The Home Development Mutual Fund or Pag-IBIG has disbursed more than P1.26-billion calamity loans for the first eight months of the year.
Pag-IBIG last week said it has approved 96,051 calamity loan applications from January to August 2016 that translates to a disbursement of more than P1.26 billion.
Pag-IBIG calamity loans can be availed of by eligible members living in areas that have been declared under a state of calamity.
The fund announced that it had created a roving team to better reach recent typhoon victims in the Batanes area in Northern Luzon.
=Pag-IBIG said it has deployed the team from its Tuguegarao office in Cagayan to facilitate calamity loan applications from qualified members affected by Typhoon Ferdie.
Aside from accepting and facilitating calamity loan applications, the roving team will also assist fund members with housing loans in documenting and filing of claims for Allied Peril Insurance.
“We hope that the proceeds of their calamity loans can help them [calamity victims]in repairing their homes destroyed by Typhoon Ferdie, even provide them with a start-up capital for a small business, or for their medical needs,” Ophelia dela Cerna, Pag-IBIG deputy chief executive officer for Member Services Cluster, said.
The roving team has already collected 165 calamity loan applications.
There are 1,984 active Pag-IBIG members in Batanes.
Meanwhile, appraisers from Pag-IBIG Tuguegarao have inspected all 38 local government units covered by Pag-IBIG housing loans.
The appraisers’ inspection report is required in filing claims for Allied Perils Insurance, Pag-IBIG said.
Through Pag-IBIG’s calamity loan, eligible members can borrow up to 80 percent of their total savings with the fund, payable in two years through salary deduction, with a grace period of three months.
Interest rate is at 5.95 percent a year.
Members can still apply for calamity loans even if they have an outstanding multi-purpose loan or calamity loan, Pag-IBIG said.
Aside from the calamity loan, affected members can also apply for the end-user home financing program for major home repairs.