Housing agencies offer loan moratorium for flood victims
MANILA, Philippines - Key housing agencies are helping borrowers, who were affected by the recent floods in Metro Manila and Luzon, by allowing them to defer payments on their housing loans.
In a statement, Vice President Jejomar C. Binay said the Home Development Mutual Fund (Pag-IBIG), National Housing Authority, and Home Guaranty Corporation have declared a three-month moratorium on housing loan mortgages. The National Home Mortgage Finance Corporation and Socialized Housing Finance Corporation have also declared a six-month moratorium.
Binay said the moratorium applies only to borrowers whose homes or sources of income are in areas declared to be under 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," he said.
Pag-IBIG is also offering calamity loans for members who were affected by the floods. They can borrow up to 80% of their total savings with 5.95% interest rate per annum. The calamity loan is payable in two years.