ikonimation
New member
Hi all!
Ok so long story short my 3 years fixing loan from bpi has ended and now received a notice that they will increase from 5.5% to 9.5%, yeah a freaking 4% increase. Anyone experienced this? What did you do? What are my options you took. I’m exploring to refinance from another bank or pay some lump sum to make the principal lower atleast. I tried to nego but only got a very little rate reduction from the bank and they will ask to pay 3,500 for the request.
I think im getting the banks strategy now, they will entice you to get a loan initially for a lower rate then later they will charge you with hefty rate increase. To all the experts, do we have some kind of protection from BSP for scenario’s like this? Is 9.5% really acceptable in the current market?
Thanks!
Ok so long story short my 3 years fixing loan from bpi has ended and now received a notice that they will increase from 5.5% to 9.5%, yeah a freaking 4% increase. Anyone experienced this? What did you do? What are my options you took. I’m exploring to refinance from another bank or pay some lump sum to make the principal lower atleast. I tried to nego but only got a very little rate reduction from the bank and they will ask to pay 3,500 for the request.
I think im getting the banks strategy now, they will entice you to get a loan initially for a lower rate then later they will charge you with hefty rate increase. To all the experts, do we have some kind of protection from BSP for scenario’s like this? Is 9.5% really acceptable in the current market?
Thanks!