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News Top Stories House, Senate approve easier payment terms for housing loans
News Top Stories House, Senate approve easier payment terms for housing loans
| House, Senate approve easier payment terms for housing loans |
| Friday, 15 August 2008 06:41 | ||||||
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A bicameral conference committee approved last night the consolidated bill seeking to condone all penalties and surcharges on housing loans and extending the repayment period to lower the monthly amortization. Senator Juan Miguel Zubiri, chairman of the committee on urban planning, housing and resettlement who led the Senate panel in the bicameral negotiation, said the lawmakers managed to secure the commitment of GFIs to ease the repayment rules and adopt a formula that will enable the delinquent borrowers to hold on to their homes. “This is good news to about 300,000 families that have been defaulting on their loan repayments. This will make it easier for them to settle their loan obligations,” Zubiri said. To benefit from the measure are delinquent borrowers of socialized housing loans where the original principal does not exceed P2.5 million. The loans were granted by the Social Security System, Government Service Insurance System, Home Mutual Development Fund or Pag-ibig Fund, National Home Mortgage Finance Corp., Social Housing Finance Corp., Home Guaranty Corp. and National Housing Authority. Zubiri said that various GFIs are implementing their respective loan restructuring schemes. But he said “bringing them together as a group had forced them to compare their programs with others. He said they also agreed to ease the payment terms to help their borrowers. “We want the GFIs to collect loan payments from delinquent borrowers, but we do not want the problem to be compounded by housing evictions,” he said. The measure allows condonation of a reasonable portion of the interest on the housing loans. It provides that all accrued interests shall be treated as non-interest bearing principal to be equally repaid.
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