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Pag-Ibig’s MRI frees borrower of loan upon death, total disability

CEBU CITY, Dec. 15 (PNA) -- An insurance program of the Home Mutual Development Fund, popularly known as Pag-Ibig Fund, will free a borrower-member of any obligation to pay a housing loan upon death or total permanent disability, an official said.

Fermin Sta. Teresa Jr., vice president of Pag-Ibig Home Lending Operations-Visayas-Mindanao Group, said under the Mortgage Redemption Insurance (MRI), a borrower-member who dies or suffers from a total permanent disability, would be declared fully paid of a contracted housing loan.

Sta. Teresa said the MRI was an insurance against risk of death and incapacity.

Aside from full payment declaration, the family of the deceased member will get Php 20,000 in burial benefits.

Sta. Teresa said a housing loan borrower who fell terminally ill, such as with cancer, would get Php 500,000 in amortization support.

If the borrower has a balance of Php 1 million, the balance to paid will only be Php 500,000.

Ma. Victoria dela Peña, Pag-Ibig vice president for members services branch operations-Visayas-Mindanao Group, said the MRI premium of 40 centavos per Php 1,000 loan has been reduced to 23 centavos per Php 1,000.

She said processing of claims under MRI was within 24 hours.

She also said the Cebu Housing Hub had a total of 2,770 borrowers and a total loan value of Php 2.5 billion in 2015 and 3,791 borrowers as of November 2016, with a loan value of Php 3.8 billion.

A total of 4,829 borrowers were reported in the entire Visayas in 2015, with total loans of Php.2 billion and 6,858 as of November 2016, with total loans of Php 5.8 billion. (PNA)

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