Govt housing lender relaxes rules in amortization payment

The lead government agency mandated to undertake socialized housing for low-income earners announced on the 11th day of the enhanced community quarantine in Luzon the easing of rules for loan payments.

In a statement on Thursday, Social Housing Finance Corp. said that it was implementing a three-month moratorium on loan payment. SHFC said the moratorium took effect last March 16 and will end on June 16.

Penalties on accounts whose due dates fall within the said period were also waived.

SHFC said that customers do not need to apply for moratorium.

The socialized housing finance firm said their decision stems from government’s call “to exhaust all efforts to respond to the needs of Filipinos amid the threat of Covid-19 [coronavirus disease 2019] in the country.”

The agency added its move is also in line with the advisory released by the Department of Human Settlements and Urban Development.

Customers who still want to settle loan payment on time can do so in select branches of the Land Bank of the Philippines.

The statement of accounts and abstract of collection could be digitally accessed through SHFC Portal to minimize exposure to virus, the finance company said.

“We want to ease the financial burden of our stakeholders as we face this challenge,” SHFC President Arnolfo Ricardo B. Cabling was quoted in the statement as saying.

SHFC Senior Vice President for Operations Leo B. Deocampo, meanwhile, said that the moratorium could allow customers to prioritize their basic needs and security amid the pandemic.

SHFC was established in 2004 with a mandate to undertake social housing programs for formal and informal sectors in low-income bracket. Apart from SHFC, banks earlier announced that they provided grace period for qualified borrowers amid the Luzon lock down.

The government placed Luzon under a month-long enhanced community quarantine to contain Covid-19 that were found in over 600 persons and claimed the lives of 38 people, including doctors.

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