Pag-IBIG Fund Offers Special Housing Loan Restructuring 2

The Home Development Mutual Fund HDMF, which is famously called the Pag-IBIG Fund, continues to assist the Filipino workers in their needs for a national savings program and has an economical shelter financing since it was first launched on June 11, 1978.

From that moment on, Pag-IBIG Fund created various programs for our Filipino workforce, including assistance in purchasing, construction, improvement, or application for a housing loan. Apart from this, this agency also offers exclusive discounts and rewards to our hardworking employees for their tuition fees, grocery purchases, fuel expenses, hospital bills, restaurant bills, and many more perks from its 300 partner establishments nationwide.

Recently, Pag-IBIG Fund launched another program that will help provide a special opportunity to the borrowers of Pag-IBIG Housing Loans and purchasers of installment contracts who have missed payments and may be at risk of foreclosure or termination of their contracts through the Pag-IBIG Special Housing Loan Restructuring 2.

About the Special Housing Loan Restructuring Program

Last year, a Special Housing Loan Restructuring Program was offered by the Pag-IBIG Fund to its housing loan borrowers and installment purchasers. Through this specialized program from Pag-IBIG Fund, the government tried to assist Filipinos who are struggling financially as a result of the economic challenges brought by the pandemic. More reasonable amortization and reduced penalties are included in this program, which provided six months of payment relief for their house and lot.

In August 2020, house and lot loan borrowers with up to 12-month outstanding monthly amortizations could apply for this program to help lessen their financial load and give them time to recover financially.

Borrowers were able to cut their monthly payments by extending the duration of their loan, stretching the payment of overdue dues for their house and lot, and removing penalties on arrears thanks to this special housing loan restructuring program. Apart from this, borrowers with restructured debts were also given the option to restart their payments that lasted until March this year.

Special Housing Loan Restructuring 2

The Pag-IBIG Special Housing Loan Restructuring 2 or SHLR2 is under the special programs of Pag-IBIG Fund this pandemic season and is currently being offered to all Pag-IBIG Housing Loan borrowers and installment purchasers who have missed payments for more than three (3) months and whose accounts have not been repossessed or terminated.

Home loan borrowers with financial difficulties may enjoy this special loan restructuring program for payment relief and lower monthly payments.

As a result, they'll be able to maintain their homes and prevent foreclosure or other negative consequences due to missed monthly amortizations.

Who are the qualified Pag-IBIG housing loan borrowers for SHLR2?

SHLR2 is open to all Pag-IBIG Housing Loan borrowers who have missed three or more payments in succession, granted that the account hasn't been closed or the house hasn't been foreclosed on yet.

Aside from being an active member, there must be at least one (1) monthly savings or contribution from the borrower within the six-month period prior to their application to the said program.

It's also worth noting that the program is open to the legal heirs of deceased borrowers as well as successors-in-interest whose accounts have missed payments totaling more than three (3) months, and even borrowers whose accounts have been endorsed for foreclosure but have not yet been closed or canceled.

What are the benefits I can get from SHLR2 Program?

Through the SHLR2 Program, housing loan borrowers and installment purchasers can now prolong the length of their loans, decrease their monthly amortizations, and update their accounts by applying for the SHLR2.

Aside from this, their properties will not be repossessed or canceled if their loan is amended. They will also be able to apply for other Pag-IBIG loan programs since this will also permit them to be a member in good standing.

Furthermore, housing loan borrowers and installment purchasers will not be charged for any late fees as a result of any missing payments.

When and how can I apply to SHLR2 Program?

There are two ways on how you can apply for the SHLR2 Program:

1. Online by using Virtual Pag-IBIG

You can apply online at www.pagibigfundservices.com/virtualpagibig. The great thing about this is you can do it anytime, anywhere. Pag-IBIG accounts are also NOT REQUIRED for online application.

Only a clear picture of your legal identity card and a selfie shot with the abovementioned card will be required for your online application via Virtual Pag-IBIG.

When your application is already approved, you would need to submit three (3) original notarized Promissory Notes with Restructured Loan Agreement for your restructured Pag-IBIG Housing Loan within thirty (30) days. In this case, you may choose to deliver them to the Pag-IBIG Fund Branch closest to you in person or by your favorite courier service.

2. Nearest Pag-IBIG Fund branch

For accounts that have been endorsed for foreclosure but not yet repossessed or canceled may also be handled at the closest Pag-IBIG Fund location.

SHLR2 applications will be accepted up to December 31, 2021 only. So better make sure to send your application as soon as possible so that they can get to work on it and keep your account up-to-date as early as possible. If you delay restructuring your loan, you run the risk of having your property added to the foreclosure list.

Do I have to pay anything for the application?

There is no application fee, and no money is needed upfront. Applicants, on the other hand, have the option of paying a down payment.

On the other hand, MRI/SRI and Non-Life Insurance Coverage enrollees are expected to pay an equal one-year insurance premium within thirty (30) calendar days of the date of application for continuous insurance coverage.

How will I know if my application has already been approved?

Once your application is accepted, Pag-IBIG Fund will send you a notification to your registered mobile phone and email address. Your Virtual Pag-IBIG online account also allows you to keep track of the progress of your application.

Just make sure to provide your contact information on your application in order to get alerts from Pag-IBIG Fund.

Grab this chance, don't waste any more time in submitting your application for the Pag-IBIG Housing Loan Restructuring 2 Program now, and get one more chance to keep the home you love!