Pag-IBIG To Offer Payment Relief To Member Borrowers
To help home loan borrowers cope with their bills and finances during this pandemic, Pag-IBIG Fund is now offering more affordable amortization, six months of payment relief, and they will waive penalties through their special restructuring program.
Secretary Eduardo del Rosario, a 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.
He added that in support of the government’s efforts in helping Filipinos who are going through financial difficulties due to the pandemic, they are offering a special loan restructuring program to their housing loan borrowers with unpaid monthly amortizations of up to 12 months as of August. Their goal is to help their members/borrowers ease their financial burden and provide time to financially recover until they are able to pay their loans.
The loan restructuring program will give borrowers the option to lower their monthly payments by extending their loan term, spread the unsettled dues, and waive the penalties for arrears. They will also give borrowers the option to resume payment of their restructured loans by March 2021, providing 6 months of payment relief.
Pag-IBIG Fund chief executive officer Acmad Rizaldy Moti, meanwhile, said 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.
How to apply?
Applications for the Special Housing Loan Restructuring Program will be done through Virtual Pag-IBIG for a more secure, easier, and faster process.
Pag-IBIG is giving all its borrowers until Dec. 15 of this year to apply.
Moti also clarified that there will be no downpayment nor any processing fees for the application and added that this program is their way of giving back to their borrowers who religiously pay their monthly housing loan dues with Pag-IBIG Fund.