RESTRUCTURING PROGRAM OFFERED TO UPDATE CMP LOAN PAYMENTS
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Non-paying member-beneficiaries of Social Housing Finance Corporation’s (SHFC) Community Mortgage Program (CMP) may now update their loan payment and move towards attaining security of land tenure. This was after SHFC launched its Loan Restructuring Program (LRP) for beneficiaries who have not been able to pay for their monthly amortization for the past 60 months and above, and whose arrearages reached P60,000.
Under the program, the principal terms and conditions of the original loan are modified and can be paid up to a maximum period of 30 years with an annual interest rate of 6%.
Qualified beneficiaries who will apply for the program will no longer pay for their penalties while the unpaid interests will be added to the restructured loan amount and will no longer bear any additional interests. Full payment is also encouraged.
During LRP’s launch in Malabon City last August 25, SHFC Executive Vice President Eduardo Manicio said that while it is government’s duty to provide security of land tenure for the poor, it is the latter’s responsibility to ensure proper payment of their corresponding loans.
“By paying on time, other informal settlers similarly situated will also have the chance to receive their housing loans and eventually own their lots,” Manicio said.
LRP is also available for the qualified substitutes of original members eligible for the program. For more details on the LRP, interested member-beneficiaries may visit any SHFC office nationwide.
Social Housing Finance Corporation (SHFC) Executive Vice President Eduardo Manicio addresses the crowd during the launch of Loan Restructuring Program in Malabon City.