PAG-IBIG SETS P6B FOR GLENDA CALAMITY LOANS

PAG-IBIG SETS P6B FOR GLENDA CALAMITY LOANS

The Home Development Mutual Fund (Pag-IBIG Fund) has allocated some P6 billion in calamity funds for members affected by typhoon Glenda, Vice President Jejomar C. Binay said Monday last week.

“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 Pag-IBIG Fund 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.

The areas 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, Bulacan.

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 said. The loan is payable within 24 months after a grace period of three months.

“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.

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,” 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.

BINAY THANKS

Binay accepts with gratitude and humility the Pulse Asia survey results where 41 per cent of our people consider him their top choice for president.

While we have two years to go before the 2016 elections, the Pulse Asia result is a vote of confidence in Vice President Binay's performance and preparedness to lead the nation.

We recognize that the Pulse Asia and the latest Social Weather Stations (SWS) surveys were conducted at a time when political developments could have affected satisfaction and trust with our top leaders and government in general. Nonetheless, the Vice President accepts the results of these surveys and will continue to work to improve the lives of our people. /MP