Pag-IBIG Fund has reduced the interest rate of its calamity loans to help families affected by typhoons and other disasters, Vice President and Pag-IBIG Board chairperson Jejomar Binay, said in a press release from his office.
“Pag-IBIG's calamity loan now carries a yearly interest rate of 5.95 percent, compared to the previous 10.75 percent…We intend to help ease the burdens of our kababayans living in typhoon-prone areas and those hit by other natural calamities,” Binay said.
He said Pag-IBIG aims to offer the lowest interest rate of calamity loans in the market without compromising the sustainability of the fund. Members may borrow the equivalent of 80 percent of their total savings.
Pag-IBIG also offers a 3-month moratorium on housing loan payments to affected members. Members may also apply for insurance through Pag IBIG, where they could get the value of the extent of damage.
It also encourages members working in strife stricken areas abroad to avail of its Special Assistance Program, the press release said.
Under the program, members may withdraw their total savings without having to wait for 20 years for their membership to mature. They may also avail of a 6-month moratorium on their housing and short-term loan payments, the press release also said.*