Pag-IBIG Fund or Home Development Mutual Fund is a government agency helping us to avail of affordable housing, having the lowest interest rates, and flexible terms from 5 years up to 30 years. Aside from that, Pag-IBIG housing also has very low penalty for delayed payments, the loan will be charged a penalty rate of 1/20 of 1% of the amount due per day of delay, in case of failure to pay on due date.
Here is a sample penalty computation.
Formula:
Penalty per day = 1/20 of 1% x Amount Due
If:
= Monthly Amortization = Php. 6,000
= 1 day delayed payment
= 30 day delayed payment
Sample Computation:
Penalty per day = 1/20 of 1% x 6,000
Penalty per day = 0.05 of 60
Penalty per day = Php. 3 in a day
For 30 days:
= 3 x 30
= Php. 90 in 30 days
Please take note, delayed payment shall constitute an accounts default or worst could be a subject for buyback of the developer. For other concern you may check on Pag-IBIG website, www.pag-ibigfund.gov.ph
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