Vice President Jejomar C. Binay said two housing agencies have imposed moratoriums on amortizations of borrowers affected by typhoon Pablo.
He said the Home Development Mutual (Pag-IBIG) Fund will implement a three month moratorium on housing loan amortizations while the National Home Mortgage Finance Corporation will implement a six month moratorium for victims of typhoon Pablo.
Binay said Pag-IBIG’s moratorium covers housing loan borrowers whose property mortgage is in an area declared under a state of calamity.
“Pag-IBIG will provide a 3 month moratorium on the payment of housing loan amortizations without penalties or additional interests,” Binay said.
“However, the borrower must file his application for moratorium within 90 days from the declaration of the state of calamity,” he added.
Meanwhile, Binay said NHMFC’s moratorium will be effective from December 2012 to May 2013. He said affected borrowers need to file their application for moratorium not later than March 15, 2013 supported by a certification from the barangay chairman of the affected area.
Binay added that NHMFC borrowers who are no longer interested to return to their respective units may opt to file for dacion en pago and voluntarily surrender their properties as a mode of settlement of their loan obligations.
Dacion en pago is a special mode of payment whereby the debtor offers another thing to the creditor who accepts it as equivalent of payment of an outstanding obligation.
The housing czar also reminded Pag-IBIG members that they can also apply for a calamity loan which is the equivalent of 80 percent of their total savings. He added that Pag-IBIG offers the lowest interest rate of calamity loans in the market.
“Pag-IBIG’s calamity loan now carries a yearly interest rate of 5.95 percent, compared to the previous 10.75 percent,” Binay said.
The Vice President flew to Mindanao Thursday to assess the damage caused by Pablo in Davao del Norte, Surigao del Sur and Compostela Valley, and check on the conditions of those who were affected.
Binay appealed to the private sector for support in providing relief goods to those in evacuation areas and said his office is currently distributing 10,000 bags of goods in Davao Oriental, Davao del Sur and Compostela Valley. The bags contain noodles, biscuits and canned goods.
“Kailangang tumulong ang lahat, gobyerno at ang private sector,” he said. “Ang immediate need ay ang makakain ang mga naapektuhan,” he said.