Published: November 14, 2020 | Updated: November 18, 2020 | Posted by: Moneymax | Government Services
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.
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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:
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.
Pag-IBIG members who fulfill the following requirements can apply for a Calamity Loan:
In addition to the eligibility criteria, you need to submit the following documents when applying for a Calamity Loan from Pag-IBIG:
Back to the main article: 9 Pag-IBIG Benefits You Probably Didn’t Know Yet
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.
Pag-IBIG Fund members can apply for a Calamity Loan through their company’s HR representative. Here are the steps when doing so:
Pag-IBIG Fund members can also apply for a calamity loan online via the Pag-IBIG Fund website. Here are the steps to follow:
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.
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.
You can get your Calamity Loan proceeds through the following methods:
Here are the Pag-IBIG Calamity Loan interest rates and fees. Take note of these before submitting your application:
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.
You can pay for your Calamity Loan through the following methods:
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.
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.
Source:  Calamity Loan Application Form
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