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REPUBLIC ACT NO. 9507 “AN ACT TO ESTABLISH A SOCIALIZED AND LOW-COST HOUSING CONDONATION AND LOAN RESTRUCTURING PROGRAM PROVIDING THE MECHANISMS THEREFOR AND FOR OTHER PURPOSES”
Q: Who are qualified to avail of this program? A: This housing loan restructuring and condonation program under Republic Act (R.A.) No. 9507 shall cover loans of delinquent accounts of the National Home Mortgage Finance Corporation (NHMFC) with accumulated arrearages equivalent to at least three (3) monthly amortizations as of 16 March 2009 provided that the original principal amount of the housing loan shall not exceed P 2.5 million under the following: 1. Folio I Program; Q: Can a borrower who previously availed of other NHMFC Loan restructuring and condonation programs, like R.A. 8501 and Special Repayment Program (SRP), still avail of the benefits of this program? A: Yes. Borrowers who had already availed of the benefits of previous NHMFC loan restructuring and condonation programs can still avail of the benefits of this program. Q: How long is the implementation period of the program? A: The program shall be implemented for a period of eighteen (18) months starting 16 March 2009. The NHMFC shall notify eligible borrowers through letter, publication or posting. This program may be availed of only once, except in case of force majeure, which prevents the borrower from performing his/her financial obligation under the restructuring contract. Q: How much will a borrower have to case-out in order to avail the benefits of this program? A: The delinquent borrower/installment buyer, legal heir or successor in-interest applying for loan restructuring and condonation under this program shall not be charged a processing fee and no downpayment shall be required.However, borrowers whose application for restructuring has been approved shall pay one (1) year pre-payment of Mortgage Redemption Insurance (MRI) and the corresponding Documentary Taxes so that borrowers will be covered for an amount equal to the restructured obligation. Q: How can borrowers avail of this program? A: The procedures to be adopted by NHMFC are as follows: a. The eligible borrower, legal heir or successor-in interest shall file an application for loan restructuring and condonation with the NHMFC Head Office (2nd Floor Collection Group) or in any of it Regional/Satellite Offices b. NHMFC officers/counselors will provide borrowers with the updated computation sheet of the restructured loan, stating the interest and non interest bearing portions of the loan. If borrower is updating in the NHMFC Head Office, the computation sheet will be obtained from the:
Borrowers can also Update / Restructure their account and get a copy of the updated original computation sheet in the NHMFC Regional/Satellite Offices. c. The NHMFC shall evaluate the application of the borrower and if found qualified, require the accomplishment of the following: A Special Power of Attorney (SPA) shall be accepted when the borrower is working overseas and the SPA presented has been executed and duly notarized prior to his/her departure from the country or duly authenticated by the Philippine Consul in the foreign country, or when the applicant is physically incapacitated as evidenced by medical certificate. Q: What is the maximum term for the restructured loan? A: The restructure loan shall have a maximum repayment term of thirty (30) years reckoned form the date of approval of application. In no instance, however, shall the loan term exceed the difference between the borrower’s age at the time of application and age (70) years old. Q: What are the benefits of this program for delinquent borrowers? A: All penalties and surcharges shall be condoned upon approval of the application, 10% of the accrued/unpaid interest on the housing loan shall also be condoned for borrowers who will avail of the program until the end of December 2009 and 5% of the accrued/unpaid interest on the housing loan shall be condoned or borrowers who will avail of the program for January to September 2010. The interest bearing portion of the restructured obligation shall be imposed an interest rate of not more than the interest of the original loan or the latest restructured obligation or not more than twelve percent (12%), whichever is lower. Q: Upon restructuring, what happens when the borrower defaults? A: A restructured account shall be considered in default if the borrower fails to pay three (3) consecutive monthly amortizations/payments. In such case, NHMFC may pursue foreclosure proceedings on the property, pursuant with R.A. 9507. Q: How much is the penalty on delayed payments of the restructured obligation? A: Borrowers who fail to pay the monthly amortization of the restructured loan when due shall be charged a penalty equivalent to 1/15 of 1% per day of delay on the unpaid insurances and interests. Q: Where can borrowers pay their restructured loan? A: Borrowers must pay the restructured loan amount in lump sum or installments within the restructured period at the NHMFC Central, Regional / Satellite Offices and at selected branches of the Philippine National Bank (PNB), Land Bank of the Philippines (LBP) – for SALDED accounts. Development Bank of the Philippines (DBP). BPI Family Savings Bank and other accredited collecting agents.The borrower must present the computation sheet issued by the NHMFC Collection Group upon payment to any of the above offices. Q: In case of permanent physical incapacity of the borrower, can the restructured account of such borrower be continued? A: In case of permanent physical incapacity of the borrower, his/her qualified legal heirs/ successors-in-interest may assume payment of his/her outstanding loan. In case of death of the borrower, the proceeds of the MRI shall be fully applied to his/her outstanding obligation. Any balance left of the obligation may be assumed by his/her qualified legal heirs/ successors-in-interest, provided that such legal heirs/ successors-in-interest must pass NHMFC’s eligibility requirements before they are allowed to assume payment of the borrower’s / installment buyer’s obligation. Q: How many times can a borrower avail of this program? A: This loan restructuring and condonation program may be availed of only once, except in case of force majeure, which prevents the borrower form performing his/her financial obligation under the contract. Q: What are the benefits of this program for regular paying borrowers? A: All borrowers (those with 1-2 months in arrears) as of 16 March 2009 whose monthly amortization are regularly pain on or before their due date entitled to an incentive of a 2% reduction on their accrued/ unpaid interest.For example, a regular paying borrower, with a monthly amortization of P 4,230.45 and is months in arrears as of 16 March 2009, will enjoy a total reduction of P156.77 for his/her next 12 monthly amortizations. Borrowers are advised to update and pay their accounts at the NHMFC Head Office or in any Regional / Satellite Offices to avail of this discount. For further inquiries please call:817-5693, 893-0475, 817-6502, 817-6027, 893-0057 and 893-5441 |