PHILIPPINE NEWS SERVICE — THE Home Mutual Development Fund or Pag-IBIG yesterday said members whose houses have been damaged by tropical storm Ondoy can now avail of the home and reconstruction program on top of their regular calamity and housing loans.
This was announced yesterday by Vice President Noli “Kabayan” de Castro, also concurrent chairman of the Housing and Urban Development Coordinating Council (HUDCC) and Pag-IBIG Fund Board of Trustees, who said members can now avail additional relief assistance.
The Pag-IBIG on Monday also declared a three months moratorium on housing loan payments.
“We are heeding the clamor of Pag-IBIG members to alleviate their debt burden in the aftermath of Typhoon Ondoy, by extending a three-month moratorium on payment of their amortizations,” De Castro said.
The moratorium and the home rehab program apply to affected Pag-IBIG members from Regions I, II, III, IV-A, IV-B and V as well as the National Capital and the Cordillera Autonomous Regions.
To qualify for the moratorium, the member-borrower must be updated with his membership contributions at point of application as well as with his short-term and housing loan payments.
The moratorium will start on Sept. 26, 2009 and will expire on Dec. 31, 2009. Applications for availment of the loan moratorium may be filed with the Pag-IBIG branches where the loan is maintained within 30 days from October 5, 2009.
De Castro has similarly approved a moratorium on the loan payments of beneficiaries under the Community Mortgage Program (CMP) implemented by the Social Housing Finance Corporation and the relocation programs of the National Housing Authority.
“I have been going around the resettlement sites as well as inspected various CMP projects in the calamity-stricken areas and I have seen the extent of devastation and economic displacement brought about by Typhoon Ondoy on the beneficiaries,” De Castro added.
Meanwhile, under the Pag-IBIG’s home rehab loan program, the HUDCC chairman informed that members can borrow up to a maximum of P150,000 at eight percent interest rate.
To qualify, members must have made at least 24 months of contribution at the time of application, not more than 65 years old and must be insurable, has the legal capacity to acquire real property and has passed the credit, employment and business checks of the Fund. Members whose housing units have been foreclosed, cancelled or bought back are excluded from availing the new program.
Jaime Fabiaña, Pag-IBIG’s chief executive officer, said that the following documents should be submitted to avail of the home rehab loan: duly notarized Affidavit of Claim, if applicable; Barangay certificate attesting that borrower’s property has been damaged by Typhoon Ondoy; estimated cost of damages duly signed by licensed engineer; and bill of materials and specifications for repair works or minor construction.
Members whose houses are currently mortgaged with the Fund may also file for non-life insurance claim covering the difference of the estimated cost of repairs and the proceeds from the non-life insurance claim, provided it does not exceed P50,000.
Like its regular housing loan program, the property should be covered by the appropriate titles issued by the Register of Deeds “free from all liens and encumbrances” and should be in the name of the borrower.
Members can avail of the rehabilitation loan within 60 days starting October 5, 2009.
For any inquiry on the new program, they can visit any Pag-IBIG branch or call the Pag-IBIG hotline at 724.4244.30