The Home Development Mutual Fund (Pag-IBIG Fund) would allow its members affected by the two destructive typhoons to apply for a calamity loan.
“Because of the latest Typhoon Ulysses and the previous Typhoon Rolly, the Pag-IBIG is ready to address the needs of our members, we have a calamity loan program that they could avail,” said Pag-IBIG president and chief executive officer Acmad Rizaly Moti said.
Under the Pag-IBIG calamity loan program, Moti said members can avail of a loan mortgage up to 80 percent of their total membership savings fund with a three-month grace period.
The eligible members who could avail themselves of the loan program are those active members with updated accounts and have already deposited 24-monthly savings to the Pag-IBIG Fund.
“On the average, our members can borrow around PHP20,000 because we are computing the 80 percent of total savings deposited by our members,” Moti said.
Under Republic Act 11494 or the Bayanihan to Recover as One Act (Bayanihan 2), Moti said the Pag-IBIG Fund has earlier granted a 60-day grace period on all housing loan payments.
Moti said the fund also offered a “special housing loan restructuring program” for its borrowers.
Under the restructuring program, he said all penalties would be automatically condoned once the member’s application is approved.
Borrowers can renegotiate the terms of their loan and secure a more affordable payment agreement, he added.
Meanwhile, the Pag-IBIG chief announced the members can now apply for a calamity loan online.
The loan application could be processed within two-days, he said.
Moti urged the members to visit www.pagibigfund.gov.ph, to know more about the Pag-IBIG Fund loan offers or inquire about the status of their applications through 8724-4244 or 8(PAG-IBIG).