Pag-IBIG: 1-month housing payment pause, calamity loan for Kristine-hit members

The Home Development Mutual Fund or Pag-IBIG Fund said on Tuesday that members affected by Severe Tropical Storm Kristine can now avail of a one-month housing loan payment moratorium and calamity loan.

In a news release, Pag-IBIG said its members residing or working in areas under a state of calamity—including areas in Region IV-A, Ilocos Region, Cagayan Valley Region, Region V, Region VIII, and National Capital Region—may apply.

Payments on members’ housing loans or installments will be suspended for the approved period “at no additional cost,'' it said.

Eligible members may apply for the moratorium program until December 31, 2024, either through the Virtual Pag-IBIG or at the nearest Pag-IBIG branch.

“We want to provide relief to our members in the hardest-hit areas as they recover from the impact of the typhoon,” said Secretary Jose Rizalino Acuzar of the Department of Human Settlements and Urban Development and chairperson of the 11-member Pag-IBIG Fund Board of Trustees.

Pag-IBIG said the calamity loan is one of the agency’s short-term loan programs designed to provide relief and support to members residing or working in areas declared under the state of calamity.

The fund said qualified members can borrow up to 80% of their total Pag-IBIG regular savings, which consists of their monthly contributions, their employer’s contributions, and accumulated dividends earned.

Pag-IBIG said the calamity loan is offered at an annual interest rate of 5.95%, with payment terms of 24 or 36 months and the first payment deferred for three months.

For members who need financial assistance in areas not under a state of calamity, the fund offers its multi-purpose loan.

“We want to assure our members that we will remain proactive in helping them recover. Our immediate priority is to give them assistance in all the ways we can. Our Lingkod Pag-IBIG on Wheels (LPOW) are scheduled to deploy in various areas in Quezon City, Valenzuela, Malabon, Laguna, Batangas, and Bicol,” said Pag-IBIG Fund CEO Marilene Acosta.

“Through our LPOW, Pag-IBIG members may submit their calamity loan applications to aid in their immediate recovery, file for insurance claims if their homes mortgaged under Pag-IBIG Fund are damaged, and file for a housing loan for major home repairs. Our members can always count on us for timely and reliable assistance, especially in times of need,'' she added.

Members may also apply for a calamity loan or multi-purpose loan online through the Virtual Pag-IBIG.  —VBL, GMA Integrated News