My Home Loan isn't debited
Hindi dine-debit home loan ko?
[My home loan is not being debited from my account?]
A recent enquiry that might greatly help you too in this time of pandemic.
Hi. My name is Lulu ( not her real name)
1. Hi Zach (he's one of our helpdesk)! hindi dinidebit yung home loan ko for 1 year na?!
2. No one's [from the bank] answering my emails
3. What will I do? Can you help me [please]?
4. I didn't change numbers [phone etc] but no one's calling or updating, I don't know what happened?
5. Pero ndi naman po mafo-foreclose yun [property] ano?
Stay tuned to this for the quick answers below:
Here you go: (the Bayanihan since circa mid-2020)
1. 'Bayanihan to Recover as One Act?' [BARO] and from BSP said okay to delay payment on amortisations of housing loan payments but need to pay the interest/s incurred during the months the delayed payment of. Details of which at the bottom reference please.
2. Or you decide NOT to avail [the Bayanihan to Recover as One Act], pay on your original amortisation schedule. No additional accrued interest will be charged. But you need to notify the bank.
Meaning you must fail not to pay as usual (as if no pandemic happens) the monthly amortisation without incurring interest charges but need to clearly communicate with your bank or bank branch where your housing loan account is.
Most of our client had selected the option 2 for the simple reason of no headaches after. Just keep asking them [the bank] for year end statement of account to have your loan account stated so for your own records and you see your up-to-date hard earned money payments.
3. Hello! Do you have idea what happens to the mortgage when it's forwarded to the Remedial Management Unit?
Good morning po. Usually we coordinate with the home loan and/or SME loan unit bank officers. The RMU po is responsible for managing, initiating and implementing strategies to maximise collection and recovery of assets of Non-Performing Loans (NPLs).
So likely po , they'll base their actions on the The Bayanihan to Recover Act*, they will compute and let you know and decide; Any outcome after that stipulated grace period and/or decide if you would be accepting the outcome after RMU's compute of any accrued interest and miscellaneous.
So to take note po of the period it was offered to Filipinos: "September 15, 2020 to December 31, 2020"
You reported them only this January 2022. Be polite and ready to explain po for any reason why the whole 16 months there was no communication between you po and the bank. No offence for those working abroad, and at the same time for the bank, as at the time the resource might have been scarce and the situation was a national crisis. Please try to communicate with them po nevertheless as soon as possible by all means: call their hotline, bank branch, email them, or if possible visit the bank. As compatriots, we are hopeful all will be well.
4. Bayanihan to Recover as One Act (BARO Act) Qualified clients are entitled to a one-time 60-day grace period for loan and credit card payments.
It turns out that the above home loan case gained arrears. Arrears is defined as money that is owed and should have been paid earlier. That's for 19 months, you may treat it as you did a payment holiday but with interest of... (please read the full case analysis for your lesson to learn too below)
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*The Bayanihan to Recover Act (R.A. 11494) or BARO Act is a law aimed at continuing the various programs to deal with and help the country recover from the COVID-19 crisis. Included in the law is the relief on loans which direct banks to provide a one-time 60-day grace period for qualified loans falling due from September 15, 2020 to December 31, 2020, without charging late payment, interest on interest and charges. Accordingly, loan maturity may be extended for sixty (60) days.
How is accrued interest calculated in the Bayanihan act?
If you will AVAIL the Bayanihan 2, accrued interest will be charged The accrued interest is computed based on your loan's outstanding principal balance as of 08.23. 2020 (last payment) which is P7,181,229.21 x the current interest rate x 30days/360. Thus, total accrued interest for 09.23. 2020 and 10.23.
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Advice: Be smarter than a scammer.
JC NORTH HOME LOAN nor BDO will never ask you to verify your home loan account. Do not click any suspicious links or give your login details and your OTP to fake BDO employees asking to 'verify' your account. The bank will never ask for username, password, OTP or one-time-password, credit card number, expiry date and CVV and it will never ask clients to click suspicious links online.
As experienced property consultants, we are accredited partner broker of BDO Home Loans, we endorse home loan applications.