Pag-IBIG condones penalty until June 30

CEBU, Philippines - The Home Development Mutual Fund or the Pag-IBIG Fund is reminding its members that socialized and low-cost housing loan borrowers have until June 30, 2012 to avail of its Housing Loan Restructuring and Penalty Condonation Program.

Rio Teves, the department manager of Pag-IBIG Fund Cebu South Branch, said that the program is now available to all housing loan borrowers with over three months’ arrears in amortization payments.

Teves said the affected borrowers should apply immediately since the penalty condonation clause of the program is up to June 30, 2012. Applications filed after the said date shall be only be for loan restructuring and no longer penalty condonation.

The program, which implements R.A 9507 or the Socialized and Low-Cost Housing Loan Restructuring Act of 2008, aims to assist delinquent borrowers in preserving their properties from foreclosure or cancellation of contract to sell by providing them the opportunity to update or restructure their accounts under affordable terms.

“I hope that the concerned housing loan borrowers will take this last and final opportunity to save their property from foreclosure or cancellation,” Teves said, as he advised the housing loan borrowers who wish to avail of this to visit their office. (FREEMAN)