PAG-IBIG housing program restructures loans and waives penalties

By Rebecca Grace S. David

Friday 27th of January 2012

CITY OF SAN FERNANDO, Pampanga, Jan. 27 (PIA) -- Housing loan borrowers from the Home Development Mutual Fund, also known as PAG-IBIG, with at least three months of unpaid amortization or arrears, may apply for loan restructuring and waiving of penalties.

The restructuring of loans and penalty waiving for delinquent housing loan borrowers started on Jan. 2 and will extend until June 30.

Under the program, all penalties incurred by the borrower will be condoned. The borrower may also restructure his loan, the principal, insurance premiums arrears, real estate taxes, unpaid interests and foreclosure expenses.

Application for condonation should be filed not later than June 30. After this date, the borrower with arrears may only file for loan restructuring. The program covers all delinquent housing loan borrowers whose accounts are at least three months in arrears.

Applicants for the program may visit the PAG-IBIG Office at the Suburbia Commercial Complex in Maimpis, or make inquiries at telephone nos. (045) 860-4490, 861-2684. (WLB/RGSD/PIA-3)