Housing loan payments covered by moratorium to be added to end of members' loan program -DHSUD

Filipinos who did not pay housing loan dues for three months due to a payment suspension will not have to settle the entire unpaid amount immediately after the lifting of the moratorium next month, the Department of Human Settlements and Urban Development (DHSUD) said Tuesday.

DHSUD Secretary Eduardo del Rosario said the three months in which payments were suspended will be added at the end of the members' loan program -- for example, a 30-year payment program will become 30 years and three months.

"Hindi totoo 'yun na babayaran lahat 'yung three months na isang bulto," Del Rosario said at the Laging Handa briefing.

The DHSUD imposed a 3-month moratorium on housing and short-term loan payments from the department's four key shelter agencies -- the National Housing Authority, Pag-IBIG Fund, the Social Housing Finance Corporation, and the National Home Mortgage Finance Corporation from -- from March 16 to June 15.

Pag-IBIG vice president Kalin Franco-Garcia said last March that borrowers of Pag-IBIG Fund Housing Loan, Multi-Purpose Loan, and Calamity Loan were eligible to apply.

Members could decide whether or not they would avail of the moratorium, she said.

The moratorium was seen to benefit over 5.5 million member-borrowers and was likely to result in some P31.5 billion in non-collection by the key shelter agencies.

The DHSUD also enforced a 2-month moratorium on in-house financing plans or credit intermediation extended by real estate developers to buyers of subdivision and condominium units.

Unpaid amortizations in this case will be payable within six months or through terms "mutually agreed upon" by buyers and developers, according to the department. --KBK, GMA News