The National Home Mortgage Finance Corporation (NHMFC) has granted a one-month moratorium on housing loan payments to borrowers affected by recent calamities.
Effective October 3, the moratorium covers borrowers residing in areas placed under a state of calamity due to Typhoons Nando and Opong.
The program also applies to residents in regions struck by the recent earthquake, providing temporary financial relief for those rebuilding their lives.
According to Shara Jane Falceso, Officer-in-Charge of the NHMFC’s Securitized Accounts Division, the moratorium covers affected borrowers in Mimaropa, Bicol Region, and Western Visayas.
She explained that the initiative aims to ease the financial burden of borrowers dealing with the aftermath of natural disasters.
The NHMFC, under the Department of Human Settlements and Urban Development, identified 822 housing loan accounts that will benefit from the temporary suspension of payments.
The NHMFC will give borrowers a one-month break from amortization payments, allowing them to recover and prioritize urgent needs.
However, NHMFC clarified that the moratorium is not a cancellation of financial obligations but a deferment of payment schedules by one month.
The NHMFC expects borrowers to settle their dues after the moratorium, adjusting the end date of their payment terms accordingly.
Through this measure, the NHMFC seeks to support families and communities affected by disasters by providing breathing space amid recovery efforts.
The agency assured borrowers that it remains committed to implementing responsive programs during emergencies and disasters.
