The Home Development Mutual Fund (Pag-IBIG Fund) has allocated some P6 billion in calamity funds for members affected by Typhoon Glenda (international codename: Rammasun), according to Vice President Jejomar Binay.
“We have set aside P6 billion to make sure that we have enough to fund calamity loan applications of Pag-IBIG members whose homes were damaged by Typhoon Glenda,” Binay said on Monday.
Binay is the chairman of the Board of Trustees in his capacity as chairman of the Housing and Urban Development Coordinating Council (HUDCC).
The Pag-IBIG calamity loan is available to members living in areas that have been declared under state of calamity. Eligible members may file loan applications within 90 days from the declaration of a state of calamity.
Areas that have been declared under state of calamity include the provinces of Bataan, Laguna, Quezon, Cavite, Albay, Camarines Norte, Camarines Sur and and Samar, as well as Muntinlupa City (Metro Manila) and Obando in Bulacan province.
Binay said under the Pag-IBIG calamity loan program, members with at least 24 monthly contributions may borrow up to 80 percent of their total savings at an annual interest rate of 5.9 percent.
“This interest rate is the lowest in the market and is almost half of the previous interest rate of 10.75 percent per annum,” the housing czar added.
The Vice President said the loan is payable within 24 months after a grace period of three months.
“Our members do not have to worry about paying the loan immediately. With the three-month moratorium, those who have taken out loans only need to start paying the monthly amortization on the fourth month. This will allow them time to take care of urgent concerns,” Binay added.
According to the Vice President, members with existing Pag-IBIG multi-purpose or calamity loans may still file for new calamity loan applications, provided that the sum of all loans, including the new one being applied for, does not exceed 80 percent of his total accumulated savings.
“Those with existing Pag-IBIG housing loans, on the other hand, may apply for the calamity loan and can avail of the full loanable amount, provided that the housing loan is not in default at the time of application,” he said.
The calamity loan is considered part of the short-term loan programs being implemented by Pag-IBIG and is treated separately from housing loans.
The Vice President said to expedite loan applications, Pag-IBIG will deploy roving offices to be stationed at the city or municipal halls of affected areas if needed.
“It is the mandate of Pag-IBIG to provide speedy and accessible aid to our members who are affected by calamities,” he added.
Morever, Binay said aside from the calamity loan, Pag-IBIG members with existing housing loans may also file insurance claims against allied perils if the property covered by the loan was damaged by the typhoon.
The amount that can be claimed depends on the extent of damage to the property.
Application forms for the calamity loan and the insurance claim may be downloaded from the Pag-IBIG website (http://www.pagibigfund.gov.ph) or may be requested from Pag-IBIG branches or roving offices.