March 01, 2009 07:32 PM Sunday [ journal.com.ph ]
By: Cristina Lee-Pisco
VICE President and Housing and Urban Development Coordinating Council chairman Noli de Castro yesterday urged delinquent housing loan borrowers to apply for loan restructuring to avoid foreclosure.
In his weekly radio program “Para sa Yo Bayan,” De Castro advised the 370,000 delinquent housing loan borrowers to take advantage of the loan structuring and condonation program assuring them no downpayment is required and the application is free.
Congress has approved the Implementing Rules and Regulations for Republic Act No. 9507, or An Act to Establish a Socialized and Low-Cost Housing Loan Restructuring and Condonation Program.
“Alam naman natin na talagang mahirap ang buhay ngayon dahil sa global economic crisis, kaya ginagawa natin ang lahat para hindi ma-foreclose yung mga bahay ng ating mga kababayan lalung-lalo na yung nasa low-income bracket. Dahil sa batas na ito, mapagpapatuloy na nila yung pagbabayad sa kanilang buwanang loan amortization,” De Castro said.
Under the program, housing loan borrowers who have at least three months of unpaid monthly amortizations with Government Financial Institutions and housing agencies may apply for loan restructuring and condonation.
The program is open even to borrowers who have already benefited from a previous restructuring and condonation program.
It covers housing loan accounts with institutions like GSIS, SSS, Pag-IBIG Fund, National Home Mortgage Finance Corporation, Social Housing Finance Corporation, Home Guaranty Corporation and National Housing Authority, with principal loan amounts not exceeding P2.5 million.
All penalties and surcharges of a loan approved for restructuring under this program shall be condoned. A reasonable portion of the accrued interest may also be condoned at the discretion of the respective boards of the concerned GFIs or housing agencies.
The remaining accrued interest will be treated as a non-interest bearing principal to be equally paid during the term of the restructured loan.