Pag-IBIG Calamity Loan – When calamity strikes, it does not only destroy the lives but also the countless properties and livelihoods of people. One might consider getting a loan because this might be the only choice for other people to rebuild and get back on their feet.
Pag-IBIG Calamity Loan – The Pag-IBIG calamity loan assistance is one of the programs of our government to help its people in rebuilding their lives after a destructive calamity.
PAG-IBIG CALAMITY LOAN: DEFINITION
The Pag-IBIG Calamity Loan Assistance is a program of the government that aims to provide financial assistance to members being affected in calamity-stricken areas such as typhoons, earthquakes, war, and other unexpected incidents (natural or man-made calamities)
WHO IS QUALIFIED TO APPLY FOR THE PAG-IBIG CALAMITY LOAN?
Pag-IBIG Fund members are eligible for the calamity loan as long as they meet the following qualification requirements:
- Pag- IBIG member that has made at least twenty-four (24) monthly savings (MS);
- Has withdrawn his monthly savings due to membership maturity, or who has optionally withdrawn his monthly savings, cannot avail of a calamity loan unless and until after he has subsequently paid 24 monthly savings following the month of said withdrawal.
- Has not met the required 24 monthly savings may be allowed to avail of a calamity loan if his total savings is at least equivalent to 24 monthly savings, at the rate applicable to him.
- A member that has made at least one (1) monthly savings for the last six (6) months as of the month before the date of loan application;
- If with an existing Pag-IBIG Housing Loan, the account should not be in default on the date of application.
- If with existing Multi-Purpose Loan (MPL) and/or Calamity Loan, the account/s should not be in default on the date of application.
- A member who is a resident of the area which is declared calamity-stricken; and
- A member must have sufficient proof of income.
HOW MUCH CAN YOU BORROW FROM THE PAG-IBIG CALAMITY LOAN PROGRAM?
The loanable amount will be based on the LOWEST of the following, according to the Pag-IBIG Fund:
- Requested loan amount.
- Loan entitlement – The loan entitlement should be equivalent to 80% of the Total Accumulated Value (TAV) or total regular Pag-IBIG savings (Pag-IBIG MP2 contributions are excluded), which consist of your monthly contributions, your employer’s contributions, and the accumulated dividends you have earned.
If you have an existing/outstanding calamity loan from Pag-IBIG, you will only receive the difference between 80% of your total savings and the outstanding loan balance.
- Capacity to pay – Your loanable amount will be based on how much you earn. Your net take-home pay must not fall below the recommended minimum amount stated in the company policy or the General Appropriation Act upon applying the deductions to pay for the loan.
WHAT ARE THE REQUIREMENTS FOR THE PAG-IBIG CALAMITY LOAN APPLICATION?
The calamity borrower must submit the following requirements to any Pag-IBIG branch office:
- Duly accomplished Pag-IBIG Calamity Loan Application Form (you can get the application form at the Pag-IBIG website and offices);
- At least 2 valid IDs (photocopy)
- Proof of income
- Duly accomplished Declaration of that you are affected by Calamity
- Photocopy of the payroll account, disbursement card, or deposit slip (for a newly-opened account). Pag-IBIG Fund releases the loan proceeds through the Loyalty Card Plus, Landbank, and DBP Cash Card.
HOW TO FILE FOR PAG-IBIG CALAMITY LOAN?
You can file for the Pag-IBIG Calamity Loan in two ways; Walk-In and Online Application.
PAG-IBIG CALAMITY LOAN WALK-IN APPLICATION
After your place of residence or work has been put under the State of Calamity, you can apply for a calamity loan at any Pag-IBIG office within 90 days provided that Pag-IBIG offices remain open and a nationwide lockdown hasn’t been implemented.
Here’s how you can file for a calamity loan through a walk-in application:
- Download and accomplished the forms required for the calamity loan application (see the list of requirements in the previous section).
- Submit the duly-accomplished forms along with the other documentary requirements to any Pag-IBIG Fund branch/office.
- Wait for your application to be processed. You will receive a text notification telling you that you can claim the loan proceeds through your payroll account/disbursement card once approved.
PAG-IBIG CALAMITY LOAN ONLINE APPLICATION
Members are encouraged to submit their loan applications online in instances when all Pag-IBIG offices are required to close temporarily due to a calamity.
The Pag-IBIG Fund deploys skeletal teams/staff to process applications during critical periods like this even though Pag-IBIG branches are temporarily closed.
Here’s how you can file for a calamity loan through an online application:
- Duly accomplished Pag-IBIG Calamity Loan Application Form. You can download the form, print it, fill in all the required details, sign it, and then scan/take a photo of it along with the other required documents listed here.
- Duly-accomplished Employer Confirmation of Short-Term Loan (STL) Application that bears your name. You can request your authorized company representative or Fund Coordinator to download and fill out this form;
- 1 valid ID
- Member’s Loyalty Card Plus, or LandBank, UCPB, or DBP cash card (front and back images). If this is your first time borrowing and you have none of the mentioned cards, you’ll be advised by the Pag-IBIG Fund on how you’ll receive the loan proceeds.
STEPS IN APPLYING FOR CALAMITY LOAN ASSISTANCE:
- Accomplish the Multi-Purpose Loan (MPL) or Calamity Loan Application Form which you can download at https://www.pagibigfund.gov.ph/document/pdf/dlforms/providentrelated/SLF066_CalamityLoanApplicationForm_V05_fillable_final.pdf
- Direct your employer or company signatory to sign the Application Agreement.
- Scan or take a photo of the following:
- Accomplished loan application form
- One (1) valid ID (i.e., passport)
- Loyalty Card Plus or Landbank or DBP Cash card (Front and back images)
- Send a scanned copy or photo of your application form and the other documentary requirements to the designated email address assigned for your employer’s office address
- Borrowers or members will receive a text message that will confirm the loan approval and crediting in the Loyalty Card Plus, Landbank, or DBP Cash card.
- Borrowers or members will be advised on how to best receive their loan proceeds if they don’t have a Loyalty Card Plus or Landbank or DBP Cash card
DURATION OF THE PROCESSING PERIOD OF THE PAG-IBIG CALAMITY LOAN APPLICATION
Upon submission of the requirements, it will usually take less than two days for the application to be processed and the loan proceeds to be released. Delays are expected when a calamity affects the whole country. The fund has a limited workforce to handle the deluge of loan applications.
HOW TO CLAIM OR RECEIVE THE PAG-IBIG CALAMITY LOAN?
You will receive the money or loan proceeds, after the approval of your loan application through any of the following:
- Disbursement card (i.e., Pag-IBIG Loyalty Card Plus);
- Through bank accounts like the LandBank’s Payroll Credit Systems Validation (PACSVAL);
- Through Check (checks that are unclaimed for 30 days from the DV/Check date will cause the loan to be canceled);
- Other acceptable modes to be announced by the Pag-IBIG Fund
The Pag-IBIG calamity loan is a great help for those people who rebuild their lives after a devastating calamity. Luckily, the government has this kind of program to support the Filipino people.