PAG-IBIG Fund offers members loan payments moratorium, grace period
CORTES, Bohol May 23 (PIA) — For those scrimping to make both ends meet, the government through its Home Development Mutual Fund (Pag-IBIG Fund) is offering a momentary alleviation from the burden of payments when every centavo counts in these times of the corona virus disease (COVID-19).
The alleviation measure comes in two programs: a 30-day mandatory grace period for all PAG-IBIG Housing Loan, Multi Purpose Loan (MPL) and or Calamity Loan for those members in areas under Enhanced Community Quarantine, and an optional three-month moratorium for PAG-IBIG Housing Loan, MPL, and Calamity Loan for those affected by the stringent measures implemented to stem the spread of the viral disease.
For Boholano members with loans from PAG-IBIG Funds, with the mandatory grace period of 30 days, that means one can hold on to the spare cash needed for loan payments to buy necessary items while incomes have been affected by the anti-COVID measures.
According to PAG-IBIG Fund marketing and sales chief Leonardo Cirujales, covered are payments within the period when Bohol was in Community Quarantine as specified in an executive order and that is between April 8 to May 4, when the ECQ was downgraded to General Community Quarantine.
An effect of the provision for the Implementing Rules and Regulations of Republic Act 11469 or the Bayanihan To Heal As One Act, the 30-day grace period automatically defers the payments from the dates due within the ECQ to 30 days after May 4, even if the borrower did not apply for it.
By deferment, PAG-IBIG Fund would not put up fines or penalties and other charges for payments done within the 30 days from May 4, that the amount due during the period of the ECQ, while any interests accrued for the amortization can be paid anytime during the remaining loan term, Cirujales explained during the Kapihan sa PIA.
On the other hand, PAG-IBIG Fund also opened an option for its member borrowers who have standing PAG-IBIG Housing Loan, MPL or Calamity Loan and were affected by work impairment that has subsequently affected incomes due to suspension of work, permanent closure, and reduced working hours as a result of the declaration of State of Public health emergency and State of Calamity.
Until June 15, 2020, member-borrowers can opt to apply online for a three-month moratorium of payments through the Virtual PAG-IBIG or at any open PAG-IBIG Fund branch.
Any payments due for Housing Loans between March 16 to June 15, and for MPL and Calamity Loans due between April 15, May 15 and June 15 can be postponed for three months without any penalties or interests, Cirujales said.
For housing loans, a payment for one month and insurance premiums can be paid immediately after the June 15 resumption of payments.
Although PAG-IBIG fund does not collect any penalties in interests or other charges for the moratorium, it will, however, extend the loan term for another three months or the months when the payments were postponed, Cirujales said. (rahc/PIA-7/Bohol)