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Special Housing Loan Restructuring
This photo was taken from: Facebook: Pag-IBIG Fund (HMDF)
The Special Housing Loan Restructuring Program is offered by Pag-IBIG Fund (HMDF) to its Housing Loan borrowers that are severely affected by the COVID-19 Pandemic. This program aims to help them to ease their financial burden amidst the COVID-19 through restructuring the loan payments of their Pag-IBIG Housing Loan and most of all, maintain their homeownership.
Pag-IBIG Fund’s home loan restructuring offers longer payment relief for borrowers. Under its special restructuring program, Pag-IBIG Fund is providing up to six months of payment relief, more manageable amortization, and suspended penalties to help home loan borrowers cope during the pandemic, top executives reported on Monday (October 19).
“In support of the government’s efforts, led by President Duterte, in helping Filipinos who are going through financial difficulties due to the pandemic, we are offering a special loan restructuring program to our housing loan borrowers with unpaid monthly amortizations of up to 12 months as of August 2020. We understand the need of our members especially during these times, that is why we are offering this program to help ease their financial burden and provide them time to financially recover until they are able to pay their loans. We are also giving them the option to resume payment of their restructured loans by as late as March 2021. This gives them up to six months of payment relief,” Secretary Eduardo D. del Rosario said.
Borrowers can apply for the loan restructuring program online, according to Pag-IBIG Fund Chief Executive Officer Acmad Rizaldy P. Moti, as the agency continues to transfer transactions to its Virtual Pag-IBIG facility to improve member safety and convenience.
“We will be accepting applications for our Special Housing Loan Restructuring Program via Virtual Pag-IBIG to make it easier and safer for our borrowers. They can conveniently apply for the program from their homes by clicking http://www.pagibigfundservices.com/…/Restructuring.aspx, and there is no need to go to our branches anymore. We are also giving all our borrowers ample time to apply as the program is available to them until December 15 of this year,” Pag-IBIG Fund CEO Moti stated.
The Special Housing Loan Restructuring Program is open to all Pag-IBIG Housing Loan borrowers with updated loan account. Housing Loan accounts with no more than twelve (12) months unpaid monthly loan payments as of August 2020 can also apply for this program. Pag-IBIG Housing Loan used by a member to purchase a Pag-IBIG Fund acquired asset can also apply to this program. This includes those who pay in installments for their purchased acquired assets.
For those Pag-IBIG Housing Loan borrowers who wish to avail of this program are free and will not pay any processing fee. Also, it is not necessary to provide or pay a down payment to apply for the Special Housing Loan Restructuring Program of the Pag-IBIG Fund.
The interest rate of a Restructured Pag-IBIG Housing Loan is 6.375% per annum for three years, which may change after that period. On the other hand, the subsidized interest rate of socialized housing loans, including such acquired assets, will remain the same until the duration of its remaining subsidized period. After the said subsidized period, the interest rate will be in accordance with the prevailing interest rate at that time.
The restructured Housing Loan can be repaid by a member for up to thirty (30) years, as long as the said member does not exceed the age of 70 at the end of his/her chosen loan term.
To further expedite the application of a Pag-IBIG Housing Loan Borrower to this program, he/she is no longer required to submit any documents to apply for the Special Housing Loan Restructuring Program of the Pag-IBIG Fund.
A Pag-IBIG Housing Loan borrower who has applied for this program will receive an email or text message, once his/her application is approved. He/she will receive it at the email address or mobile phone number he/she entered in his application.
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