A congresswoman from Cavite on Saturday hailed the House of Representatives’ passage of the housing loan condonation bill, which aims to provide relief to thousands struggling to pay their housing loans.
Cavite Rep. Lani Mercado-Revilla said the chamber approved on third and final reading the proposed Housing Loan Restructuring and Condonation Act, covering beneficiaries of socialized and low-cost housing programs.
She said the measure gives distressed homeowners a realistic chance to keep their homes by easing burdens caused by accumulated interest, penalties, and surcharges.
The bill allows the condonation of interests and penalties upon approval of applications, lowers interest rates, waives processing fees and down payments, and permits loan term extensions to reduce monthly amortizations.
Mercado-Revilla said housing should not be a lifelong burden, stressing that the measure balances compassion and responsibility as it moves closer to becoming law.
