Home Development Mutual Fund/Pag-IBIG Fund

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    Date: 2021-04-20 12:54:29.501572

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    Date: 2021-05-03 07:59:01.383873

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    Date: 2021-05-03 08:03:12.638818

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Pretermination Charges, Interest Adjustments for Housing Loan

Requested from HDMF by L. Garcia at 12:54 PM on Apr 20, 2021.
Purpose: Housing Loan
Date of Coverage: 03/26/2021 - 03/26/2021
Tracking no: #HDMF-373964614614

Garcia 12:54 PM, Apr 20, 2021

Hi, I would like to request information regarding the pretermination charges, if any, for PAGIBIG housing loan. Also, if for instance, I pay off part of the principal amount, will interest charges or term be adjusted? What is the effect to the outstanding balance should the debtor wish to pay off part of the principal amount and continue with the monthly amortization? Thank you.

Officer 07:59 AM, May 03, 2021

May 3, 2021

Dear Lyn,

Thank you for your request dated Apr 20, 2021 under Executive Order No. 2 (s. 2016) on Freedom of Information in the Executive Branch, for Pretermination Charges, Interest Adjustments for Housing Loan.

We received your request on Apr 20, 2021 and will respond on or before May 11, 2021, in accordance with the Executive Order's implementing rules and regulations.

Should you have any questions regarding your request, kindly contact me using the reply function on the eFOI portal at https://www.foi.gov.ph/requests/aglzfmVmb2ktcGhyHgsSB0NvbnRlbnQiEUhETUYtMzczOTY0NjE0NjE0DA, for request with ticket number #HDMF-373964614614.

Thank you.

Respectfully,

FOI Receiving Officer
FOI Officer

Pimentel, Jr. 08:03 AM, May 03, 2021

03 May 2021

Dear MS. LYNDALLE A. GARCIA,

This refers to your eFOI request received on 20 April 2021 sent to the eFOI portal of the Home Development Mutual Fund (Fund) wherein you inquired about the following:

1.	If there are pre-termination charges in our Housing Loans (HL);
2.	If you opt on paying off part of the principal amount, will interest charges or term be adjusted; and
3.	What is the effect of the outstanding balance should the debtor wish to pay off part of the principal amount and continue with the monthly amortizations.

Our Office deemed it proper to raise this matter to and confer with the operating unit concerned – the Housing Operations Support Unit (HOSU). Our HOSU answered your questions as follows:

1.	The Fund does not have pre-termination charges for regular full payment of HL accounts. However, a service fee shall be charged to borrowers who fully pay their HL accounts though the availment of refinancing facility with other financial institutions.
2.	In case the borrower opted to pay an amount applied to principal, the interest rate, term and amortization shall be retained. However, the computation of interest on the remaining term of the loan shall be based on the outstanding balance. In effect, the loan term is shortened.
3.	Regarding the effect of the outstanding balance should the debtor wish to pay off part of the principal amount and continue with the monthly amortization, as discussed above (No. 2), in effect, the loan term is shortened since the interest is computed based on the outstanding balance. Since the outstanding balance is lower, a lesser interest will be charged to the account.

For further concerns, you may contact Ms. Leah E. Gannaban, Loans Operations Sector of the Housing Operations Support Unit, at legannaban@pagibigfund.gov.ph and/or through (02)8422-3000 local 5076.
Thank you.

Very truly yours,

ATTY. MARCIAL C. PIMENTEL, JR.  
Head, Compliance Office and 
Vice President, Legal and General Counsel Group

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