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NHA OKs 2-month amortization suspension

By Lade Jean Kabagani

November 3, 2020, 6:04 pm

<p>National Housing Authority (NHA) General Manager Marcelino Escalada Jr.<em> (file photo)</em></p>

National Housing Authority (NHA) General Manager Marcelino Escalada Jr. (file photo)

MANILA – The National Housing Authority (NHA) has approved a two-month suspension of amortization or lease payments from residential account holders in all existing housing projects, NHA general manager Marcelino Escalada Jr. announced on Tuesday.

In a statement, Escalada said the suspension of amortization also covers commercial, industrial and institutional (CII) accounts.

Escalada said the move came after the housing department issued a memorandum circular on Oct. 9, pursuant to the Republic Act No. 11494 also known as 'The Bayanihan to Recover as One Act.'

Escalada said the NHA targets to help its member beneficiaries and CII awardees/lessees ease the impact of the coronavirus pandemic and help them recover from the challenges brought by the crisis.

“This is our gift to our housing beneficiaries to aid them in this coming Christmas season,” Escalada said.

Under the memorandum, the moratorium will cover payments from Nov. 1 to Dec. 31, 2020, while the payment resumption will begin on Jan. 1, 2021.

The qualified individuals to avail of the amortization are those with individual accounts or community associations, estate, and non-estate-based CII accounts within the regions (with updated accounts as of Oct. 31, 2020) and active accounts (with arrears of up to three months as of Oct. 31, 2020).

According to the NHA, there is no need for housing beneficiaries to apply for the moratorium, as it will be automatically processed for all existing residential and CII account holders.

The suspended amortization dues will not incur delinquency or additional interest charges, NHA said, adding that delinquency interest for CII accounts will be waived.

The NHA has earlier suspended its collection of amortization payments to its housing beneficiaries for three months—from March 16 to June 15, during the outbreak of the coronavirus disease 2019 in the country. (PNA)

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