Pag-ibig grants 3-month moratorium on housing loan amortizations

Friday, February 17, 2012

ELIGIBLE Pag-ibig Fund housing loan borrowers, whose houses were damaged or whose sources of income were affected by Tropical Storm Sendong may now apply for a three-month moratorium on amortization payments.

In a statement, Pag-ibig said the moratorium aims to alleviate the debt-burden of housing loan borrowers directly affected by the typhoon, which hit Central Visayas, Zamboanga Peninsula, Northern Mindanao, Davao and Caraga regions.

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To qualify, the borrowers’ housing loan account should be updated as of December 15, 2011.

The three-month moratorium will cover the period December 16, 2011 to March 15, 2012.

In effect, the borrower’s loan term shall be extended for another three months but the housing loan amortization, interest rate and other terms of the loan shall remain the same.

With this, due dates shall be adjusted accordingly.

Pag-ibig said payment of housing loan amortizations shall resume on the month following the third month of the borrower’s moratorium period.

Housing loan borrowers, with approved applications on moratorium, may still opt to pay their monthly amortization even during the moratorium period.

However, the payment shall be applied to the month when the member is slated to resume payment.

Applications for the moratorium will be received only until February 24, 2012.

For more details, member-borrowers may call telephone numbers (08822) 726-348, 722-800, (088) 856-1861 to 62 local 212, 214, 215 or visit the Pag-ibig Fund Cagayan de Oro Branch along J.R. Borja Mortola Sts., Cagayan de Oro City. (PR)