CEBU, Philippines - Earthquake victims in Cebu and Bohol, who are borrowers of the National Home Mortgage Finance Corporation (NHMFC), may now avail of a 6-months moratorium on payment amortization.
In a statement sent to The Freeman, Vice President Jejomar C. Binay, who is also a member of the NHMFC board, said this program is the agency's way of helping the earthquake victims cope with the tragedy.
Binay said applications for the moratorium should be filed on or before December 31, 2013 and the borrower's accounts must be in current status or 0-3 months in arrears as of September 30, 2013.
The housing czar added that interest and penalty charges will not be imposed within the 6-month period, which takes effect upon the approval of the application.
Binay, who is also the head of the Housing and Urban Development Coordinating Council, said 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 has instructed government housing agencies to provide assistance to earthquake victims.
To recall, in his visit to Cebu and Bohol last October 16, Binay said the Pag-IBIG Fund has allocated P4.5 billion for calamity loans for earthquake victims at 5.95 percent annual interest payable in two years.
The Pag-IBIG also implemented a three-month moratorium on the payment of housing loan amortizations. (FREEMAN)