Some good news in the midst of the novel coronavirus outbreak: you can now easily apply for Pag-IBIG loan online at the comfort of your own home. To extend assistance to members affected by the crisis, the home financing agency decided to streamline the application process for Multi-Purpose Loan (MPL) and Calamity Loan (CL), compressing it to three simple steps.
In the Facebook post, Pag-IBIG urged members nationwide to #StayHome and #KeepSafe to curb the spread of the virus. If you’re interested in applying, here’s everything you need to know:
Steps to Apply for Pag-IBIG Loan Online
- Complete the forms provided on the website with the necessary information. Use the Adobe Acrobat Reader for filling it out. As for the signatures, those who have access to printers can sign the form physically and then scan it. Those who don’t have a printer can leave the completed application as it is.
- Save the accomplished form as PDF.
- Send the form, together with one valid ID, directly to Pag-IBIG or your company representative who handles Pag-IBIG loan applications.
- Submit a copy of your Loyalty Card Plus, Landbank, UCPB, or DBP cash card, its front and back portion.
For those formally employed and would like to apply for Pag-IBIG loan online, it will be your company representative who will email the loan application form and requirements, along with the Employer Confirmation of STL Application, to Pag-IBIG. The national agency has dedicated email addresses for applications coming from different parts of the country.
Who Can Apply for Pag-IBIG Loan Online?
Take note that there are criteria for eligibility of loan applicants. To qualify for the CL, you must:
- Live in an area under a state of calamity declared by the Office of the President or the concerned Sanggunian
- Have at least 24 months of membership savings and sufficient proof of income
- Have updated payments on outstanding Pag-IBIG loans
As for the MPL, you only need to satisfy the last two requirements.
What is the Maximum Loan Amount for Pag-IBIG?
When you apply for Pag-IBIG loan online, in both MPL and CL programs, borrowers can get 80 percent of their total Pag-IBIG regular savings. This includes monthly contributions, employer’s contributions, and accumulated dividends earned. If you have an existing balance on a previous loan, you’ll be able to borrow the difference between that balance and the 80% of total savings. Ultimately, you get a higher loan amount if you were able to save more on your account.
It’s worth noting that the loans you can borrow come at low interest rates. From the website of the national agency, MPL is at 10.5 percent per annum, while CL is at 5.95 percent per annum.
Payable within 24 months, the loans have a deferred first payment. If you’re formally employed, the payment will be through salary deduction arrangement with the employer. If you’re self-employed or working overseas, you can settle accounts at Pag-IBIG Fund branches.
In case you have already borrowed some money from Pag-IBIG Fund, you still have the chance to take advantage of a renewal when the need arises. When can you go for Pag-IBIG Salary Loan renewal?
The Pag-IBIG Salary Loan renewal can be granted to you after paying at least six (6) monthly amortizations of your existing loan. Also, your current loan may be credited to your new loan.
What is the Processing Period for Applications Done Online?
According to a report from GMA News Online, Pag-IBIG aims to process applications within three to seven working days. Before, it only takes the agency two days to release calamity loan proceeds after receiving the application. But with the public health crisis, the review of documents takes longer.
Eligibility for Moratorium on Pag-IBIG Loans
If you have an existing Multi-Purpose Loan (MPL) and Calamity Loan (CL), do note that Pag-IBIG has offered a three-month moratorium on payments due on March 16 to June 15, 2020. At the time of the Facebook announcement, those in Luzon and the National Capital Region can apply for the payment break. The moratorium seeks to ease the burden on members and help them focus on their family’s basic necessities and safety.
In March 2020, Pag-IBIG Fund announced that it is offering a three-month moratorium to its member-borrowers to help defray their expenses at the height of the COVID-19 pandemic. At the time, the government implemented the enhanced community quarantine (ECQ) in order to manage the rising number cases of those infected with the coronavirus.
Who are qualified to apply for this Pag-IBIG moratorium?
Eligible to apply for the moratorium are Pag-IBIG Fund Multi-Purpose Loan, Housing Loan, and Calamity Loan borrowers with payments due on March 16, 2020 until June 15, 2020.
You can submit your application at the nearest Pag-IBIG Fund branch until June 15, 2020. The national agency will begin receiving applications once the enhanced community quarantine is lifted.
Aside from the online application of multi-purpose and calamity loan funds, Pag-IBIG offers virtual services accessible at their official website. You can view your accounts, manage loans, and pay online via Paymaya, Visa, or Mastercard. You can likewise call 8PagIBIG (8-7244244) or email firstname.lastname@example.org to know more about their loan programs. You can also get your Pag-IBIG number online.
With the availability of government services online, heed the call of experts: stay at home. Do your part in flattening the curve and curbing the spread of the novel coronavirus. Maximize the technology available to you to do as much as you can from home.
Source: Pag-IBIG Facebook page and website, GMA News Online