Here is the below given formula for Pag ibig Housing Loan Penalty For Late Payment which is given below. PAG-IBIG loan fund is social serving organization under government agency aimed at provide the facilities to have affordable own home at a very low interest rate. the citizen can have loan on their saving money and return the particular amount in very easy installments from 5 to 30 years.
Pag ibig Housing Loan Penalty For Late Payment
On the other hand if payment couldn’t submit on the exacting date than the penalty is applicable along with installment. Like the interest rate on the delay payment penalty rate also very low that is 1 /2 of 1% of the total amount due per day of postponement.
1 / 2 of 1% multiply with due amount = delay days
If the Monthly payment is 6,000 then what would be the penalty per day and what would be the ratio of penalty for 30 days here we will see
Penalty per day = 1 /2 of 1 % x 6,000
Penalty per day = 0.05 of 60
Penalty per day= php.3 in a day
Penalty for 30 days = 3 x 30 =.90 php
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90 PHP would be implacable in a month which is quite reasonable for the citizen. This amount will be deduct through the salaries if the employ is able to proof that the delay in payment Is not his fault the employer is responsible for the hindrance than the penalty amount reversed employer would pay the penalty. For other apprehension please check on official website pag-ibigfund.gov.com. Please stay tune for further useful information.