In the wake of the recent declaration of the State of Calamity in wide areas of the country, the Home Development Mutual Fund (HDMF) or Pag-IBIG Fund has activated several programs to provide for its members’ immediate needs so that they can in turn focus on rebuilding their lives faster.
Pag-IBIG Fund’s comprehensive response is in keeping with their Lingkod Pag-IBIG’s service mantra of Tapat na Serbisyo, Mula sa Puso. Key programs they are making available include the following:
Calamity Loan Program
The Pag-IBIG Calamity Loan Program offers financial assistance to members affected by calamities, such as typhoons, floods, earthquakes, and other natural disasters. The loan can help cover expenses such as minor home repairs, and medical costs, and/or augment their daily living expenses.
An active Pag-IBIG member who has made at least 24 months of membership savings and whose area of residence, business, or place of work has been declared under the State of Calamity may apply.
Qualified members can borrow as much as eighty percent of their total Pag-IBIG Regular Savings, at a low 5.95 percent interest per year, payable up to 36 months, with a grace period of three months from the date of loan release.
Interested members must submit the Calamity Loan Application Form together with two valid IDs, proof of income, and proof of residence, business, or employment through any of the following: over the counter at any Pag-IBIG Fund branch; through their employers, for formally employed members; and online via Virtual Pag-IBIG.
Home Equity Appreciation Loan (HEAL) Program
While members can avail of the Regular Housing Loan for major home repairs or reconstruction, they can also borrow through the Home Equity Appreciation Loan Program since members can leverage against the increased value of their mortgaged property/ies. While the loan is primarily used for their dream projects, it can also be used for home improvement, including houses that were damaged by typhoons or floods alike.
To qualify for a loan, an active Pag-IBIG member must have an existing Pag-IBIG Housing Loan that was approved or taken out in the last five years, paid regularly, and on time within the last 12 months prior to the date of a new application.
Applicants must submit a HEAL Application Form, updated proof of income, a valid ID, and updated Real Estate Tax Receipts as of the quarter immediately preceding the loan application.
Housing Loan Insurance Claim
A housing loan borrower who does not wish to apply for a new loan but whose property was affected by a calamity may apply for an insurance claim within six months of such incident.
Applicants must submit the Application for Non-Life Insurance Claims, proof of loss or photos of the damaged property, estimated cost of damages/bill of materials duly signed by a licensed architect or civil engineer. Once the complete documents are forwarded to the insurance company, members can expect to be provided a settlement offer within three days.
One Month Moratorium for Housing Loan Amortization Payment
Recently, the Department of Human Settlements and Urban Development Secretary and Pag-IBIG Fund Chairman Jose Rizalino L. Acuzar ordered the implementation of a one-month moratorium on amortization payments due approved loans, without incurring penalties or additional fees for member-borrowers affected by the recent typhoon and the resulting floods.
Qualified for the moratorium are Pag-IBIG Housing Loan borrowers whose residence or place of work has been declared under the State of Calamity and are updated with their payments prior to the application of the moratorium.
Pag-IBIG Fund branches are currently accepting applications for a moratorium from the housing loan borrower, their spouse, or currently authorized representative within August 2024.
For more details on their programs, please visit the Pag-IBIG Fund’s website, Facebook page or contact their hotline at (02) 87-244-244 (8-PAGIBIG).
Pag-IBIG: Anytime, Anywhere
To remain responsive to the needs of its members, the Pag-IBIG Fund also has service channels both online and on the site of the calamity areas.
1. Virtual Pag-IBIG. Members can maximize the use of the internet through Pag-IBIG Fund’s Virtual Pag-IBIG, an enhanced online service facility, to apply for loans, make payments, and check their contributions.
2. Lingkod Pag-IBIG on Wheels (LPOW). Effectively a mobile branch, it is designed to bring Pag-IBIG’s services closer to its members, especially in far-flung and disaster-affected areas. The mobile services include but are not limited to, acceptance of applications for loans, membership registration, provident benefit claims, and other essential services without the need from members to physically visit their branches, especially in times of calamities.
Local government units may also request for the deployment of the LPOW to their areas.
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Henry L. Yap is an Architect, Fellow of both Environmental Planning and Real Estate Management, and the alternate representative of the Secretary of the Department of Human Settlements and Urban Development to the Pag-IBIG Board of Trustees.
