08 November 2011

Pag-IBIG condonation

The Home Development Mutual Fund (Pag-IBIG) will offer penalty condonation for delinquent housing borrowers starting January, 2012.
Vice President Jejomar C. Binay, Pag-IBIG Fund Board of Trustees chairman, said this is to provide “delinquent borrowers an opportunity to make good on their housing loan obligations.”
“We hope that our members realize that when they borrow money from the Fund, and from any other lending institution, they have obligations to fulfill. As members, they also have a responsibility to keep the Fund secure. Thus, I strongly encourage them to avail themselves of this final opportunity that we are offering,” Binay said.
Binay said Pag-IBIG’s mandate is to assist Filipino workers realize their dream of owning their homes.
“This is why Pag-IBIG’s housing loan programs provide for the most convenient terms and conditions with interest as low as 6 percent per annum and payment terms as long as 30 years. But then, our borrowers should fulfill their obligations with Pag-IBIG,” he said.
Pag-IBIG Chief Executive Officer Atty. Darlene Marie B. Berberabe said housing borrowers should understand that the loan extended to them was pooled from the hard-earned savings of other members.
“This makes it all the more imperative for us to recover the money we lent them. If a borrower defaults in his payment, Pag-IBIG will institute appropriate proceedings. So we would like to give our borrowers this last chance to pay their obligations with Pag-IBIG Fund,” Berberabe said.




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