ISSUANCES-LOAN RESTRUCTURING AND CONDONATION PROGRAM UNDER RA 9507
ISSUANCES
LOAN RESTRUCTURING AND CONDONATION PROGRAM UNDER RA 9507
Coverage
All delinquent socialized and low-cost housing loan accounts
Exclusion from coverage
any account without a single payment since take-out;
an account which housing unit has been abandoned by the borrower-owner for more than one (1) year from the date of delinquency;
an account which housing unit is occupied by a third party other than the original registered beneficiary or his/her legal heirs;
an account that has been foreclosed and the redemption period has already lapsed;
an account covered by CTS that has been cancelled; and
an account whose underlying asset has been surrendered thru a dacion en pago, the title of which has already been consolidated/ transferred in the name of PHILGUARANTEE.
Restructured Amount
Restructured housing loan shall consist of the following:
Outstanding principal and advances, if any (interest bearing); and
Accrued Interest (non-interest bearing)
Penalties and Surcharges Condonation
All penalties and surcharges shall be condoned upon approval of the full settlement offer/restructuring application
Accrued Interest Condonation
For covered delinquent housing accounts who will opt to fully pay their housing loan obligation, 30% of the accrued interest shall be condoned
Interest Rate
Interest of the original loan or twelve percent (12%), whichever is lower
Prompt Payor Discount
1% prompt payor discount on loan interest
Processing Fee
Php1,000
Availment
One-time availment
Penalty Rate of the restructured loan
12% per annum
Restructuring Term
Five (5) years or the remaining term of the original loan, whichever is longer; provided that the age of the buyer/borrower does not exceed 70 at the end of the restructuring term
