NHMFC activates loan moratorium

Shelter institutions are pitching in to provide relief to families affected by the back-to-back monster typhoons, “Tino” and “Uwan,” that caused widespread suffering and death.

Borrowers of National Home Mortgage Finance Corp. (NHMFC) in Central and Eastern Visayas affected by “Tino” were granted a one-month moratorium on their monthly amortizations effective 4 November until 3 December.

More than 1,800 accounts are qualified to benefit from this program, NHMFC said in a statement.

NHMFC president Renato L. Tobias said the bill deferment was in line with the declaration of a State of National Calamity by President Ferdinand Marcos Jr. through Proclamation 1077, and the directive of Department of Human Settlements and Urban Development (DHSUD) Secretary Jose Ramon Aliling to grant a moratorium to borrowers in areas massively damaged by the recent typhoon, as well as in anticipation of the landfall of “Uwan.”

“We understand the tremendous challenges our borrowers are facing right now, and this initiative is our way of extending compassion and support. By giving one-month relief from loan payments, we hope to ease their burden and give them the time they need to recover and rebuild their lives without worrying about their housing payments,” Tobias said.

He added that “through this moratorium, NHMFC stands in solidarity with families affected by typhoon “Tino.”

This initiative provides immediate relief by deferring the billing and payment of the monthly amortization. Penalties or surcharges will not be accrued on the monthly amortization during the moratorium period.

Borrowers who still wish to continue their payment may do so voluntarily. For borrowers with updated accounts, any payments shall be considered advanced payments.

Immediate action

Earlier, Aliling directed the Home Development Mutual Fund (Pag-IBIG Fund), the National Housing Authority, the Social Housing Finance Corp. and the NHMFC to offer a payment moratorium immediately.

“It is a great relief that we can ease the worries of our fellow citizens during this time of calamity. This is the DHSUD’s immediate contribution to the President’s call to deliver government assistance to those affected by the disaster,” Aliling said.

On Thursday, the President declared a “state of national calamity” following the havoc wrought in the Visayas and Mindanao regions, and in anticipation of the threat posed by the incoming weather disturbance.