Pag Ibig Calamity Loan; What You Need to Know
Pag IBIG Calamity Loan is a financial assistance program offered by the Philippine government to help its citizens recover from the effects of natural disasters and calamities such as typhoons, floods, earthquakes, and volcanic eruptions.
The loan program provides financial assistance of up to 80% of the borrower’s Total Accumulated Value (TAV), payable in 24 monthly installments with a fixed interest rate of 5.95% per annum. The loan amount may range from Php 5,000 to Php 20,000, depending on the borrower’s TAV.
To qualify for the Pag IBIG Calamity Loan, a borrower must be an active Pag-IBIG member with at least 24 monthly contributions and must have been affected by a recent calamity declared by the national government or the local government unit where the borrower resides.
Calamity Loan Pag IBIG is a financial assistance program offered by the Philippine government to help its citizens recover from the effects of natural disasters and calamities such as typhoons, floods, earthquakes, and volcanic eruptions.
The loan program provides financial assistance of up to 80% of the borrower’s Total Accumulated Value (TAV), payable in 24 monthly installments with a fixed interest rate of 5.95% per annum. The loan amount may range from Php 5,000 to Php 20,000, depending on the borrower’s TAV.
To qualify for the Pag IBIG online Calamity Loan, a borrower must be an active Pag-IBIG member with at least 24 monthly contributions and must have been affected by a recent calamity declared by the national government or the local government unit where the borrower resides.
To apply for the loan, the borrower must submit a fully accomplished Calamity Loan Application Form (CLAF), valid identification cards, and other required documents to the nearest Pag-IBIG branch or through the Pag-IBIG online portal.
It is important to note that Pag IBIG Calamity Loan is not a grant but a loan that needs to be repaid within the specified term. Failure to repay the loan may result in penalties and legal actions.
When Can You Avail Pag Ibig Calamity Loan 2022?
Pag-IBIG Calamity Loan can be availed by an active Pag-IBIG member who has made at least 24 monthly contributions and who has been affected by a natural calamity, such as the pag ibig calamity loan typhoon odette, floods, earthquakes, and volcanic eruptions.
In order to apply for the Pag-IBIG Calamity Loan, the borrower must submit a fully accomplished Calamity Loan Application Form (CLAF), valid identification cards, and other required documents to the nearest Pag-IBIG branch or through the Pag-IBIG online portal. The borrower must also have a savings or TAV account with Pag-IBIG that has sufficient funds to cover the loan amount.
It’s important to note that the availability of the Pag-IBIG Calamity Loan depends on the declaration of a state of calamity by the national government or the local government unit where the borrower resides. Once a calamity has been declared, Pag-IBIG may announce the availability of the Calamity Loan program, and interested borrowers may then apply for it. Previous calamities where calamity loan was available were for pag-ibig calamity loan odette, and pag-ibig calamity loan covid-19.
Who Can Avail Pag ibig Calamity Loan?
Pag-IBIG Calamity Loan is available to active Pag-IBIG Fund members who meet the following eligibility criteria:
- Must have made at least 24 monthly contributions to Pag-IBIG Fund, whether consecutively or not, at the time of loan application. However, if a member has made less than 24 contributions, he/she may still apply for the loan provided that he/she has been contributing to Pag-IBIG Fund for at least 12 months and has remitted a total of at least 36 monthly contributions.
- Must be a resident of an area that has been declared by the national government or the local government unit (LGU) as under a state of calamity due to a natural disaster, such as typhoons, floods, earthquakes, or volcanic eruptions.
- Must have an updated Pag-IBIG Fund Membership Identification (MID) Number and have remitted contributions for the past six months.
- Must have sufficient TAV or total accumulated value in his/her Pag-IBIG Fund account to cover the loan amount.
- Must not have any Pag-IBIG Fund loan that is in default or foreclosed.
- Must not have any outstanding multi-purpose loan or calamity loan.
It’s important to note that the eligibility requirements may vary depending on the specific guidelines issued by Pag-IBIG Fund for its Calamity Loan program.
How to Apply Pag Ibig Calamity Loan?
To apply for Pag-IBIG Calamity Loan, you need to follow these steps:
- Check if your area has been declared by the national government or the local government unit as under a state of calamity. The availability of the loan depends on this declaration.
- Download and fill out the Calamity Loan Application Form (CLAF) from the Pag-IBIG Fund website, for pag ibig calamity loan online application or get a copy from any Pag-IBIG Fund branch.
- Prepare the required documents, which may include valid IDs, proof of income, and proof of residence. Check the Pag-IBIG Fund website for the complete list of requirements.
- Submit your CLAF and other required documents to the nearest Pag-IBIG Fund branch, or through the Pag-IBIG Fund online portal. If you choose to apply online, you need to have a verified online account with Pag-IBIG Fund.
- Wait for Pag-IBIG Fund’s confirmation of your loan application. Once approved, Pag-IBIG Fund will credit the loan amount to your Pag-IBIG Fund Loyalty Card or through a check that you can claim from any Pag-IBIG Fund branch.
- Pay your loan according to the terms and conditions set by Pag-IBIG Fund. The loan has a fixed interest rate of 5.95% per annum, and you have up to 24 months to pay it back. You can pay your loan in any Pag-IBIG Fund branch or accredited payment centers.
It’s important to note that the requirements and procedures may vary depending on the specific guidelines issued by Pag-IBIG Fund for its Calamity Loan program.