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Manila Bulletin devider Philippines devider National devider NHA OKs 2-month moratorium on housing amortization payments

NHA OKs 2-month moratorium on housing amortization payments

Published Oct 31, 2020 02:02 pm

The National Housing Authority has approved a two-month suspension of amortization payments from residential and commercial, industrial, and institutional account holders in all of the agency's existing projects.

NHA General Manager Marcelino Escalada Jr. said this was the agency's Christmas gift to its beneficiaries to aid them during the holiday season, especially amid the pandemic.

The NHA had earlier issued a memorandum pursuant to the Bayanihan to Recover as One Act or Bayanihan 2 which aims to help housing beneficiaries and CII awardees or lessees heave a sigh of relief and recover from the burden they have been experiencing in these trying times.

According to Escalada, the moratorium will cover payments from Nov. 1 to Dec. 31 while payments will resume on Jan. 1.

Qualified in this scheme are individual accounts or community associations, as well as estate and non-estate-based CII accounts in the regions with updated accounts and active accounts with arrears of up to three months as of Oct. 31.

Escalada added that beneficiaries will no longer need to apply for this measure as it will automatically be processed for all existing residential and CII account holders.

The NHA chief assured that suspended amortization due will not incur delinquency or additional interest charges, while for CII accounts, delinquency interest will be waived.

NHA first suspended the collection of amortization payments from housing beneficiaries for three months – from March 16 to June 15 – due to the health crisis that hit the country early this year.

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