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.
By JC BELLO RUIZ