BORROWERS of the National Home Mortgage Finance Corporation (NHMFC) in Cebu and Bohol may now avail of a 6-month moratorium on payment amortization, Vice President Jejomar Binay said on Monday.
Binay, who is also the housing czar added the program is NHMFC’s way of helping those affected by the ‘killer quake’ to cope with the tragedy.
“Earthquake-hit residents in Cebu and Bohol may avail of the program. Their accounts must be in current status or 0-3 months in arrears as of September 30, 2013,” Binay said.
He said applications for the moratorium should be filed on or before December 31, 2013.
Interest and penalty charges will not be imposed within the 6-month period, which takes effect upon the approval of the application.
Meanwhile, those who are no longer interested to return to their respective homes may choose dacion en pago to surrender their properties voluntarily.
Dacion en pago is a special mode of payment wherein the debtor offers another thing to the creditor who accepts it as equivalent of payment of an outstanding obligation.
Binay, who also chairs the Housing and Urban Development Coordinating Council, instructed housing agencies to provide assistance to earthquake victims.
In his visit to Cebu and Bohol, Binay said the Pag-IBIG Fund has allocated P4.5 billion for calamity loans at 5.95 percent annual interest payable in two years.
The Fund also implemented a 3-month moratorium on the payment of housing loan amortizations. Borrowers must file their application for moratorium within 90 days after their area was declared under state of calamity.
Binay also reminded Pag-IBIG borrowers that the Fund could help them get insurance if the unit subject of their respective loans is covered by earthquake, typhoon and allied peril insurance.
Earlier, the National Housing Authority (NHA) Board approved the increase of the P5,000 home materials assistance to P10,000 for earthquake survivors in Cebu and Bohol, and those in war-torn Zamboanga. RITCHIE A. HORARIO