Pag-IBIG Fund’s home loan restructuring offers longer payment relief for borrowers
Pag-IBIG Fund is offering up to six months of payment relief, more affordable amortization, and waived penalties under its special restructuring program to help home loan borrowers cope during the pandemic, top executives announced on Monday, October 19.
Secretary Eduardo D. del Rosario, who serves as Chairman of the 11-member Pag-IBIG Fund Board of Trustees and head of the Department of Human Settlements and Urban Development, said that the agency is offering a Special Housing Loan Restructuring Program to further help Pag-IBIG Housing Loan borrowers keep their homes amid the pandemic.
“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,” del Rosario said.
He said that under this loan restructuring program, borrowers are given the option to lower their monthly payments by extending their loan term, spread the settlement of unpaid dues, and waive penalties on arrears.
“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,” said del Rosario.
Pag-IBIG Fund Chief Executive Officer Acmad Rizaldy P. Moti, meanwhile, stated that borrowers may apply for the loan restructuring program online, as the agency continues to move transactions to its Virtual Pag-IBIG facility to promote better safety and convenience for members.
“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, 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,” Moti said.
“I would also like to point out that since the loan restructuring program is meant to help borrowers amid the pandemic, we will not be asking for down payment nor will we charge a processing fee for applications. This program is our way of giving back to our borrowers who religiously pay their monthly housing loan dues with Pag-IBIG Fund but over the past months, have not been able to do so due to the pandemic. We want to assure them that in these times of crisis, they can lean on Pag-IBIG. This is what Lingkod Pag-IBIG is all about,” Moti added.