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Pag-IBIG penalty condonation bared

Manila, Philippines – Housing loan borrowers whose accounts have been delinquent for at least three months may now apply for loan restructuring and condonation of penalties, the Home Development Mutual Fund or Pag-IBIG Fund said yesterday.

Pag-IBIG Fund Chief Executive Officer Darlene Marie B. Berberabe said from January 2 up to June 30, the agency is holding a loan restructuring and penalty condonation program for delinquent housing loan borrowers. “The program aims to provide relief for housing loan borrowers with delinquent accounts and help them preserve their properties,” she said.

Under the program, all penalties incurred by a borrower will be condoned, provided his application is filed not later than June 30. During the period covered, a borrower may restructure his loan, including the principal, insurance premium arrears, real estate taxes advanced by Pag-IBIG, if any, unpaid interests, and foreclosure expenses. (JC Bello Ruiz)

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