NHA housing beneficiaries are encouraged to apply for this year’s condonation program wherein the Authority will condone a total of Php 735,646,478.74 penalty/delinquency interest and seventy five percent (75%) of accrued/unpaid amortization interest amounting to Php 791,810,547.92 in the beneficiary’s housing account.

NHA Financial Management Department (FMD) Manager Wilma D. Hernandez explained, “Kapag po nag-aaply kayo sa NHA Condonation Program, amin pong tatanggalin at hindi na sisingilin sa inyo ang lahat ng multa (penalty/ delinquency charges) at 75% ng hindi nabayarang interest (Amortization Interest) sa inyong housing account. Ito pong mga multa at interest na aming tatanggalin ay mga interest na tumubo o naipon sa kadahilanang hindi ninyo pagbabayad ng inyong buwanang housing amortization nang mga nakaraang buwan o taon. Dagdag pa pong magandang balita ay ibinaba na po namin ang amortization interest sa 3% na lang. Ibig sabihin nito ay liliit o mababawasan ang inyong natitirang bayarin sa inyong bahay at lupa sa kasunduang kayo ay magbabayad na muli ng regular na may karampatang halaga at skedyul.”

Furthermore, for updated accounts as of July 31, 2018, an amount equivalent to one (1) month amortization shall be credited to the outstanding principal balance of the account. This, in a way, is an incentive to these beneficiaries for ensuring compliance to NHA in settling their monthly obligation. Thereafter, for accounts which remain updated every month within a cumulative 6 month period, an amount of equivalent to 50% of one (1) month amortization shall be credited to the outstanding principal balance.

On the other hand, for Restructured Accounts (availees of the condonation program) with updated monthly payments within a cumulative period of six (6) months after restructuring an amount equivalent to 50% of one (1) month amortization shall be credited to the outstanding principal balance of the account. Availees are granted the same incentive every six months thereafter provided that the account remains updated every month (within a cumulative 6-month period).

For buyers or borrowers who will undertake full settlement of their restructured account prior maturity, a 20% rebate on the outstanding principal balance after updating shall be granted.

“Effective August 1, 2018, NHA will implement the lowering of interest rate from 6% to 3% for those whose accounts are up-to-date and restructured under the condonation program. This measure will greatly benefit those households who are updated with their housing amortization. We hope that by incentivizing them, they will continue to be good payers of their housing loans,” GM Escalada added.

Specifically, NHA Memorandum Circular 2219 and 2219-A cite:
1.2 Incentive for Updated Accounts:
“For accounts under a Conditional Contract to Sell (CCS), Deed of Sale With Mortgage (DSM) or Loan Agreement with updated monthly payments within a cumulative period of six (6) months, an amount equivalent to fifty percent (50%) of monthly amortization shall be credited to the outstanding principal balance of the account.
The same incentive shall thereafter be granted every six (6) months provided that the account remains updated every month within a cumulative 6-month period.
1.3 Incentive for Full Payment:
1.3.1 Outright sale. The 20% rebate shall be applied to the selling price of the lot/housing unit.
1.3.2 Staggered cash sale. The 20% rebate shall be applied to the outstanding principal balance after
updating. Total arrearages shall first be satisfied prior to applicable rebate.
1.3.3 Full settlement. This is for accounts under CCS, DSM or Loan Agreements prior to maturity, a 20%
rebate on outstanding principal balance, after updating shall be granted.”

The following are excluded from availing the condonation program: a) An account without a single payment since the effectivity of the sale/lease/loan; b) An account where the housing unit has been abandoned by the awardee for more than one (1) year from date of delinquency; c) An account where the housing unit is occupied by the third party other than the awardee or his her legal heir or successor –in-interest; d) An account which has been foreclosed and the redemption period has already lapsed; e) Matured accounts covered by MC No. 003 dated 21 February 2018; and lastly, f) An account that has already been condoned under the previous Restructuring and Condonation program implemented in 2009.

The NHA through its project offices will notify eligible account holders through the issuance of a notice or posting of said notice on the awarded housing unit. The condonation program can be availed from 01 August 2018 to 01 February 2020. A total of 142,665 housing beneficiaries can apply and avail of this 2018 condonation program.