Pag-IBIG offers payments deferral for housing loan until March 2021

The Home Development Mutual Fund (Pag-IBIG Fund) said Thursday it is offering a loan restructuring program for its borrowers to ease their financial burden in the face of the COVID-19 pandemic.

In a statement, the Pag-IBIG said that the restructuring program will allow housing loan borrowers to defer their payments until March 2021, and to lower their monthly payments. 

Housing Secretary Eduardo del Rosario, who chairs the 11-member  Pag-IBIG Fund Board of Trustees, said the agency is ready to grant  home loan borrowers with lower monthly payments, up to six months of payment relief, and waived penalties on unpaid monthly amortizations under its Special Housing Loan Restructuring Program (SHLRP) to “help them better cope with the economic challenges brought by the pandemic.”

“We understand the needs of our members especially during these trying times, that is why we are offering this program to help ease their financial burden and  provide them enough time to recover,” Del Rosario said.

This special loan restructuring program is available to housing loan borrowers who have unpaid monthly amortizations of up to 12 months as of August 2020.

“We are doing this in support of the government’s efforts in helping Filipinos who are going through financial difficulties caused  by COVID-19,” according to Del Rosario.

“If they apply now, they get the chance to resume payment of their  restructured loans by as late as March 2021. This gives them at least four  months of payment relief. Since we started offering the program in September, we have already received nearly 45,000 applications, but I would like to encourage more borrowers to avail. We will be receiving applications until  December 15,” he added.

For his part, Pag-IBIG Fund Chief Executive Officer Acmad Rizaldy Moti, 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.

“We will be accepting applications for our Special Housing Loan Restructuring  Program through Virtual Pag-IBIG to make it easier and safer for our borrowers.  They can apply for the program from the safety of their homes by clicking  www.pagibigfundservices.com/virtualpagibig/HLR/Restructuring.aspx. They  don’t have to go to our branches anymore,” Moti said.

“And since the loan restructuring program is meant to help borrowers amid the  pandemic, I’d like to remind borrowers that we will not be asking for down  payment nor will we charge a processing fee for applications. The SHLRP is our way of giving back to our borrowers who always pay their monthly dues with Pag-IBIG Fund but have fallen behind over the past months due to the  pandemic,” Moti added.  —LBG, GMA News