The Home Development Mutual Fund (HDMF or Pag-IBIG Fund) Board of Trustees has approved a program allowing the Fund to condone the penalties incurred by housing loan borrowers. This was announced by Vice President Jejomar C. Binay, who chairs the Pag-IBIG Fund Board.
The penalty condonation will start in January 2012.
"We are providing our delinquent borrowers an opportunity to make good on their housing loan obligations. We hope that our members realize that when they borrow money from the Fund, and from any other lending institutions, they have obligations to fulfill. As members they also have a responsibility to keep the Fund secure," Binay stressed.
"I strongly encourage them to avail themselves of this final opportunity that we are offering," he added.
Binay said Pag-IBIG’s mandate is to assist Filipino workers realize their dream of owning their homes.
"This is why Pag-IBIG’s housing loan programs provide for the most convenient terms and conditions with interest as low as 6 percent per annum and payment terms as long as 30 years. Our borrowers should fulfil their obligations with Pag-IBIG," he emphasized.
Pag-IBIG Chief Executive Officer Atty. Darlene Marie B. Berberabe said housing borrowers should understand that the loan extended to them was pooled from the hard earned savings of other members.
"This makes it all the more imperative for us to recover the money we lent to them. If a borrower defaults in his payment, Pag-IBIG will institute appropriate proceedings. So we would like to give our borrowers this last chance to pay their obligations with Pag-IBIG Fund," Berberabe said. /MP
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