rockmountman
New member
House and lot value is Php 2.8 M.
ChinaBank offered me a 6.25% interest fixed for 3 years. May repricing every year after the 3rd year. The loan term is 20 years. This is a good deal but baka tataas yung interest (most likely) after the 3rd year.
Pag-IBIG offered the same interest at 6.25% for 3 years. The loan term can be up to 30 years since I’m 25 years old. But the caveat is I need to cash out around Php 300K kasi yung allowed loanable amount lang ni Pag-IBIG is Php 2.5 M lang.
In terms of the monthly amortization, mas mababa talaga si Pag-IBIG pero konti lang yung difference niya sa bank. Both of them nasa Php 16-20K monthly, which is okay naman.
What would you choose in terms of:
ChinaBank offered me a 6.25% interest fixed for 3 years. May repricing every year after the 3rd year. The loan term is 20 years. This is a good deal but baka tataas yung interest (most likely) after the 3rd year.
Pag-IBIG offered the same interest at 6.25% for 3 years. The loan term can be up to 30 years since I’m 25 years old. But the caveat is I need to cash out around Php 300K kasi yung allowed loanable amount lang ni Pag-IBIG is Php 2.5 M lang.
In terms of the monthly amortization, mas mababa talaga si Pag-IBIG pero konti lang yung difference niya sa bank. Both of them nasa Php 16-20K monthly, which is okay naman.
What would you choose in terms of:
- Mas cost-effective (sulit) in the long term.
- Pros and cons of Pag-IBIG and bank (ChinaBank). Meron ba kayong experience with ChinaBank? Kumusta naman yung taas ng interest per year?
- Mas sulit ba na mag cash out ng Php 300k sa Pag-IBIG over the long term?
- Mas okay ba na i-max out yung number of years for the loan term (i.e., 25 for bank and 30 years for Pag-IBIG)