REVISIONS ON THE SYSTEM’S EXISTING POLICY ON HOUSING LOAN PROGRAM
1. Revision of the “rates and computation” on penalty fee for late payment of monthly amortization being imposed on: a] BKP loans, and b] Restructured housing loan accounts (classified as: DCS, LPA, and IREL/Pabahay), as follows:
From: Amount of Loan Interest Rate Penalty Rate P180,000 and below 8% 0.50% +0.08% 1 P181,000 – P300,000 10% 0.50% + 0.33% 2 P301,000 – P500,000 12% 0.50% + 0.33% 1 (0.50% x total arrearages) + (0.08% x principal balance)
2 ( 0.50% x total arrearages) + (0.33% x principal balance)To:
A Penalty Fee for late payment of amortization covering BKP loans and restructured loans through RRRP, shall be charged in the amount equivalent to “1% arrears per month“.
2. The application of the above revised penalty scheme of “1% of arrears per month” shall take effect retroactively, as follows:
2.1 May 7, 2002 applicable to loans granted through “Bahay Ko” Program;
2.2 July 17, 2002 applicable to loans which interest rates were reduced and/or restructured through the Rate Reduction and Restructuring Program.
Adopted: 11 Aug. 2004