Pag-IBIG offers insurance coverage, payment moratorium for calamity-hit members

The Home Development Mutual Fund or Pag-IBIG Fund on Wednesday announced it is offering a one-month payment moratorium as it reminded housing loan borrowers of their loan insurance coverage in a bid to aid its members recover from the devastation caused by recent typhoons and earthquakes.

“We are offering Housing Loan borrowers a payment moratorium and insurance coverage for damaged homes under our Housing Loan program, as well as providing all our members with affordable loan options to help them recover and rebuild,” said Department of Human Settlements and Urban Development Secretary and Pag-IBIG Fund Board chairman Jose Ramon Aliling.

For her part, Pag-IBIG Fund CEO Marilene Acosta said that the one-month payment moratorium for Housing Loan borrowers covers those in areas declared under a state of calamity due to typhoons Nando, Opong, Ramil, Tino and Uwan, as well as recent the earthquakes in Cebu and Davao.

“We understand that our members need immediate help when disasters strike, and we at Pag-IBIG Fund are always ready to respond,” Acosta said. 

She added that the agency’s home loans include built-in insurance that provides protection and helps cover repair costs.

“Housing Loan borrowers whose homes were damaged can take comfort in knowing that their homes are insured, and we are reaching out to help them avail of their benefits as soon as possible. We are likewise offering a one-month payment moratorium so they may prioritize the safety and recovery of their families. They may conveniently apply online through Virtual Pag-IBIG,” the Pag-IBIG Fund chief said.

Pag-IBIG Fund is also extending Calamity Loans and Home Improvement Loans at affordable rates to those affected by the recent calamities.

Under the Pag-IBIG Calamity Loan Program, eligible members residing in areas declared under a state of calamity may borrow up to 90% of their total Pag-IBIG Regular Savings at an interest rate of 5.95% per annum.

The loan is payable for up to three years, with an automatic three-month grace period before the first payment.

Meanwhile, through the Pag-IBIG Home Improvement Loan, qualified members can borrow up to P300,000 for repairs or home upgrades. 

The loan is payable within five years and is currently offered at a promotional rate of 3% per annum for the first 10,000 borrowers.

“We know that rebuilding after a disaster takes time and resources. That is why we are providing multiple ways to help through our payment moratorium for financial relief, our Calamity Loan for immediate needs, the Housing Loan insurance for protection, and our Home Improvement Loan to help members restore their homes to safety and comfort. Pag-IBIG Fund is here to make recovery easier, faster and more affordable for our members,” Acosta said. —VAL, GMA Integrated News