19 January 2012

Pag-IBIG offers loan restructuring program

Housing loan borrowers in arrears for at least three months may now apply for loan restructuring and condonation of penalties, according to the Home Development Mutual Fund (Pag-IBIG).
Pag-IBIG Fund Chief Executive Officer Darlene Marie B. Berberabe said the agency will be implementing a loan restructuring and penalty condonation program for delinquent housing loan borrowers from Jan. 2 up to June 30, 2012.
“The program aims to provide relief for housing loan borrowers with delinquent accounts and help them preserve their properties,” she said.

During the period covered, a borrower may restructure his loan, including the principal, insurance premium arrears, real estate taxes advanced by Pag-IBIG, if any, unpaid interests, and foreclosure expenses.
Under the program, all penalties incurred by a borrower will be condoned, provided his application is filed not later than June 30, 2012.
After June 30, 2012, a borrower in arrears may only file for loan restructuring, Berberabe said.
The program covers all delinquent Pag-IBIG housing loan borrowers whose accounts are at least three months in arrears.
However, the program does not cover accounts with buyback guaranty, she said.



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