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Written by: Rita Magallona

Last April 15, 2020, the Pag-IBIG Fund announced a grace period to all Pag-IBIG members who have loan payments due within the Enhanced Community Quarantine. This is provided under the implementing rules and regulations (IRR) of RA 11469 (Bayanihan to Heal as One Act) signed by President Rodrigo Duterte.

Grace Period for Pag-IBIG Loan Payments

The grace period allows Pag-IBIG members living or working in areas covered by the Enhanced Community Quarantine (ECQ) to defer their Housing Loan, Multi-Purpose Loan, and Calamity Loan payments for 30 days from the due date.

This grace period could be extended should the President or Local Government Unit (LGU) heads decide to extend the ECQ where the member lives or works, like what happened last April 7 and April 24. In effect, members will resume paying their loan payments after the ECQ is lifted.

Difference Between the Grace Period and Three-Month Loan Moratorium

The grace period and the three-month moratorium are two separate programs meant to help members financially cope with the ECQ. As such, there are major differences between them.

FAQ Grace Period Three-Month Moratorium
Do you need to apply? No. It is automatic 2%
What is the basis? IRR of RA 11469 Offered by Pag-IBIG
Who is eligible? All members who reside or work in ECQ zones and with a Housing Loan, MPL, or Calamity Loan Members with a Housing Loan, MPL, or Calamity Loan whose income has been impaired by the State of Calamity and Public Health Emergency
Which due dates are covered? Due dates within the ECQ period, including extensions Housing Loans (March 16 to June 15, 2020); MPL and Calamity Loan (April 15, May 15, June 15, 2020)
What are the benefits? Payments are deferred for 30 days from the due date or longer if ECQ is extended. Covered payments are suspended for three months
Will interest and penalties be charged during the deferred period? Penalties: No,
Interest: Yes
Penalties and Interest: No
When will the payments resume? On or before the next due date after ECQ is lifted On or before the next due date after June 15, 2020
How much is the amount due? All amortization due during ECQ and its extension. Accrued interest may be paid at any time during the remaining term of the loan One month loan payment and insurance premiums during the three-month moratorium period (housing loan).

Take note that the Enhanced Community Quarantine has been extended to May 15, 2020 for Metro Manila and other high-risk areas to further curb the spread of COVID-19.

Are you ready for the extended ECQ? Here are some tips mental wellness tips to help you keep your cool, literally and figuratively. Remember, stay indoors, stay clean, and stay healthy!

For more information on the best and latest property listings nationwide, visit Ohmyhome.com or download the official Ohmyhome app. Feel free to get in touch with an OMH property agent to get started.

While the Information is considered to be true and correct at the date of publication, changes in circumstances after the time of publication may impact on the accuracy of the Information. The Information may change without notice and Ohmyhome is not in any way liable for the accuracy of any information printed and stored or in any way interpreted and used by a user.

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Browse Resale Listings

Connect with sellers through our app

ARTICLES​

Steps for First Time Buyers

Like any new experience, buying a home for the first time is daunting.

Home Buying for Your Family

Make sure you’ve thought about these things before you decide to buy a house.

Get The E-Book

Sell

get an agent

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Dedicated experts at your service

do it yourself

Prefer to do-it-yourself?

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Post a Listing for Free

Connect with buyers through our app

Articles

Factors Affecting Home Value

Know the factors that affect property value before you buy a home.

Mistakes to Avoid in Selling

Make sure you’re not committing any of these fairly small, common mistakes.

Passive Income from Real Estate?

Real estate generally appreciates in value and can also be rented out.

Sell Your Property Fast

This is how you can attract more homebuyers.

Get The E-Book

For Tenants

get an agent

Rent with an Agent

Dedicated experts at ayour service

ARTICLES

Renting vs. Owning

Either way, it’s much easier outside Manila.

House or Condo?

Both have advantages and limitations. Everyone has different preferences.

Do it yourself

Prefer to do-it-yourself?

Check out how our platform can help

Search or Post your home

Connect with landlords through the app

For Landlords

get an agent

Lease with an Agent

Dedicated experts at your service

ARTICLES​

Assessing Property Value

Of course, knowing your property’s true value is key to any great investment.

Home Staging Tips

With this checklist, you get a better chance of finding a long-term tenant.

Do it yourself

Prefer to do-it-yourself?

Check out how our platform can help

Search or Post your home

Connect with tenants through the app

Our Properties

By Developer

SMDC

Properties from the good guys.

Robinsons Land

Raise, live, and connect.

Moldex Realty

The gateway to ideal community living.

PIK

Russia and Europe's largest homebuilder

For Ofws

What we do for OFWs

Safely secure your dream home from overseas.

Buying for Homeownership

Connecting you with the top developers nationwide.

Buying for Investment

For a seamless and stress-free property investment.

LOCATION GUIDES​

Life in SYNC is a Life Well Balanced

A good home gives good shelter, but a...

Quezon City Community Guide: Why Invest in Property in ‘QC

Quezon City is the Philippines’ second...

Break from the Metro: Why Buy a 
Home in Antipolo

While some seek their faith in Antipolo...

Buy a Home in Lipa for a Break from the Big City

Lipa continues to emerge as a good...

Finance & Investments

Your Starter Guide for Investing in Homes for Sale

Buying a home is a major expense but...

Why Employers Must Invest in Employees’ Homeownership

Employees sign-up and stay with the...

How to Successfully Save for Your Dream Home

With how high property prices are, ho...

Rent or Own? Either Way, It’s Easier Outside Manila

Manila has always been one of the co...

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