Pag-IBIG Calamity Loan application, requirements

Home Development Mutual Fund members who reside in areas declared as under the state of calamity due to typhoons and other calamities may submit Pag-IBIG Calamity Loan application to avail of assistance from the agency.

Vice President Jejomar Binay, chairman of Pag-IBIG, said that members may loan amounting to 80 percent of their total savings, payable in 24 months at 5.95-percent annual interest, with option of deferring their first payment for three months.

If you are calamity-stricken and interested here are the details:

Pag-IBIG Calamity Loan Application

Who May File

Any Pag-IBIG Fund member who satisfies the following requirements may apply for a calamity
loan:
1. The member has made at least 24 monthly contributions.
2. Has made five (5) MCs for the last six (6) months as of month prior to date of loan application and commits to continuously remit contributions at least for the term of the loan.
3. If with existing Pag-IBIG Housing Loan and/or Multi-Purpose Loan (MPL) and/or Calamity Loan, the account must not be in default as of date of application.
4. The member is a resident of the area which is declared under a state of calamity.

Requirements

Application form and 2 valid IDs (must indicate Member’s Identification number (MID) in the form); if member has no Member’s Identification number (MID) yet, submit duly accomplished Member’s Data Form (MDF) with the calamity loan application.pag-ibig calamity loan
Barangay certificate signed by barangay captain to prove that the member resides in an area declared under state of calamity.

Availment Period: The loan shall be availed within a period of ninety (90) days from the declaration of the calamity.

How to File Application

The applicant shall:
1. Secure the Calamity Loan Application Form (CLAF) from any Pag-IBIG Fund NCR/Regional branch. Or Download Application Form here.
2. Accomplish 1 copy of the application form.
3. Attach photocopy of payroll account/disbursement card/deposit slip (for newly-opened account).
4. Submit complete application, together with the required documents to any Pag-IBIG Fund NCR/Regional branch. Processing of loans shall commence only upon submission of complete documents.

Loan Features

1. Loan Entitlement
The loanable amount shall be 80% of the member’s Total Accumulated Value (TAV). However, for members with existing MPL, the loanable amount shall be the difference between 80% of the borrower’s TAV and the outstanding balance of his MPL.
2. Capacity to Pay
An eligible borrower’s loan shall be limited to an amount for which statutory deductions, the monthly repayment of principal and interest, and other obligations will not render the borrower’s net take home pay to fall below the minimum requirement as prescribed by the General Appropriation Act (GAA) or company policy, whichever is applicable.
3. Interest
The loan shall be charged interest based on the Fund’s Risk-Based Pricing Framework for the entire duration of the loan including the grace period.
4. Loan Period
The loan shall be amortized over a period of 24 months with a grace period of three (3) months.
5. Loan Payments
5.1 The loan shall be paid in equal monthly payments in such amounts as may fully cover the obligation over the loan period. Said payments shall be made whenever feasible, through salary deduction.
5.2 Payments shall be remitted to Pag-IBIG Fund on or before the fifteenth (15th) day of each month starting on the fourth (4th) month following the date on the DV/Check.
5.3 Payments shall be applied according to the following order of priorities:
a) Penalties
b) Interest
c) Principal
5.4 Accelerated Payments – any amount in excess of the required monthly amortization shall be applied to future amortizations when due.
5.5 The borrower may fully pay the outstanding balance of the loan prior to loan maturity.
5.6 The borrower shall pay directly to the Fund in case the borrower is unable to pay through salary deduction for any of the following circumstances such as but not limited to:
a. Suspension from work
b. Leave of absence without pay
c. Insufficiency of take home pay at any time during the term of the loan
6. Loan Release
The loan proceeds shall be released through any of the following modes:
a) Crediting to the borrower’s payroll account/disbursement card;
b) Crediting to the borrower’s bank account through LANDBANK’s Payroll Credit Systems Validation (PACSVAL);
c) Through check payable to the borrower;
d) Other similar modes of payment.
7. Penalty
A penalty of 1/20 of 1% of any unpaid amount shall be charged to the borrower for every day of delay. Said penalty shall only be reversed upon presentation of proof that the non-payment of amortization is due to the fault of the employer. However, for member-borrowers paying their calamity loans through automatic salary deduction, no penalty shall be charged against the borrower, if non-payment of the loan is due to the fault of the employer. The said penalties including the penalty for non-remittance equivalent to 1/10 of 1% per day of delay of the amount payable from the date the loan amortizations or payments fall due until paid shall then be charged against the employer.
8. Default
The borrower shall be in default in any of the following cases:
a. Any willful representation made by the borrower in any of the documents executed in relation hereto.
b. Failure of the borrower to pay any three (3) consecutive Pag-IBIG monthly amortizations.
c. Failure of the borrower to pay any three (3) consecutive Pag-IBIG monthly savings.
d. Violation by the borrower of any of the policies, rules, regulations and guidelines of Pag-IBIG Fund.

Other Loan Provisions

1. The Calamity Loan and MPL programs shall be treated separate and distinct from each other. Hence, the member shall be allowed to avail of a Calamity Loan while he still has an outstanding MPL, and vice versa. In no case, however, shall the aggregate short-term loan exceed eighty percent (80%) of the borrower’s TAV.
2. For member-borrower with existing MPL at the time of availment of Calamity Loan, the outstanding loan balance of the MPL shall not be applied to the proceeds of the Calamity Loan.

Calamity Loan Renewal

Should another calamity occur in the same area, a borrower may renew his calamity loan anytime. 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.

For inquiries, you can visit Pag-IBIG official site or offices. Please follow me on Twitter @nonoy, Facebook or circle me on Google+.

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