For individuals who have acquired residential properties within a subdivision through Pag-IBIG, the following guidelines are offered:
- Consistently adhere to the schedule of monthly amortization payments, and leverage the online functionalities of the virtual Pag-IBIG website for efficient monitoring. Due to the absence of traditional monthly billing statements, it is imperative to remit payments promptly to preclude the accrual of indebtedness.
- Acknowledge that only a nominal fraction of the monthly amortization contributes to the principal. Upon consultation with Pag-IBIG personnel, a comprehensive breakdown of the P9,555.34 Monthly Amortization typically encompasses:
- P7,166.67 Interest
- P235.80 Fire insurance
- P360 Insurance
- P1,792.87 Principal
Culminating in a total monthly amortization of P9,555.34. Noteworthy is the comparatively modest deduction from the principal relative to the substantial interest component.
- Compute the monthly interest through the formula: (Principal amount x Annual interest rate) ÷ 12. Mastery of this formula is pivotal for elucidating the allocation of monthly payments.
- Contemplate the option of making advanced payments directly towards the principal when surplus funds are available. This strategic approach mitigates interest payments over time. For instance, after a five-year period, with the principal reduced to 1M, the ensuing monthly interest payment would be calculated as (1M x 5.375%) ÷ 12 = P4,479.17.
- Despite the constancy of the monthly amortization, a diminished interest translates into a more substantial deduction from the principal.
- In the event of opting for advanced payments, direct your visit to the Pag-IBIG office and explicitly indicate that the remittance is an “EXCESS TO PRINCIPAL.” Consequently, any surplus amount, such as remitting 50k for a 10k monthly amortization, contributes directly to principal reduction.
- Discourage the practice of making advanced payments for monthly amortization at external payment centers, as the resultant reduction in principal is marginal.
- Note that payments exclusively directed towards the principal are accepted solely at the Pag-IBIG office and are not facilitated at external payment centers.
- Consider the scenario where a payment for the monthly instalment was rendered at a payment center on April 1. If there is an unexpected surplus of funds prior to the due date, a visit to the Pag-IBIG office is warranted, specifying an intention to pay DIRECT TO PRINCIPAL, thereby ensuring that the entire amount is allocated towards principal reduction.
These recommendations are derived from the experiences of clientele and information disseminated by Pag-IBIG personnel. The cultivation of financial literacy is paramount to averting the pitfalls of indebtedness.
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