06/02/2022
TIPS FROM A HOME OWNER FOR π£ππππππ ππ’π¨π¦ππ‘π ππ’ππ‘ (πΆπ» πππ¦GLISH PARA KLARO). π
Ug mukuha ka ug house&lot sa subdivision through PAG-IBIG, take note of these tips:
π Always pay your monthly amortization and monitor it online via virtual pag-ibig website. They don't send monthly bills so pay your monthly amortization diligently para di mudako imong utang.
π Kana imong gibayaran nga monthly amortization, gamay ra ang mupadung ana sa principal. I asked the staff sa pagibig and they told me about the breakdown of my P9,555.34 Monthly Amortization:
P7,166.67 interest
P235.80 Fire
P360 insurance
P1,792.87 Principal π
= P9,555.34 total monthly Amortization
Diba gamay kaayo ug kaltas sa principal. Dako ang bayad sa interest. π
π This is how you compute your monthly interest. Hatag nako example sa amoa.
1.6M = principal (total amount sa among utang)
5.375% = annual interest
divided by 12 months
1.6M x 5.375% Γ· 12 = P7,166.67
π That's why, it is highly recommended to pay in advance sa principal mismo if you have extra money para mugamay pud ang interest nga gibayaran nimo. For example, after 5 years, 1M na lang principal mo so 1M x 5.375% Γ· 12 = P4,479.17
π Dili muobus ang monthly amortization nimo BUT because smaller na ang interest, BIGGER na ang kaltas sa principal nimo.
π If you have extra money and you want to pay in advance, go directly to pag-ibig office and ingna EXCESS TO PRINCIPAL ang payment nimo.
---For example, magbayad ka ug 50k and
10k ang monthly amortization,
the excess which is 40k will be deducted directly sa principal amount nimo. So nakabayad naka sa monthly Amortization, nabawasan pa principal nimo.
π Likayi mag advance payment sa monthly amortization sa bayad centers. Gamay ra ang mabawas ana sa principal nimo. Bayad na lang sa principal.
---For example, if nag bayad ka sa payment centers ug 50k for your monthly amortization, meaning you don't need to pay for 5 months kay nag advance ka na sa monthly amortization nimo. Pero gamay rana ug kaltas sa principal nimo.
π You can pay the principal ONLY IN PAG-IBIG OFFICE not in bayad centers.
π For example, nakabayad naka ug monthly nimo sa bayad center last April 1 unya may extra money pa diay ka before your due date and you want to pay in advance, pwede pa na. Adto lang ka sa pagibig office and say you'll pay DIRECT TO PRINCIPAL. Para whole amount na mabayad sa principal.
That's based on my experience and based sa mga staff sa pagibig. If you have other tips, please share it. I hope this can help you guys. We need to be financially literate para di ta malubong sa utang. God bless mga Silingan. π
