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Need Cash Assistance? Here's How To Apply For Pag-IBIG Multi-Purpose or Calamity Loan OnlineJust download the application form and take photos of other requirements, such as your ID.by Rachel Perez .
The Home Development Mutual Fund (HDMF), more popularly known as the Pag-IBIG Fund, has made filing for Multi-Purpose Loans (MPL) and Calamity Loans easier. It now accepts online loan applications via its website or email.
The move was a response to many Pag-IBIG members clamoring for financial aid during this time when work is suspended, and everybody is forced to stay home to contain the spread of the novel coronavirus disease (COVID-19).
On March 18, 2020, two days after Luzon was put under quarantine, Pag-IBIG temporarily suspended loan payments for three months. The moratorium only applies to members who have existing Pag-IBIG Fund Housing Loan, Multi-Purpose Loan, and Calamity Loans with payments due on March 16 until June 15, 2020. (You can now apply for the loan moratorium online. Click here.)ADVERTISEMENT - CONTINUE READING BELOW
Pag-IBIG members welcomed the reprieve on paying their existing loans. Still, many others suggested Pag-IBIG also make it possible for them to apply for loans during the quarantine period to help them provide for the basic needs of their families.
Pag-IBIG Multi-Purpose Loan vs. Calamity Loan
Pag-IBIG’s MPL is a cash loan designed to help members with any immediate financial need. Depending on your Total Accumulated Value (TAV) or your total Pag-IBIG Regular Savings (Php200 monthly contributions) plus accumulated dividends, you can borrow up 60 to 80% of your savings or TAV. The MPL has an annual 10.75% loan-interest rate and is paid in equal amounts for at least 24 months. You’ll start paying for your MPL one month after the loan approval date.
The Calamity Loan, on the other hand, seeks to assist Pag-IBIG Fund members who reside in areas declared under a state of calamity. It provides immediate financial assistance to help members recover from the effects of disasters. The amount you can borrow also depends on your TAV, and it’s also payable within 24 months. Your first payment starts three months after your application is approved, with a low-interest rate of 5.95% annually.ADVERTISEMENT - CONTINUE READING BELOW
If you have an existing calamity loan, Pag-IBIG will deduct your calamity loan’s outstanding balance from the 80% of your TAV.
Who are qualified to apply for Pag-IBIG’s MPL or Calamity Loan
Not all Pag-IBIG members are eligible to apply for an MPL or Calamity Loan. But if you’ve been paying your monthly Pag-IBIG contributions diligently, then there’s no need to worry. Below are the qualifications to be eligible to apply for Pag-IBIG’s MPL or Calamity loan:ADVERTISEMENT - CONTINUE READING BELOW
- You must have at least 24 monthly membership savings or contributions, or a total PAG-IBIG membership savings of at least P4,800.
- For MPL applicants, you must have paid at least one Pag-IBIG membership savings or monthly contribution in the last six months, one month before the loan application date.
- For Calamity Loan applicants, you must have paid at least five Pag-IBIG membership savings or monthly contributions in the last six months before the loan application date.
- Calamity Loan applicants must also be “residing in an area declared by The Office of the President or the Local Sanggunian under a state of calamity.”
- You must have complete proof of sufficient income.
- Members who have an existing Pag-IBIG Fund Housing Loan, MPL, and/or Calamity Loan should be in good credit. This means you should have no loan debt, and your payments must be updated for you to qualify.
Here’s how to apply for Pag-IBIG MPL or Calamity Loan
According to Pag-IBIG, downloading the application form, printing it out, and then filling it up and signing it and sending it to your employer or authorized company human resource (HR) representative or Fund Coordinator via email is an option for those who have printers at home. But it’s now made it more accessible via online applications, so even those without access to printers can apply for the loan.
Pag-IBIG offices are closed, but they assure its members that they are processing online applications for MPL and Calamity Loan applicants as quickly as possible. Here’s how you can apply online:ADVERTISEMENT - CONTINUE READING BELOW
- Fill out the Multi-Purpose Loan Application Form (Download it here) or the Calamity Loan Form (Download it here). Note: You need to download the software program Adobe Acrobat to use these “fillable” application forms. Fillable application forms can be filled out through the computer and without printing a hard copy and signing them.
- After accomplishing the application form, save it as a PDF file.
- Send the accomplished application forms to your employer or authorized company HR representative or Fund Coordinator, along with photos of the following requirements: one valid ID and the front and back images of your Pag-IBIG Loyalty Card Plus, or Landbank or Development Bank of the Philippines (DBP) cash card. You can scan or take a photo of your ID and Pag-IBIG Loyalty Card Plus o DBP cash card.
For self-employed applicants, you can take a photo of either your business's permit, commission vouchers, or other valid proof of income.
- Your employer or authorized company HR representative or Fund Coordinator will email your loan application requirements and the filled-out Employer Confirmation of STL Application Form (Download the form here) with your name to Pag-IBIG Fund email address designated for your company’s office. (Find the list of email addresses here and here.)
You should receive a text message confirming the approval of your loan and crediting it to the Loyalty Card PLus or Landbank or DBP Cashcard.
For first-time applicants or members who have no Loyalty Plus Card or Landbank or DBP cash card, you need to coordinate with Pag-IBIG on how to facilitate your MPL or Calamity Loan applications.
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