Pag-IBIG will offer calamity loans to qualified members affected by two tropical cyclones (Carina and Butchoy) in July 2024. The affected Philippines family members of Pag-IBIG can apply for loans and get their lives on track again. The members can check every detail of the calamity loan here.
Pag-IBIG Calamity Loan 2024
The Pag-IBIG funds or Home Development Mutual Fund (HDMF), the government-owned corporation have extended their support to the Filipino members affected by the July cyclones through immediate calamity loans. The corporation has announced the affected members of the hardest-hit areas declared by the State office.
According to reports, the qualified members of Metro Manila, Baco, Batangs, Cainta, etc. can apply for the calamity loan. The corporation Chairman Jose Cuzar has said that they are connecting with the local authorities to provide immediate financial aid to the members in dire need of assistance.
The Pag-IBIG calamity loan is a short-loan program to offers cash payments to support the members in rebuilding their lives and getting their life back on track at a low-interest rate of 5.95% per annum.
The members living in non-calamity-stricken areas can avail the financial assistance from Pag-IBIG funds through a Multi-purpose Loan or Housing loan.
Who qualifies for the Pag-IBIG Calamity Loan 2024?
The Pag-IBIG funds member who meets the following eligibility requirements can apply for the 2024 calamity loan:
- The member must have made at least 24 monthly savings (MS).
- The member who has optionally withdrawn his MS or withdrawn due to membership maturity can also apply for the calamity lain when the member has gathered up to 24 MS or its equivalent from the cut-off date of optional withdrawal or membership maturity.
- The members who do not meet the 24 MS requirements but have savings equal to 24 MS can apply for the loan.
- The member should be a resident of the calamity-stricken area declared by the government.
- The member should be an active member with at least one MS within the last six months before the loan application date.
- The member’s existing Multi-purpose/ Housing/Calamity loan accounts are not in default on the date of application.
- The member house or place of work should be declared under a state of calamity
- The members should have their Income proof to show that they need the financial aid.
The eligible members who wish to acquire the calamity loan should apply for the loan within 90 days of the declaration of state calamity from the President’s Office or the Sangguninag Bayan of their area.
Pag-IBIG Calamity Loan 2024 Borrowing Amount
The Pag-IBIG eligible members can borrow up to 80% of their regular monthly savings (MS) containing earned dividends, monthly contributions, and employer contributions through the 2024 calamity loan. However, if the members have an existing MPL, the calamity loan amount will be the difference between their 80% of regular savings and the outstanding balance of the existing loan.
The calamity loan amount will be limited to the amount that will make the net take-home pay (NTPH) fall behind the minimum requirements so that you still have enough funds to cover your basic expenses.
The authority will proceed with the calamity loan amount to the applicants in the following modes:
- The applicants will receive the loan to their Loyalty Card Plus or the borrower’s disbursement card.
- The corporation cna credit the loan to the borrower’s bank via LANDBANK’s Payroll Credit systems Validation.
- The borrowers can receive the loan amount through a check, but the borrower must claim the check within 30 days otherwise the check will be canceled.
- The loan amount can be disbursed with other applicable payment modes as per the preference of the borrowers.
How to file for the Pag-IBIG Calamity Loan 2024?
The qualified members of Pag-IBIG funds who meet the eligibility requirement of the 2024 calamity loan can apply for the loan through the following ways:
- Online: You can submit the Pag-IBIG Calamity loan application form (CLAF)at the Pag-IBIG website https://www.pagibigfund.gov.ph/ with the required documents.
- Offline: You can download the CLAF through the official website or visit the nearby branch of the Pag-IBIG and submit the duly accomplished form with the necessary documents like payroll details, Loyalty Card Plus, etc.
The applicants can apply for the Pag-IBIG calamity loan through their employers as well when the employer is enrolled under the Virtual Pag-IBIG funds for employers.
Pag-IBIG Calamity Loan 2024 Repayment
The borrowers can repay short-term & lowest interest rate calamity loans over two or three years with a grace period of three months based on the term chosen by the applicants. If the applicants do not choose the loan term, the default term of 3 years will apply to their calamity loan application.
The borrowers can pay their Pag-IBIG calamity loan through the following ways:
- The employed Pag-IBIG members can pay the loan through monthly salary deductions. The monthly equal amount will cover the principal and interest amount of the loan over the designated loan period.
- Self-employed individuals/ Overseas Filipino workers/ or other individuals can repay the loan through monthly payments at the nearest Pag-IBIG branch or any online channels.
The loan payments shall be made before the 15th of each month after the fourth month of loan disbursement. However, if the repayment day falls on a holiday or weekend, the payments shall be made on the first business day after the due date.
The borrowers who fail to repay the loan amount on the designated day will be penalized 1% of the borrowed amount for each day delay in the loan repayment.
The Pag-IBIG members who live in the state-declared cyclone-affected areas should apply for the calamity loan within 90 days to receive the financial aid. The Pag-IBIG is determined to provide needed assistance to Filipino workers in need with proper coordination with local authorities.