Pag-IBIG Fund is granting a 60- day grace period on all loan payments and is offering a special loan restructuring program for home loan borrowers.
Secretary Eduardo del Rosario, chairman of the Department of Human Settlements and Urban Development and of the 11-member Pag-IBIG Fund Board of Trustees, said the grant of a one-time 60-day grace period on payments of all loans is in accordance with Republic Act No. 11494, otherwise known as the Bayanihan to Recover as One Act.
The Fund is also providing its housing loan borrowers in arrears with a Special Housing Loan Restructuring Program to help update their accounts and keep their homes.
Del Rosario said under Pag-IBIG Fund’s guidelines, the 60-day grace period will be applied automatically to all loan payments on the agency’s Multi-Purpose Loan, Calamity Loan and Housing Loan which fall due from September 15 until Nov. 14, 2020. The grace period will give borrowers payment reprieve without incurring any penalty, and interest on interest.
“Under the Bayanihan 2 law, the grace period covers loan accounts with up to three months in arrears. But under our approved Pag-IBIG guidelines, we will cover loan accounts with up to 9 months in arrears so we can help more borrowers, specifically those whose incomes were affected when community quarantines were first declared in mid-March. And while the accrued interest is payable until December 31 under the Bayahihan 2, Pag-IBIG Fund will allow payment of accrued interest on a staggered basis during the remaining term of the loan, thus providing for an even longer and easier payment term for our borrowers,” del Rosario said.
Under the Special Housing Loan Restructuring Program, borrowers whose finances have been affected by the pandemic may renegotiate the terms of the loan and secure a more affordable payment term. Borrowers can soon apply for the restructuring program online by visiting the Virtual Pag-IBIG until Dec. 15, 2020.
Under Bayanihan 1, the Fund granted a grace period to 4.77 million borrowers and approved nearly 300,000 applications under our three-month payment moratorium program.
Pag-IBIG is encouraging borrowers who are capable of paying, to continue paying their loans.