Under the Pag-IBIG Calamity Loan, eligible members may borrow up to 80% of their total Pag-IBIG Savings, which consist of their monthly contributions, the counterpart employer’s contributions, and accumulated dividends earned and in consideration of the plight of the members, the loan is offered at a rate of 5.95% per annum, which is the lowest rate in the market.
The loan is payable over a period of up to three years, with a grace period of three months so the initial payment is due only on the fourth month after the loan is released. Qualified borrowers may apply for the calamity loan within 90 days from the date when an area has been declared under a state of calamity.
Meanwhile, Pag-IBIG Fund Chief Executive Officer Marilene C. Acosta stated that the agency has already released P709 million in calamity loans to help 41,873 members in calamity-hit areas in the country as of June this year.
