The House of Representatives has approved on third and final reading the Housing Loan Restructuring and Condonation Act, aimed at assisting beneficiaries of socialized and low-cost housing programs who are struggling with repayments.
Cavite 2nd District Representative Lani Mercado-Revilla, one of the authors of House Bill 6267, said the measure seeks to help poor families avoid losing their homes due to accumulating interest, penalties, and surcharges.
“Marami sa ating mga kababayan ang gustong magbayad ng tama at tapat, pero nilamon na ng interes at penalties ang kanilang utang. Ang panukalang ito ay magbibigay na pagkakataon para sa kanila na makabangon at manatili sa sariling tahanan,” she said.
HB 6267, approved by a 231-1 vote, establishes a comprehensive loan restructuring and condonation program for housing loans under the National Housing Authority (NHA), Social Housing Finance Corporation (SHFC), National Home Mortgage Finance Corporation (NHMFC), and Philippine Guarantee Corporation (PGC).
Mercado-Revilla emphasized, “Hindi dapat maging habambuhay na pasanin ang pabahay. Ang bahay ay pundasyon ng dignidad at seguridad ng pamilya, lalo na para sa mga low-income earners.”
Under the bill, approved applicants will have their interest, penalties, and surcharges waived.
Restructured loans will carry lower interest rates to make payments more affordable, while processing fees and down payment requirements are removed for those applying for the program.