Starting this year, we have been talking about the different types of housing loans that homeowners can apply for including the Pag-IBIG Housing Loan. But, did you know that Pag-IBIG Fund itself offers other loan programs than the housing loan that can aid you in financing your real estate needs in one way or another?
Termed as short-term loan programs, the Multi-Purpose Loan (MPL) and the Calamity Loan of the Pag-IBIG Fund shall be treated as separate and distinct from each other. This means that the member is allowed to avail of an MPL while he/she still has an outstanding Calamity Loan and vice versa.
Let’s get to know more about them in this week’s SubNet Real Estate-tionary feature.
Multi-Purpose Loan Program
The MPL is a cash assistance aimed at addressing the immediate financial needs of the member. It can be used for minor home improvement, renovation, or upgrade. Moreover, it can be used for a variety of purposes such as livelihood, education, health and wellness, travel, car repair, purchase of appliance or gadgets, etc. hence, the term “multi-purpose”. Like a typical loan program, the MPL will be charged with an interest based on the prevailing guidelines of its program. As for the payment though, it will be amortized over a maximum period of 24 months with a grace period of two months.
Calamity Loan Program
The Calamity Loan is a cash loan for members whose places of residence have been placed under a state of calamity due to natural calamities like typhoon and earthquake. It will be paid over a period of 24 months with a grace period of three months. If eligible, borrowers may avail the Calamity Loan within a period of 90 days from the declaration of the Office of the President or their Local Government that their residential areas are under a state of calamity.
To know more about the Short Term Loan Availment, download the Citizen Charter of the Pag-IBIG Fund. For other inquiries about our company and services, contact us for FREE Consultation!
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