Binay tells Zambo folks to avail 6-month amortization breather-A A +A
Wednesday, October 2, 2013
ZAMBOANGA City residents affected by the 20 days of crisis in September may benefit from a six-month break on the amortization offered by the National Home Mortgage Finance Corporation (NHMFC).
Vice President Jejomar Binay, who also heads the NHMFC board of directors, said on Wednesday that the moratorium will take effect from Nov. 1, 2013 to April 30, 2014.
"The moratorium shall take effect starting from the approval date of the application. As a result of the moratorium, the loan term shall be automatically extended equivalent to the same number of months that the account is under moratorium," the vice president said on his Facebook account.
But Binay noted that to avail the pay breather, borrowers should file their application for moratorium not later than the end of October.
Binay, who also heads the Housing and Urban Development Coordinating Council (HUDCC) also said that this is the NHMFC's way of helping residents whose properties were damaged during the conflict.
He said the borrowers account should be in current status or zero to three months in arrears to qualify for the program. Qualified housing loan borrowers shall not be charged with interest and penalty within the six-month period of implementation.
NHMFC borrowers and buyers no longer interested to return to their respective homes may surrender their properties, subject to the terms and conditions under the law, Binay said.
Earlier, the vice president instructed other shelter agencies to prepare assistance packages for Zamboanga residents affected by the conflict.
The Home Development Mutual Fund (Pag-ibig) released P19 million in calamity loans for families whose houses were destroyed during the standoff.
Pag-ibig-Zamboanga has processed 933 loan applications involving P19,030,577 as of September 25 while about 2,500 more are still being processed, Binay cited.
For its part, the National Housing Authority, will provide resettlement for those whose homes were destroyed, and P5,000 worth of building materials for those whose houses were damaged.
Almost a month ago, on September 9, some members of the Moro National Liberation Front (MNLF) entered several parts of the city, engaging government forces in a standoff by taking civilians hostage. These MNLF members were said to be followers of their founding chairperson, Nur Misuari.
The government has since retaken the MNLF-controlled areas, with Defense Secretary Voltaire Gazmin declaring the crisis over last Sept. 28.
As of Wednesday, the National Disaster Risk Reduction and Management Council said the damage from fires during the 20-day conflict had surpassed the P200-million mark. (JK/Sunnex)