housing loan insurrance

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Icon Mini Profile pjlene





Joined: 19 Nov 2007

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Post Posted: Mon Nov 19, 2007 11:30 am    Post subject: housing loan insurrance
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just want to be aware, because i encountered some broker told me to give 500pesos for the insurance of pag ibig housing loan which was payable same as the term of my payment in pag ibig loan. but some developer said that once you get the house thru pag ibig, this authomatic had the insurance and no need the additional payment for it. pls. let me know the information about this. thank you and more power!
Icon Mini Profile jenkin7
jenkin7




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Post Posted: Tue Nov 20, 2007 4:04 am    Post subject:
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Hello Pjlene,

The Mortgage or Sales Redemption Insurance (MRI/SRI) as well as the fire insurance will come with the loan automatically but you will have to pay the insurance premiums. First year's premium has to be paid after approval of the loan but from second year onwards has to be paid on a monthly basis.
Icon Mini Profile larry





Joined: 27 Jun 2007

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Post Posted: Tue Nov 20, 2007 5:07 am    Post subject:
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Hi Pjlene,

Welcome in this forum.

Generally the first year annual premium coverage is prepaid and deducted from the loan that you take. From the second year you have to pay the amount on a monthly basis and it will be collected with the monthly loan payments. I think there are some misunderstanding has occurred. Your first year insurance premium was deducted from the loan and from the second year you have to pay the insurance premium on a monthly basis with the loan payments.

Thanks,
Larry
kat

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Post Posted: Wed Jan 16, 2008 3:53 am    Post subject: Pag ibig prepaid insurance
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Is it automatically deducted from the loan that you take? How much?Does it varies or depends on the amount of your loan? If yes, what is the calculation?If you want also to start living in the house you loaned, are you required to pay the total insurance premiums before you can get hold of the house key?thanks.
Icon Mini Profile Niicss
Niicss




Joined: 03 Oct 2005

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Post Posted: Thu Jan 17, 2008 5:31 am    Post subject:
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The insurance premium for the first month is automatically deducted from the loan amount but from second month onwards you have to pay that along with the monthly payments.

The insurance premium depends on the loan amount and your lender will be the best person to give the details about the insurance calculation. So it will be better if you approach him.

I'm not sure if you are required to pay the total insurance before possessing the house or whether you are allowed to do that if you are willing to. You should contact the lender to get these information.

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