Guide on Pag-IBIG Calamity Loan Offer for Members
Pag-IBIG Fund offers a Calamity Loan for the qualified members who are living in areas affected by natural disasters.
There are really a lot of benefits in maintaining an active account to the Pag-IBIG Fund although it can mean a slight deduction from the monthly income. Truth be told that the Fund has the lowest contributions among stat-run entity memberships at P200.
On the other side of posting savings to the Fund are a set of loan offers that you can turn to during financially-challenging times. One of these loan offers is the Pag-IBIG Calamity Loan.
The Calamity Loan offer is a turn-to for members living in areas declared under a State of Calamity. Truth be told that natural disasters are among the incidents that cannot be stopped and can hardly be predicted accurately.
The Calamity Loan offer gives members a safety net from the impacts of the following natural disasters that can cause massive destruction in infrastructures, loss of source of living, and, worst, death:
- Typhoon
- Landslide
- Earthquake
- Storm surge
- Tsunami
- Tornado
- El Niño
- La Niña
- Volcanic eruption
The Pag-IBIG Calamity Loan offer is open for members of the Fund who are residing in areas declared under a State of Calamity. The government considers certain factors in making such declaration including the number of properties and lives affected by the calamity, the halting of business operations, and the quality of life in the area following the natural disaster.
Aside from the said eligibility requirement, there are some qualifications that the Pag-IBIG Fund has set under its Calamity Loan offer. The member must meet the following eligibility criteria for qualification:
- 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
- sufficient proof of income
- updated payments if with an existing Pag-IBIG Fund loan
There are different loanable amounts under the Calamity Loan offer. It is best to know how much you may receive so you can also figure out how far it can assist you in recovering from the impacts of the natural calamity.