Guide on How Much Is Pag-IBIG Calamity Loan Amount for Members
HOW MUCH IS PAG-IBIG CALAMITY LOAN – Here is a guide on the amount that members may borrow under the Fund’s Calamity Loan offer.
In the Philippines, there are state entities that offer Calamity Loans. However, this type of loans are usually exclusive to their members who meet the eligibility requirements set for application and have submitted the documents required to apply.
One of the government-run institutions that offer a Calamity Loan for qualified members is the Pag-IBIG Fund. It has been in the service of the Filipino people for decades already since 1978.
A Pag-IBIG membership is mandated for employees and many companies and businesses in the private sector also require it from their workers. Truth be told that posting contributions might take a slice of your monthly income but it also widens your resources.
Members of the Fund who are living in areas declared under a State of Calamity may apply for the Pag-IBIG Calamity Loan offer. The amount is meant to help the member in recovering from the impacts of the natural disaster.
How much is the Pag-IBIG Calamity Loan amount members may borrow under the offer? It can actually vary depending on the total Pag-IBIG Regular Savings of the member-loan applicant.
For an estimate of how much is the Pag-IBIG Calamity Loan amount for members, according to the Fund, a member may borrow up to an equivalent of 80% of his/her total Pag-IBIG Regular Savings. The said savings is inclusive of the monthly contributions of the member, his/her employer’s contributions, and the accumulated dividends earned.
In the case the members has an existing Multi-Purpose or Calamity Loan, the loanable amount will be the different between the new loan and the outstanding balance of the existing loans. Thus, a bigger savings also mean a bigger loanable amount in times of natural disasters.
The loan can be paid to the Pag-IBIG Fund within three (3) years or up to 36 monthly installments. There are documents that you need to submit to the Fund in applying for the loan offer.