Pag-IBIG Fund is offering a loan restructuring program to allow housing loan borrowers to defer their payments until March 2021 and to lower their monthly payments
Secretary Eduardo del Rosario, chairman of the Pag-IBIG Fund Board of Trustees and head of the Department of Human Settlements and Urban Development, said the agency is ready to grant home loan borrowers with lower monthly payments, up to six months of payment relief, and waive penalties on unpaid monthly amortizations under its Special Housing Loan Restructuring Program (SHLRP) to help them better cope with the economic challenges brought by the pandemic.
In a statement, Del Rosario said the special loan restructuring program is available to housing loan borrowers who have unpaid monthly amortizations of up to 12 months as of August 2020.
“If they apply now, they get the chance to resume payment of their restructured loans by as late as March 2021. This gives them at least four months of payment relief. Since we started offering the program in September, we have already received nearly 45,000 applications, but I would like to encourage more borrowers to avail. We will be receiving applications until December 15,” he added.
Pag-IBIG Fund chief executive officer Acmad Rizaldy Moti said borrowers may apply for the loan restructuring program online, as the agency continues to move transactions to its Virtual Pag-IBIG facility to promote better safety and convenience for members.
Moti said Pag-IBIG will not be asking for down payment and will not charge a processing fee for applications.