Pag-IBIG NorMin offers moratorium to members affected by Sendong
February 8, 2012
The Home Development Mutual Fund (HDMF) or Pag-IBIG Fund is offering a three-month moratorium on payments of housing loan dues for its member-borrowers in Northern Mindanao affected by the onslaught of Tropical Storm Sendong last December.
The three-month moratorium covers loan amortization payments from December 16, 2011 to February 16, 2012, said Fermin Sta. Teresa Jr., Pag-IBIG Fund Vice President for Northern Mindanao.
He said the moratorium is open to all members whose housing units were damaged or those whose sources of income or livelihood were greatly affected by Sendong, thus, giving them chances to concentrate on the rehabilitation process.
He, however, stressed that the moratorium is not automatic so those interested to avail must apply for the program.
The housing loan of the borrowers must also be updated as of December 15, 2011 to be entitled to the moratorium, he added.
Sta. Teresa further announced that member-borrowers can also claim insurance on their houses damaged by the recent storm.
He advised members to file their claims for allied perils insurance at the Pag-IBIG Office and submit a duly accomplished application form for insurance claim together with photographs of the house particularly on the portion damaged.
Meanwhile, Sta. Teresa reminded those who are no longer interested to return to their respective units that as a policy, they have to find a buyer who will assume the property and the respective obligation.
In the event that they cannot find a buyer, he said they can exercise ‘dacion en pago’ or surrender voluntarily their housing units to the Fund.
But, Sta. Teresa emphasized that this remedy has a limitation stressing that the member who opted for this alternative will no longer be entitled for a second loan. (PIA-10/Apipa Bagumbaran)
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