Form Hqp Slf 002 – Fill Out and Use This PDF

CALAMITY LOAN

APPLICATION FORM (CLAF)

HQP-SLF-002

APPLICATION No.lAGREEMENT ID

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In consideration of the loan that may be granted by virtue of this application subject to the pertinent provisions of the Implementing Rules and Regulations of Pag-IBIG Fund, I hereby waive my rights under RA No. 1405 and authorize Pag-IBIG Fund to verify/validate my payroll account/disbursement card. Furthermore, I hereby

authorizemypresentemployer or any employer with whom I may get employed in the future, to deduct the monthly Pag-IBIG contribution and amortization due

from my salary and remit the same to Pag-IBIG Fund. If the resulting monthly net take home pay after deducting the computed monthly amortization on Calamity Loan falls below the monthly net take home pay as required under the GAAlcompany policy, I authorize Pag-IBIG Fund to compute for a lower loanable amount.

I understand that should I fail to pay the monthly amortization due, I shall be charged a penalty of 1/20 of 1% of any unpaid amount for every day of delay.

If for any reason excess loan proceeds are erroneously credited to my payroll account/disbursement card, I hereby authorize Pag-IBIG Fund to debit/deduct the excess amount from my account without need of further notice of demand. Should my account balance be insufficient, the Fund has the right to demand for the excess amount to be refunded.

I certify that the information given and any or all statements made herein are true and correct to the best of my knowledge and belief. I hereby certify under pain of perjury that my signature appearing herein is genuine and authentic.

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This office agrees to collect the corresponding monthly amortizations on this loan and the monthly savings of herein applicant through payroll deduction, together with the employer counterpart contributions, and remit said amounts to Pag-IBIG Fund on or before the is" day of every month, for the duration that the loan remains outstanding. However, should we deduct the monthly amortization due from the applicant's salary but failed to remit it on due date, this office agrees to shoulder the corresponding penalty charged to applicant equivalent to 1120 of 1% of any unpaid amount for every day of delay and penalty for non-remittance equivalent to 1/10 of 1% per day of delay of the amount payable from the date the loan amortizations or payments fall due until paid.

HEAD OF OFFICE OR AUTHORIZED SIGNATORY

(Signature over printed name)

DESIGNATION

(P--;-) Philippine Currency, with the interest rate of 5.95% p.a. for the duration of the loan.

I hereby waive notice of demand for payment and agree that any legal action, which may

arise in relation to this note, may be instituted in the proper court of Makati City.

Finally, this note shall likewise be subject to the following terms and conditions:

1. The borrower	shall	pay the	amount	of Pesos:	,--.,..,--,-,--;-:-,.."".,,--,-	__	-,-,-:-:;--,-;-=
(P	)	through	salary	deduction,	whenever feasible	over	a period of 24

months with a grace period of 3 months. In case of suspension from work, leave of absence without pay, or insufficiency of take home pay dur ing the term of the loan, payments should be made directly to the Pag-IBIG Fund office where the loan was

released.
2. Payments are due on or before the		of the month starting on
:=-_----, __ ,--,--,,--;-_	and 23 succeeding	months thereafter.

3.Payments made by the borrower after due date shall be applied in the following order of priorities: Penalties, Interest and Principal.

4.A penalty of 1/20 of 1% of any unpaid amount for every day of delay shall be charged to the borrower.

5.The borrower shall be considered in default in any of the following cases:

a. Any willful misrepresentation made by the borrower in any of the documents executed in

relation hereto.

Signed in the presence of:

Pag-IBIG Fund

6.In the event of default, the outstanding loan obligation shall become due and demandable. As a consequence thereof, the outstanding loan obligation, consisting of the principal, interest and penalties shall be subjected to offsetting against the borrowers Total Accumulated Value (TAV). However, immediate offsetting of the borrower's outstanding Calamity loan obligation may be effected immediately upon approval of the borrower's request; provided such request is based on the following justifiable reasons and has been verified by the Fund: 1.) Borrower's unemployment;

2.) Illness of the member-borrower or any of his immediate family members as certified by a licensed physician, by reason thereof, resulted in his failure to pay the required amortizations when due; 3.) Death of any of his immediate family members that, by reason thereof, resulted in his failure to pay the required amortizations when due.

7.In the event of membership termination prior to loan maturity, any amount outstanding, including the unpaid interest, penalties and charges, shall be deducted from the borrower's TAV andlor any amount due him or his beneficiaries in the possession of the Fund. In case of borrower's death, the outstanding obligation shall be computed up to the date of death. Any payment received after date of death, shall be refunded to the borrower's beneficiaries.

8.In case of falsification, misrepresentation or any similar acts committed by the borrower, Pag-IBIG

Fund shall automatically suspend his loan privileges indefinitely. The borrower shall abide with all the applicable rules and regUlations goveming this lending program that Pag-IBIG Fund may promulgate from time to time.

CERTIFICATE OF NET PAY

NAME OF BORROWER

For the month of:

Basic Salary

ADD: ALLOWANCES

---------------

Gross Monthly Income

LESS: DEDUCTIONS

Total Deductions

Net Monthly Income

Issued this

day of

, 20_.

