My BDO home loan interest rate jumped from 5.88% to a whopping 9.8%

[mikenola504]

@dstrattenfan Yes, just coordinate with the loan team ng bank kung kelan kayo magbabayad and par mabigyan ka din ng idea ng remaining balance mo

 

[dstrattenfan]

@mikenola504 wala nmn n po silang ippatong na interest dun??
thank you so much for sharing this info.

 

[mikenola504]

@dstrattenfan Meron pero small amount lang, halos equivalent lang sa 1 month interest. But better check with your bank if magkano penalty kung magfufull payment na kayo

 

[gqbindc]

@mikenola504 Hi, was this BDO also?

 

[mikenola504]

@gqbindc Yes, another friend of mine reached out to BDO to negotiate the interest rate instead of payment to principal

 

[souljo]

@user94 Sakin din naging 8% na, mali un option na pinili ko before dapat pla fix 10yrs na same rate. Ngchange un sakin after 5th yr, then ngyn 6th yr tumaas ulit

 

[resjudicata]

@user94 Our 5-yr fixed rate of 5.88% from RCBC ended last January and we were initially given a re-priced 9% interest for one year. We negotiated it down (at a fee) to 8% fixed for the last 5 years of the loan.

 

[followpeace]

@resjudicata Hi! How did you ask for the reduction of rate?

 

[vacrew]

@user94 My advise OP is to:
A. refin with Pag.Ibig. Get a low rate and have it fixed for a longer loan term.
Downside naman sa pag.ibig is super hassle ang process from loan application to loan release. Then, madaming fees from docs stamps to notarial, appraisal ng property, including registry of deeds fee.
Ang ala ko, the don't have what other banks call field support, so ikaw talaga lalakad ng papers mo.
B. To negotiate with BDO for a lower rate. Or, (same with BPI) if you are a preferred client, maybe they can give you a competitive or combat rate that would make you stay with them.

 

[user94]

@vacrew Thanks, I'll consider this too. Just applied to BPI housing loan online as well.. will wait to hear from them.

 

[drathnor]

@user94 Hi Guys, just want to hijack this thread. For those who repriced, is the allocated payment for the principal gets lower or higher than the previous?

 

[bobawp]

@user94 My previous loan in rcbc is about 6% and after 3 years nagrepricing sya ng 9.5%. After i called them they told me i can apply for reduction pero may bayad na 2500php (one time) from 9.5% naging 9% parang hindi makatarungan. Pls. Ano po gagawin na mas lalong mapababa?