What Happens After Approval Of Housing Loan

You will get a notice from the loan agency that states the following:

We are pleased to inform you that your Pag-IBIG housing loan application in the amount the loan amount applied for the purchase of condominium unit has been approved and taken out.

The loan term will be for 30 years. Your loan will be subject for repricing once every three years at rated based on prevailing market rates at point of repricing with a cap of two percent (2%) increase from the original interest rate.

In the event you fail to pay the monthly installment payment on due date, you will be charged penalty equivalent to one over twenty 1/20 of one percent (1%) of the amount due for every day of delay or 18 percent per anum.

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Loan Approved

Finally got the housing loan approval notice from our government housing loan provider PAG-IBIG Fund. I feel relieved and happy because it means I have a good credit score and credentials.

The first monthly amortization will be deducted from the take-out pay and I need to pay my amortization on time or else suffer a .01 interest a day.

I was told by my developer that we can move in as soon as we are ready. But I don't think we will be moving in soon as the condo is bare and not ready for occupancy. I will have to talk about the electricity, water, plumbing, garbage disposal, security, and will have to find someone to do the interiors. So probably it will take us a couple of months before we actually move.

I also need to start sorting out the things I will take with me from the old house. I don't think I will be taking lots since we plan on buying new stuff for the new place.

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