Guide on Pag-IBIG Calamity Loan Vs. SSS Calamity Loan Offers for Members
PAG-IBIG CALAMITY LOAN vs. SSS CALAMITY LOAN – Here are the important things that you need to know about these loan offers.
There is an edge in being qualified to the loan offers of the different state-run entities in the Philippines. For example, if you are one of the SSS, GSIS, or Pag-IBIG Fund members who are qualified for the loan offers, you will not be left with no options in case natural calamities leave your home devastated.
The Philippines is one of the countries that is usually hit by storms that result to flooding. Truth be told that there are now a lot of areas in the Philippines which experience flood several times in a year although they were not like this before. A flood can bring both devastation in livelihood, houses, and other structures and it can also cause death.
In case the unwanted situation happens and you are left homeless or a natural calamity has damaged your source of living, you can have something to turn to, the calamity loan offers. The Government Service Insurance System (GSIS), the Social Security System (SSS), and the Pag-IBIG Fund all have calamity loan offers.
Below, let us check the options that most individuals who are employed in the private sector, self-employed and working abroad have as options in times of calamities — the Pag-IBIG Calamity Loan and the SSS Calamity Loan.
ELIGIBILITY REQUIREMENTS
| SSS Calamity Loan | Pag-IBIG Calamity Loan |
| must be registered in the SSS Website (My.SSS facility) to facilitate filing of online application | at least twenty-four (24) monthly membership savings under the Pag-IBIG Regular Savings |
| have not been granted any final benefit | with proof of income |
| must have at least thirty-six (36) monthly contributions, six (6) of which should be posted within the last twelve (12) months prior to the month of filing of application | If with an existing Pag-IBIG Housing Loan, Multi-Purpose Loan and/or Calamity Loan, the account/s must not be in default |
| must have at least six (6) posted monthly contributions under the current coverage/membership type prior to the month of loan application for Self-Employed, Voluntary (including Non-Working Spouse), and Overseas Filipino Worker (SE/VM/OFW) members who are land based | in active membership, by having at least one (1) monthly membership savings within the last six (6) months prior to the date of loan application |
| must be residents of the calamity declared areas and suffered damages/loss to their properties. A resident, for the purpose of CLAP, is one who has a home address or property at the calamity-stricken area | |
| have no past due SSS Short-Term Member Loans | |
| must not have an outstanding Loan Restructuring Program (LRP) or Calamity Loan Assistance Program (CLAP) |
HOW MUCH YOU MAY BORROW
| SSS Calamity Loan | Pag-IBIG Calamity Loan |
| equivalent to one (1) Monthly Salary Credit (MSC) computed based on the average of the last twelve (12) MSC | up to 80% of their total Pag-IBIG Regular Savings, which consist of their monthly contributions, their employer’s contributions, and accumulated dividends earned |
INTEREST RATE
| SSS Calamity Loan | Pag-IBIG Calamity Loan |
| 10% per annum until fully paid | 5.95% per annum |
LOAN TERMS
| SSS Calamity Loan | Pag-IBIG Calamity Loan |
| within two (2) years in twenty-four (24) equal monthly installments | within three years or 36 months |
DOCUMENTARY REQUIREMENTS
| SSS Calamity Loan | Pag-IBIG Calamity Loan |
| duly-accomplished SSS calamity loan application form | |
| valid bank account for the disbursement of the loan proceeds |
If you are employed in the government, the Government Service Insurance System also has the GSIS Calamity Loan offer.