Pagibig Fund gives borrowers the chance to save homes

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IT COULD still be a merry Christmas for those struggling to keep their homes amid the economic fallout from the 2019 coronavirus disease (Covid-19) pandemic.

The Home Development Mutual Fund, better known as the Pag-ibig Fund, offers home loan borrowers in default of their loan the opportunity to avoid foreclosure of their home as part of the special housing restructuring program. 2 home loans which is only valid until December 31, 2021.

Those applying to the program would benefit from a penalty waiver on the monthly unpaid amortization of their Pag-ibig Fund home loan, a chance to extend the loan repayment term and reduce monthly payments, and more importantly still, to avoid foreclosure of the house.

The borrowers of housing loans from the Pag-ibig Fund who have defaulted on payments for more than three months are eligible for the program; who are active members, defined as having at least one membership savings paid in the six months preceding the date of the request; and whose accounts are neither entered nor canceled.

Interested borrowers can apply for the program online through Virtual Pag-ibig or by physically submitting the requirements at any branch of the Pag-ibig Fund.

The Pag-ibig fund posted net income of 16.11 billion pesos in the first half of 2021, up 14% from the same period last year, despite challenges posed by the persistent pandemic.

Pag-ibig said its profits were mainly due to its short-term mortgage and cash loans, as well as business gains.

In the first six months of this year, Pag-ibig released 43,573 home loans nationwide, 24% of which were socialized housing loans granted to members of the minimum wage and low-income sectors.

The 43,573 home loans amounted to a record 44.34 billion pesos, more than double the 20.80 billion pesos that the Pag-ibig fund released during the same six-month period in 2020.

The amount was also above the pre-pandemic level of 37.07 billion pesos in mortgage loans released during the same period in 2019.

In a statement, Pag-ibig Fund CEO Acmad Rizaldy Moti said members would benefit from the agency’s strong performance, as the fund is mandated to return at least 70 percent of its annual net income to members under form of dividends that are credited to their savings. (CTL)


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