Special Housing Loan Restructuring 2 (SHLR2) Program - Frequently Asked Questions

The Pag-IBIG SHLR2 Program is offered to all Pag-IBIG Housing Loan borrowers and installment buyers with missed payments of more than three (3) months and whose accounts are not foreclosed or cancelled. It will provide them the solution on their unpaid monthly amortizations to help them keep their properties and avoid foreclosure or cancellation.

By applying for the SHLR2, you may choose to extend the term of your loan, enjoy a lower monthly amortization and allow you to update your account. With your loan updated, this would prevent your property from being foreclosed or cancelled. It will also allow you to be a member in good standing, and hence eligible to avail of other Pag-IBIG loan programs. What’s more, all penalties incurred by your missed payments shall be waived.

All Pag-IBIG Housing Loan borrowers who have missed payments of more than three (3) months may apply for SHLR2. Provided, the account has not yet been cancelled and that the property has not yet been foreclosed. The borrower must also be an active member, or has remitted at least one (1) monthly membership savings or contribution within the last six (6) months prior to application. What’s more, legal heirs of deceased borrowers and successors-in-interest whose accounts have more than three (3) months in missed payments, and even borrowers whose accounts that have been endorsed for foreclosure that have yet to be foreclosed or cancelled, may also apply under the program.

Application for SHLR2 may be done through the following:

• Online via Virtual Pag-IBIG (www.pagibigfundservices.com/virtualpagibig). A vPag-IBIG account is not necessary when applying online.

• At the nearest Pag-IBIG Fund branch, particularly for certain accounts such as those that have been endorsed for foreclosure but have yet to be foreclosed or cancelled.

Filipinos currently working overseas can apply for the SHLR2 online, any time, anywhere via the Virtual Pag-IBIG. They may also execute a Special Power of Attorney to allow an authorized representative to transact on their behalf.

Yes. You do not need a Virtual Pag-IBIG account to apply.

Yes. If you already have an approved restructured loan before, you can still avail of SHLR2.

Applications for the SHLR2 shall be accepted until 31 December 2021 only. The sooner we receive the application, the earlier we can process your request and update your account. Delaying the restructuring of your loan may result to it being included in the list of properties subject to foreclosure.

No processing fee nor downpayment is required to apply. Applicants however may make a downpayment at their option. However, for your continued insurance coverage, you will be required to pay an equivalent one (1) year insurance premiums for the enrollment to MRI/SRI and Non-Life Insurance Coverage within thirty (30) calendar days from the date of application.

The interest rate of the restructured loan will be based on the Full Risk-Based Pricing (FRBP) Framework for restructured loan accounts. The subsidized interest rate, meanwhile, for socialized housing loans and installment accounts shall be retained within the remaining subsidized period. The interest rate shall be repriced periodically based on your chosen repricing period.

We will notify you via your registered mobile number and email address once your application has been approved. You may also view the status of your application via the Virtual Pag-IBIG Please make sure to indicate your contact information on your application to ensure that you will receive notifications from Pag-IBIG Fund.

Yes. For your convenience, you would only need to upload a clear photo of your valid identification card and a selfie photo while holding the said card during your online application via Virtual Pag-IBIG. In the event your application is approved, you would just need to submit three (3) original copies of the notarized Promissory Note with Restructured Loan Agreement of your restructured Pag-IBIG Housing Loan within thirty (30) days. You may submit these personally or via your preferred courier service at the Pag-IBIG Fund Branch nearest you.

Yes. You may cancel your SHLR2 application while it is still being processed. Applications that have been approved, meanwhile, would require a letter citing the reason of your cancellation request and shall be subject to evaluation by Pag-IBIG Fund. Please note however that by cancelling your application, you shall not be able to enjoy the benefits of the SHLR2. As a result, your account shall remain in its default status and the amounts that are due for your loan must be immediately paid. This includes your unpaid monthly amortization/installment, interests, penalties and/or insurance premiums.