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Company Loan Type APR Est. Pmt.

housing loan insurrance

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!

jenkin7's picture
jenkin7 | Joined: June 4, 2007 11:02 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

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.

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 00:34 | Post subject:

larry2's picture
larry2 | Joined: June 27, 2007 02:50 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

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

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

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.

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Niicss's picture
Niicss | Joined: October 3, 2005 11:54 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

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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