Gov’t declares housing loans payment moratorium for flood victims

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THE government has declared a moratorium on housing loans payment for flood victims in Luzon.

Vice President Jejomar Binay on Thursday said the key shelter agencies (KSAs) have allowed borrowers affected by the recent flooding to defer payments of their housing loans.

Binay said the Home Development Mutual Fund (Pag-IBIG), National Housing Authority (NHA), and Home Guaranty Corporation (HGC) have each declared a three-month moratorium.

The National Home Mortgage Finance Corporation (NHMFC) and Socialized Housing Finance Corporation (SHFC) called a six-month moratorium.


The Vice President said the moratorium applies to borrowers whose homes or sources of income are in areas under a state of calamity.

“The imposition of the moratorium on payments is our way of helping our borrowers cope with the losses caused by the massive flooding,” said Binay.

He also said affected Pag-IBIG members can borrow up to 80 percent of their total savings with 5.95 percent interest rate per annum. The calamity loan is payable in two years.

“For those wishing to avail of Pag-IBIG’s calamity loans or who have any questions, please do not hesitate to call the Pag-IBIG hotline at 724-4244,” Binay said.

RITCHIE A. HORARIO

 

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