HOUSING borrowers affected by heavy rains and flooding may avail themselves of temporary payment relief measures, according to the Department of Human Settlements and Urban Development (DHSUD).
The DHSUD announced last Tuesday that its key shelter agencies have been ordered to implement moratoriums on housing loan amortizations for qualified beneficiaries in areas affected by the enhanced southwest monsoon, Tropical Depression Luis, and Tropical Storm Maymay (International Name ‘Kujira’).
The relief covers qualified beneficiaries of the National Housing Authority (NHA), the Social Housing Finance Corp. (SHFC) and the National Home Mortgage Finance Corp. (NHMFC), although the scope and terms will depend on guidelines issued by each agency.
DHSUD Secretary Jose Ramon P. Aliling said the moratorium is intended to ease the immediate financial obligations of households affected by flooding and other weather-related disruptions.
The NHA has already issued its implementing guidelines, granting a one-month automatic moratorium on housing loan amortizations and lease payments for August.
The moratorium applies to residential account holders in affected NHA projects in Metro Manila, Ilocos Sur, La Union, Pangasinan, Abra, Benguet, Bataan, Bulacan, Pampanga, Tarlac, Zambales, Cavite, Batangas, Rizal, Occidental Mindoro, and Oriental Mindoro.
Eligible beneficiaries are not required to apply for the payment reprieve. No delinquency or additional interest charges will be imposed during the month, while penalties, interest and surcharges will also be suspended.
NHA said payments will resume on September 1, while the repayment period of covered residential accounts will be extended by one month. Fees and charges that accrued before August 1 will likewise be reinstated after the moratorium.
The SHFC and the NHMFC are expected to separately issue their respective guidelines on the coverage of the payment suspension and the process for availing of the relief.
Meanwhile, the Home Development Mutual (Pag-IBIG) Fund continues to offer its ‘Special Assistance for Financial Emergencies’ loan, which allows qualified members to borrow up to P10,000 or 90 percent of their total Pag-IBIG Regular Savings, whichever is lower.
The loan carries an annual interest rate of 5.95 percent and may be repaid over one, two or three years. Qualified members must have at least 12 months of cumulative savings.
Apart from the loan moratorium, the DHSUD said it has also directed its regional offices to coordinate with local governments and other agencies to assess the housing needs of affected families.