Pag-Ibig Fund announced recently that they had started offering calamity loan for members who are in need of financial assistance due to flood that damaged their livelihood and residences.
Various Home Development Mutual Fund branches started accepting calamity loan applications since last
The Fund aims to help members ease their financial distress because of damaged livelihoods.
An active member can loan as much as 80 percent of his total savings.
The program provides financial assistance to Pag-IBIG member-victims in calamity-stricken areas.
- Member must have made at least 24 monthly contributions;
- Member is actively paying contributions at the time he applies for a loan, and commits to continuously remit contributions for the term of the loan. A resident of the area which is declared calamity-stricken.
- The member is entitled to borrow up to 80% of the Total Accumulated Value (TAV) of his savings.
- For members with existing MPLs, the outstanding loan balance shall be deducted from the proceeds of the calamity loan.
- The loan shall be amortized over a period of 24 months with a grace
period of 5 months.
- Should another calamity occur in the same area, a borrower may renew his calamity loan any time. The outstanding balance of his existing loan, together with any accrued interests, penalties and charges, shall be deducted from the proceeds of the new loan.
- The Pag-IBIG member-victim must avail himself of the Pag-IBIG Calamity Loan within a period of 90 days from the occurrence of the calamity.
DOWNLOAD PAGIBIG LOAN APPLICATION FORM HERE
For more information, contact the HDMF hotline at 724-4244 (Metro Manila) or email email@example.com.