MANILA-The Home Development Mutual Fund
(Pag-IBIG Fund) has allocated some P6 billion in calamity funds for members
affected by typhoon Glenda (Rammasun), Vice President Jejomar C. Binay
said Monday.
“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,” he said.
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 Samar, as well as Muntinlupa City
and Obando in Bulacan.
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% per
annum,” the housing czar said.
He added that 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
said.
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 added.
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 also said that 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 said.
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.
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