Borrowers of the National Home Mortgage Finance Corporation (NHMFC) affected by the recent heavy flooding may defer payment of their housing loan for six months, said Vice President Jejomar C. Binay.
Binay, who sits as chair of the Housing and Urban Development Coordinating Council and the NHMFC Board of Directors, made the announcement in response to the massive flooding that submerged Metro Manila and nearby provinces.
“This is our way of helping out our fellow Filipinos who lost their homes and properties due to the floods,” the housing czar said.
“The six-month moratorium will be effective starting August 15, 2012 until February 15, 2013. Interest and penalty charges shall not be imposed within this period," he added.
Binay said housing loan borrowers may apply for the program not later than September 1, 2012. To qualify, applicants must present a barangay certification that they are bonafide residents and that their area was flooded or was declared under state of calamity.
Meanwhile, borrowers who are no longer interested to return to their respective units may opt to voluntarily surrender their properties through the dacion en pago as a mode of settlement of their loan obligations subject to such terms and conditions under the law.
Earlier, Binay instructed the Home Development Mutual Fund (Pag-IBIG) to set up satellite offices to accept and process calamity loans and provide other services to members affected by the massive flooding.
Pag-ibig members in areas declared under state of calamity are allowed to borrow as much as 80 percent of their total contributions at an interest rate of 5.95 percent. The loan shall be amortized in 24 months with a grace period of three months.