Pag-IBIG Fund has mobilized its Calamity Loan Program to assist members affected by Typhoon Crising while the National Home Mortgage Finance Corp. (NHMFC) has implemented a one-month moratorium on amortization payments.
The Fund said in a statement on Tuesday that under the Pag-IBIG Calamity Loan Program, qualified members may borrow up to 90 percent of their total Pag-IBIG Savings, which consist of their monthly savings, employer counterpart contributions, and earned dividends.
The loan carries an interest rate of 5.95 percent per annum, the lowest for cash loans in the market, and is payable over a period of up to three years, with a three-month grace period before the first payment is due, Pag-IBIG Fund said.
Members may file their loan applications within 90 days from the declaration of a state of calamity in their area, it added.
Pag-IBIG Fund Chief Executive Officer Marilene Acosta said that Pag-IBIG branches are now in coordination with
local government units in their respective areas for the deployment of the agency’s mobile branch, the Lingkod Pag-IBIG On-Wheels, to receive applications for loans from members, as well as insurance claims from current Pag-IBIG Housing Loan borrowers whose properties have been damaged due to the typhoon.
Meanwhile, NHMFC President Renato Tobias told a radio interview the one-month moratorium applies to borrowers in affected areas for the period July 19 to August 18.
This will effectively extend the payment of their loans for another month, without gaining additional interest or penalties, Tobias added.
The moratorium will apply in affected areas namely Metro Manila, Pangasinan, Tarlac, Zambales, Bataan, Pampanga, Bulacan, Cavite, Batangas Rizal, and Occidental Mindoro and those which will be declared under a state of calamity.
“Based on our data, most of our borrowers are in these provinces,” Tobias said.
NHMFC, however, encourages borrowers who are able to pay to still settle their amortization.
