THE National Housing Authority is strictly following guidelines for the ongoing implementation of the restructuring and condonation program Republic Act number 9507 for delinquent housing accounts with the NHA.
NHA regional head Engr Carol Angel said RA 9507, signed by President Gloria Macapagal-Arroyo last October, and its implementing rules and regulations, were formulated by the government shelter agencies under the supervision of the Housing & Urban Development Coordinating Council (HUDCC).
Covered by the loan restructuring and condonation program are outstanding residential accounts or loans with principal amounts not exceeding P2.5-million which have cumulative arrearages equivalent to at least three (3) months amortizations as of March 16, 2009, notwithstanding availment of previous condonation programs.
Architect Marietta Arañas and Rose Camarillo, both of the regional office, explained that the NHA will condone all penalties and delinquency charges and fifty percent (50%) of accrued and unpaid interest based on the approved application.
The restructured loan account will consist of an interest bearing portion which is the total outstanding principal balance, and a non-interest bearing portion which will be the uncondoned portion of accrued interest to be repaid in equal monthly amortizations during the term of the loan.
The maximum repayment period of the restructured loan is thirty (30) years for individual and community association accounts and ten (10) years for project implementors.
The interest bearing portion of the restructured loans will feature the following:
Six percent (6%) per annum for accounts with original loan amount of P400,000 and below; seven percent (7%) per annum for above P400,000 to P700,000.00; and 10.5% per annum for above P700,000. [PIA]
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