Details about the Pag-IBIG Calamity Loan Qualifications for Application
Here is a guide on who are qualified to apply for the Calamity Loan offer for the Pag-IBIG Fund members during instances of natural disasters.
In the Philippines, the different government agencies are among the entities that you may turn to in times of financial needs in recovering from the impacts of natural disasters. One of these government offices is the Pag-IBIG Fund.
The Pag-IBIG Fund has been in the service of the Filipino people for decades already. It is most popular for its Housing Loan offer which helped countless Filipino families acquire a residential property of their own. It is open to finance the acquisition of residential properties, house construction, home renovation, and home loan take-out.
Another beneficial offer of the Fund is the Pag-IBIG Calamity Loan. It was crafted as a way of assisting members living or working in areas declared under a state of calamity. Truth be told that the impacts of a natural disaster may range from damages in infrastructures to the loss of lives of humans and animals.
Under the loan offer, the Fund has set a few eligibility requirements for application. To qualify, the member-applicant must meet the following qualifications:
- at least twenty-four (24) monthly membership savings under the Pag-IBIG Regular Savings
- active membership, by having at least one (1) monthly membership savings within the last six (6) months prior to the date of loan application
According the Pag-IBIG Fund, if the member an existing Pag-IBIG Housing Loan, Multi-Purpose Loan and/or Calamity Loan, the account/s must not be in default. Also, he/she must have a proof of income in applying for the loan offer.
The Pag-IBIG Fund has set loanable amounts for the members under the Calamity Loan offer. It will be under an interest rate of 5.95% per annum.