Those who are affected by these calamities are eligible for different forms of assistance, including monetary aid or ayuda from the government, Pag-IBIG calamity loan from the Pag-IBIG Fund, SSS loan, and other relief operations. Below are the Frequently Asked Questions about Pag-ibig Calamity Loan.
1. What are the interest rate and fees?
Here are the Pag-IBIG calamity loan interest rates and fees. Take note of these before submitting your application:
Interest rate: 5.95% per annum
Late payment fee: 1% of the outstanding balance for every day of delay
2. Why do I need my employer’s certification or signature on the loan application form?
The employer’s signature proves the legitimacy of your application and your capacity to repay the loan.
3. Do I need a payslip for the calamity loan application?
There is no need to submit a payslip because the Employer Confirmation of STL Application is enough to prove that you’re eligible to borrow via MPL or calamity loan program. It also signifies your company’s agreement to deduct the payment from your monthly salary.
4. When is the Pag-IBIG calamity loan application deadline?
Keep in mind that the deadline for a calamity loan application is 90 days after the declaration of State of Calamity in your area. If your city or province was affected by a calamity, make sure to file your loan application within the given timeframe.
Keep in mind that the deadline for a calamity loan application is 90 days after the declaration of State of Calamity in your area. If your city or province was affected by a calamity, make sure to file your loan application within the given timeframe.5. How long is the Pag-IBIG calamity loan processing time?
The loan processing time for calamity loan applications is typically three to seven working days. However, expect delays as a review of documents can take longer because of the surge of applications, and the skeletal workforce due to COVID-19 health protocols.
6. How do I know if my calamity loan application is approved?
You’ll receive a text message if your loan is already credited to your cash card or loyalty card. Remember, there is no fee for this transaction.
7. How will I receive my loan proceeds?
You can get the calamity loan amount through any of the following methods:
- Check payable to you
- Your Pag-IBIG Loyalty Plus Card or Cash Card (prepare this before applying online)
- Your bank account via LANDBANK’s Payroll Credit System Validation
8. How long is the repayment period for the calamity loan?
You can pay your calamity loan within 24 months, with a grace period of three months. The payment period begins on the fourth month following the check date.
9. Where can I pay my Pag-IBIG calamity loan?
- You can pay for your calamity loan through any of the following methods:
- Salary deduction
- Auto-debit arrangement
- Post-dated checks
- Through an accredited developer with a Collective Servicing Agreement (CSA) with Pag-IBIG
- Through accredited local and overseas collection partners[3]
10. I cannot pay my Pag-IBIG calamity loan. What happens next?
If you fail to pay any three consecutive monthly amortizations, Pag-IBIG will try to collect your overdue payment by sending a Collection Notice (via post or email), texting, or calling you.
But if you still can’t make the payment, your unpaid Pag-IBIG calamity loan, its interest, and penalty will be deducted from your Total Accumulated Value or TAV. Your TAV is the sum of your monthly contribution and any earned dividends from Pag-IBIG Fund.
11. Can I renew my calamity loan?
Yes, you can apply again for a calamity loan from Pag-IBIG anytime when another calamity happens in your area. The Pag-IBIG Fund will deduct the outstanding balance of your existing loan (plus the accrued interest and penalties) from the proceeds of your new calamity loan.
Typhoons, earthquakes, and a pandemic like COVID-19 can greatly affect a person’s finances. Good thing, we can take advantage of government financial programs such as the Pag-IBIG calamity loan to help us recover from the damages and impacts of calamities we experience. Make sure to take note of the requirements and criteria before applying for a smooth process both offline and online.
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