-IBIG Calamity Loan?

The Pag-IBIG Fund Calamity Loan Program or CLP is a cash loan facility that seeks to assist Pag-IBIG Fund members recently affected by a calamity. Here are the basic features and fees of this loan assistance program:

  • Loan amount: Varies but members can borrow up to 80% of their total Pag-IBIG savings
  • Payment terms: Up to 24 months

Once the fund announces that calamity loans are now available, you can apply up until 90 days after the declaration of a state of calamity in your area.

Who can avail a Pag-IBIG Calamity Loan?

pag-ibig calamity loan - who can avail

Pag-IBIG members who fulfill the following requirements can apply for a Calamity Loan:

  • Must be a Philippine resident
  • Member must reside in an area under a State of Calamity as declared by the Office of the President or the Local Sanggunian
  • Has paid at least 24 months of membership savings
  • Has paid at least five months of savings in the last six months
  • Must have sufficient proof of income
  • If member has an existing Pag-IBIG Fund loan, payments must be updated.

Pag-IBIG Calamity Loan Requirements

In addition to the eligibility criteria, you need to submit the following documents when applying for a Calamity Loan from Pag-IBIG:

  • Accomplished Calamity Loan Application Form[1]
  • At least two valid IDs
  • Proof of income
  • Declaration of being affected by the calamity (for formally employed members)

Back to the main article: 9 Pag-IBIG Benefits You Probably Didn’t Know Yet

How much is the Pag-IBIG Calamity Loan amount?

If you are a qualified Pag-IBIG member, you can borrow up to 80% of your total Pag-IBIG regular savings. This includes your monthly contributions as well as  your employer’s contributions. This Pag-IBIG Calamity Loan amount may also consist of any accumulated dividends earned. However, if you have an outstanding multi-purpose or Pag-IBIG Calamity Loan, your existing loan balance will be deducted from the amount you will receive.

How to Apply for Pag-IBIG Calamity Loan Online and Via a Representative

Through a Representative

Pag-IBIG Fund members can apply for a Calamity Loan through their company’s HR representative. Here are the steps when doing so:

  1. Prepare your Pag-IBIG Calamity Loan requirements.
  2. Accomplish the Calamity Loan Application Form.
  3. Write a letter of authorization stating that your HR representative can file on your behalf..
  4. Submit your requirements and letter to your HR representative.
  5. Wait for your loan application to be processed.

Pag-IBIG Calamity Loan Online Application

Pag-IBIG Fund members can also apply for a calamity loan online via the Pag-IBIG Fund website. Here are the steps to follow:

  1. Visit the Pag-IBIG website at www.pagibigfund.gov.ph
  2. Click “Virtual Pag-IBIG”
  3. Select “Apply or Manage Loans” and click “Apply for a Short-term Loan”
  4. Review the documents needed for the application and then click “Proceed”
  5. On the drop-down menu, choose “Calamity Loan”
  6. Enter your Pag-IBIG membership ID number or MID
  7. Click “Validate your MID no.”
  8. Once your MID number is validated, complete your contact details.
  9. A One-Time PIN (OTP) will be sent to your mobile number.
  10. Check the Data Privacy agreement and click “Proceed”
  11. Type in your OTP and click “Proceed”
  12. Review your Calamity Loan application form and click “Next”
  13. Select the type of Cash Card or Loyalty Plus Card you have.
  14. Enter your card number and click “Check cash card status”
  15. If your card is valid, proceed to the next step.
  16. Upload your Calamity Loan Application (front and back), scanned copy of your valid ID, and a selfie.
  17. Submit your application
  18. Wait for your reference number to be sent to your registered mobile number

Read more: What Is Virtual Pag-IBIG and How Do I Create an Account?

When is the Pag-IBIG Calamity Loan application deadline?

Keep in mind that the deadline for calamity loan application is 90 days after the declaration of State of Calamity in your area. If your city or province was affected by a calamity, make sure to file your loan application within the given timeframe.

How long is the Pag-IBIG Calamity Loan processing time?

The loan processing time for Calamity Loan applications is typically 3 to 7 working days. However, expect delays as review of documents can take longer because of the surge of applications.

How will I receive my loan proceeds?

You can get your Calamity Loan proceeds through the following methods:

  • Via check payable to you
  • Your Pag-IBIG Loyalty Plus Card or Cash Card (prepare this before applying online)
  • Landbank’s Payroll Credit System Validation

Read more: Simple Steps to Applying for a Pag-IBIG Loyalty Card

What are the interest rates and fees?

Here are the Pag-IBIG Calamity Loan interest rates and fees. Take note of these before submitting your application:

  • Interest rate: 5.95% per annum
  • Late payment fee: 1% of outstanding balance for every day of delay

Apply for a personal loan at Moneymax!

Pag-IBIG Calamity Loan Repayment Terms

You can pay your calamity loan within 24 months, with a grace period of 3 months. Paying period begins on the 4th month following the check date.

Where can I pay my Pag-IBIG Calamity Loan?

You can pay for your Calamity Loan through the following methods:

  • Salary deduction
  • Auto-debit arrangement
  • Post-dated checks
  • Through an accredited developer with a Collective Servicing Agreement (CSA) with Pag-IBIG
  • Through accredited collection partners—both local partners and overseas partners

I cannot pay my Pag-IBIG Calamity Loan. What happens next?

If you fail to pay your outstanding balance, the unpaid Pag-IBIG calamity loan, its interest, and penalty will be deducted from your Total Accumulated Value or TAV. Your TAV is the sum of your monthly contribution and any earned dividends from Pag-IBIG Fund.

Read more: The Complete Guide to Claiming Your Pag-IBIG Contributions

Final Thoughts

Typhoons, earthquakes, and a pandemic like COVID-19 can greatly affect a person’s finances. Good thing we can take advantage of government financial programs such as the Pag-IBIG Calamity Loan. Make sure to take note of the requirements and criteria before applying for a smooth process both offline and online.

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Source: [1] Calamity Loan Application Form