I certify under pain of perjury that the above- mentioned information is true and correct.

HEAD OF OFFICE/AUTHORIZED SIGNATORY

(Signature over printed name)

I here by auth 0 rize __ -:-:---:-_-:::-:;-::---:---:::-:-----:::--;---:

our Fund Coordinator or Liaison Officer to file my Calamity Loan Application and receive the Pag-IBIG Fund Check in my behalf.

GUIDELINES AND INSTRUCTIONS

A. Who May File

Any Pag-IBIG Fund member who satisfies the following requirements may apply for a calamity loan:

1.The member has made at least 24 monthly savings.

2.Has made five (5) MCs for the last six (6) months as of month prior to date of loan application and commits to continuously remit contributions at least for the term of the loan.

3.If with existing Pag-IBIG Housing Loan and/or Multi-Purpose Loan (MPL) and/or Calamity Loan, the account must not be in default as of date of application.

4.The member is a resident of the area which is declared under a state of calamity.

B.Availment Period

The loan shall be availed within a period of ninety (90) days from the declaration of the calamity.

C.How to File

The applicant shall:

1.Secu re the Calamity Loan Application Form (CLAF) from any Pag-IBIG Fund NCR/Regional branch.

2.Accomplish 1 copy of t he application form.

3.Attac h photocopy of payroll accounUdisbursement card/deposit slip (for newly-opened account).

4.Sub rnit complete application. together with the required documents to any Pag-IBIG Fund NCR/Regional branch. Processing of loans shall commence only upon submission of complete documents.

D.Loan Features

1.Loan Ent itlement

The loanable amount shall be 80% of the member's Total Accumulated Value (TAV).

However, for members with existing MPL, the loanable amount shall be the difference

between 80% of the borrower's TAV and the outstanding balance of his MPL.

2. Capacil y 10 Pay

An eligible borrower's loan shall be limited to an amount for which statutory deductions. the monthly repayment of principal and interest, and other Obligations will not render the borrower's net take home pay to fall below the minimum requirement as prescribed by the General Appropriation Act (GAA) or company policy, whichever is applicable.

3. Interest

The loan shall be charged interest based on the Fund's Risk-Based Pricing Framework for the entire duration of the loan including the grace period.

4. Loan Period

The loan shall be amortized over a period of 24 'months with a grace period of three (3) months.

5.Loan Pa yments

5.1The loan shall be paid in equal monthly payments in such amounts as may fully cover the obligation over the loan period. Said payments shall be made whenever feasible. through salary deduction.

5.2Payments shall be remitted to Pag-IBIG Fund on or before the fifteenth (15") day of each month starting on the fourth (4'") month following the date on the DV/Check.

5.3The borrower may fully pay the outstanding balance of the loan prior to loan maturity.

5.6The borrower shall pay directly to the Fund in case the borrower is unable to pay through salary deduction for any of the following circumstances such as but not limited to:

a.Susp ens ion from work

b.Leave of abse nce without pay

c.Insufficiency of take home pay at any time during the term of the loan

6.A pplication of Payments

6.1Payments shall be applied according to the following order of priorities:

a)Penalties

b)Interest

c)Principal

6.2Accelerated Payments - any amount in excess of the required monthly amortization shall be applied to future amortizations when due.

7.Loan Release

The loan proceeds shall be released through any of the following modes:

a)Crediting to the borrower's payroll accounUdisbursement card:

b)Crediting to the borrower's bank account through LANDBANK's Payroll Credit Systems Validation (PACSVAL);

c)Through check payable to the borrower;

'd) Other similar modes of payment.

8.Penalt y

8.1A penalty of one-twentieth of one percent (1120 of 1%) of any unpaid amount shall be charged to the borrower for every day of delay.

8.2For borrowers paying through salary deduction, penalties shall only be reversed upon presentation of proof that non-payment was due to the fault of the employer. In such case, penalties due from the borrower shall be charged to the employer.

Non-remittance of the total amortization shall likewise subject the employer with a penalty of one-tenth of one percent (1/10 of 1%) per day of delay of the amounts payable from the date the loan amortizations or payments fall due until paid.

E.Other Loan Provisions

The Calamity Loan and MPL programs shall be treated as separate and distinct from each other. Hence, the member shall be allowed to avail of a Calamity Loan while he still has an outstanding MPL, and vice versa. Application for loans on these two programs shall be governed by their corresponding guidelines.

In no case. however. shall the aggregate short-term loan exceed eighty percent (80%) of the borrower's TAV.

2.For borrowers with existing MPL at the time of availment of a Calamity Loan. the outstanding loan balance of the MPL shall not be deducted fro,!, the proceeds of the Calamity Loan.

F.Loan Renewal

Should another calamity occur in the same area. a borrower may renew his calamity loan anytime. The outstanding balance of his existing loan, together with any accrued interests. penalties and charges, shall be deducted from the proceeds of the new loan.