Housing Loan- Penalty Condonation Law (RA 9705)

(RA 9705) NEW HOUSING LOAN CONDONATION and
RESTRUCTURING PROGRAM
Good Features:
1.    No Processing Fee
2.    No down payment
3.    Full Condonation of Accumulated Penalties/Surcharges
4.    Condonation of Portion of Accumulated Interest
5.    Uncondoned interest is Non-Interest bearing and shall be
	paid in equal monthly amortization during the term
	of the Restructured Loan
6.    Interest Rate of the Restructured Loan is the original
	interest rate or 12% whichever is lower
7.    Maximum Term of 30 years
8.    Discount on Interest for prompt payment
9.    Applicant's savings/contributions with Pag-IBIG Fund may
	be used to update his/her loan obligation
10.   Foreclosed accounts covered by the Program, provided,
	one year redemption period has not yet lapsed
11.   Begins March 16, 2009
12.   Program Implementation: 18 months reckoned from
	March 16, 2009
13.   Option of [government financing institution] to continue
	the program beyond 18 months
14.   Legal heirs and successors-in-interest can apply for Loan
	Condonation and Restructuring in lieu of original
	borrowers
15.   Those who have availed themselves of previous Penalty
	Condonation and Restructuring Program are eligible
	to apply

For further queries/clarifications on the housing loan penalty condonation application and requirements, please contact our Housing Loan Division @ (082) 2241793 or (082) 2258217