28.4 C
Philippines
Friday, March 29, 2024

6:49 PM

28.4 C
Philippines
Friday, March 29, 2024

6:49 PM

PAG-IBIG offers borrowers financial relief on loan payments

ILIGAN CITY (PIA) — The Home Development Mutual Fund or PAG-IBIG Fund is again granting its member-borrowers a grace period on loan payments to provide them financial relief amid the health crisis.


Rio R. Teves, Vice President of the Member Services Operations of PAG-IBIG Visayas and Mindanao Group, shared in a virtual presser that a 60-day grace period is offered by PAG-IBIG as part of its interventions under the Bayanihan to Recover as One Act (Bayanihan 2).


He said the grace period applies to all loan payments on the Fund’s multi-purpose loan (MPL), calamity loan, and housing loan which fall due from September 15 to November 14 of this year.

“It also covers institutional loans or the loans by developers for the construction of mass housing projects,” he added.


According to Teves, PAG-IBIG will not charge any penalty, interest on interest, and other fees during the 60-day grace period.


PAG-IBIG previously granted a 30-day grace period and a three-month moratorium for all loans under the Bayanihan to Heal As One Act.


PAG-IBIG Iligan Branch Manager Floyd Zapanta said 1,474 borrowers in Iligan City have availed of the 30-day grace period.  


For the loan moratorium, Zapanta said they processed MPL moratorium for 400 borrowers while 149 borrowers have applied for the housing loan moratorium. (APB/PIA-ICIC)