2-month grace period for Pag-IBIG loans approved

The board already approved the two-month grace period for Pag-IBIG loans amid the COVID-19 pandemic, Tuesday.

Justin Urmatam works four times a week, so he prepares in case the budget is low.

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He said the solution is first to borrow the Home Development Mutual Fund (Pag-IBIG Fund).

Urmatam said he was relieved by the two-month grace period and happy he could start paying his Pag-IBIG loans on January 2021.

“Malaking tulong sa akin ang grace period na ‘yun. Instead na pambayad, magagamit ko pa ang pera para pantustos o panggamit sa ibang bagay,” said Urmatam.

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But if, for example, the member still wants to repay their Pag-IBIG loans even during the grace period, Pag-IBIG will accept it and consider it an advance payment.

The period for debt repayment will also be longer. Interest can also be paid along with the loan term.

“By default, dahil hindi nila kailangan magbayad for the next 60 days, automatic mae-extend ‘yong loan term ng 2 months or 60 days pero ang interest kasi magcha-charge pa rin,” said Pag-IBIG Fund CEO Acmad Rizaldy Moti.

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Also read: How to Apply Pag-IBIG Calamity Loan Online 2020

2-month grace period for Pag-IBIG loans approved

The special housing loan restructuring has also been approved, which will benefit up to 100,000 debtors who have difficulty paying due to the pandemic.

It is said that all penalties will be removed, and those who have not paid since September 2019 are also covered.

“Pinapayagan natin ‘yan na ang next nila, pinakamahaba na puwede nilang i-request ay sa Marso next year, March 2021 magre-resume ang kanilang housing loan amortization,” said Moti.

Meanwhile, the Government Service Insurance System (GSIS) will also approve this week a two months moratorium on debt repayment.

GSIS plans the no deduction on salary until Christmas, so it would tell government agencies not to deduct debt payments in November and December.

“Pero ‘pag may ni-remit ka, ‘di namin ire-refund ‘yon. Ibig sabihin, ayaw niyang mag-avail niya ng loan moratorium,” said GSIS Executive Vice President Nora Malubay.

Meanwhile, there was no statement from the Social Security System if they would offer the same grace period for their members.