Pag-IBIG Grants Grace Period, Offers Special Loan Restructuring

The Home Development Mutual Fund (Pag-IBIG Fund) has granted a 60-day grace period on all housing loan payments and offered a special loan restructuring program” for borrowers in an announcement on Friday.

This announcement comes as the coronavirus disease 2019 (COVID-19) continues to disrupt jobs and businesses in the country.

The 60-day grace period grant for borrowers on their loan payments is part of pag-IBIG’s interventions under Republic Act 11494 or the Bayanihan to Recover as One Act (Bayanihan II), according to housing czar Secretary Eduardo del Rosario.

Under the Pag-IBIG Fund’s guidelines, the granting of the 60-day grace period automatically applies to every loan payment on the agency’s Multi-Purpose Loan, Calamity Loan, and Housing Loan, which falls due from September 15 to November 14 of 2020.

The grace period gives payment reprieve without incurring any penalty and interest on interest, and seeks to prevent property foreclosure of borrowers.

Pag-IBIG Fund will also implement the Special Housing Loan Restructuring Program to help its members update their accounts and keep their homes. This allows borrowers affected by the pandemic financially to renegotiate the terms of their loan and secure a more affordable payment agreement.

Borrowers are urged to visit the “Virtual Pag-IBIG” website to apply for the restructuring program.

The deadline for the application is December 15. (GFB)