Guide on Pag-IBIG Calamity Loan Amount 2024 Application Process & Requirements
PAG-IBIG CALAMITY LOAN AMOUNT 2024 – Here are some details that the Pag-IBIG Fund members must know about how much they may borrow.
In many cases, the people only realized the value of an eligibility to a Calamity Loan offer after a natural disaster has struck their place. This is where the advantage of the members of the different calamity loan-providing state entities sets in. You have something to turn to for recovery in an instance of natural disasters.
In the Philippines, one of the state entities that offer a Calamity Loan is the Pag-IBIG Fund which is in the service of the Filipino people for decades now. It has several loan offers with the Pag-IBIG Housing Loan being the most popular. Its loan offer for its members living in areas struck by a natural disaster aims to help the affected members in recovering from the impacts of a typhoon, earthquake, volcanic eruption, etc.
The Calamity Loan offer is open for members who have active memberships to the Fund with at least 24 monthly contributions posted. The area must have been declared by the Office of the President or the Sangguniang Bayan to be under a State of Calamity.
How much is the Pag-IBIG Calamity Loan amount allowed for borrowing under the offer? A qualified member may borrow up to an equivalent of 80% of their Pag-IBIG Regular Savings which are inclusive of the following:
- member’s total monthly contributions posted
- employer’s contributions
- accumulated dividends earned by the savings
In case the member has an existing loan of the same type, the Pag-IBIG Calamity Loan amount allowed for borrowing will be the difference between the 80% of the member’s total Pag-IBIG Regular Savings and the outstanding balance of the existing loan.
If the member has a higher savings, the higher the loanable amount will be. In case the member has an existing Pag-IBIG Multi-Purpose Loan, the maximum loanable amount “shall be the difference between the 80% of your total Pag-IBIG Regular Savings and the outstanding balance of your Pag-IBIG MPL”.
With regards to the interest rate implemented by the Fund, the government entity implements the lowest interest rate in the market of 5.95 percent per annum. The borrowed amount is payable within three (3) years
For employed members, the loan repayment can be done via a salary deduction arrangement with the employer. For self-employed members and overseas Filipino workers (OFWs), the loan installments may be done through the Virtual Pag-IBIG or at any Pag-IBIG branch.
In applying for the loan offer, there are Pag-IBIG Calamity Loan requirements that you need to prepare and submit to the Fund in applying for the offer.
