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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.
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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