By Patricia Bermudez
CALAMBA CITY, Laguna – Homeowners affected by recent typhoons will have more time to save up for their housing loan payments from the Pag-IBIG Fund following a moratorium granted by the shelter financing agency.
Marilene Acosta, President and chief executive officer, said the Pag-IBIG Fund has extended its loan payment period to another 30 days or a total of 60 days for borrowers to settle their amortizations.
“We offered a one-month moratorium on housing loan payments for members affected by calamities, giving our borrowers more time to focus on recovery without the added worry of monthly amortization.”
The one-month payment moratorium applies to Pag-IBIG housing loan borrowers or buyers whose properties or workplaces were located in areas under state of calamity following the onslaught of tropical storms Crising, Dante, and Emong, and Habagat or the southwest monsoon.
The state home financing provider also eased their payment terms to help their borrowers recuperate, allowing loan payment to three months after the calamity. Members can even borrow up to 90 percent of their savings
“We have always been among the first to respond, ensuring that our members receive the help they need right after a calamity. We make our calamity fund available for members living or working in affected areas. They can borrow up to 90 percent of their savings with payments starting three months later, providing them time to recover.”
Moreover, newer members with 12 months of savings are also now qualified for other loans, such as the Multipurpose Loan, Calamity Loan and the Health and Education Loan Program (HELPS).
In its report, the Pag-IBIG Fund noted that housing loan disbursements in the CALABARZON region are pegged at Php 9.4 billion or 16 percent of the loan takeouts in south Luzon.
Last July, the CALABARZON region was hit by a series tropical cyclones namely Crising, Dante, and Emong. In its July 27 report, the Office of Civil Defense noted some 6,984 damaged homes in all five provinces.
