16 May 2014


Got this in my inbox on May 7th:

Dear Valued Client,

Good Day!

We wish to inform you that the Bank has implemented your request for change in repricing cycle from 9.75% 5 year fixed to 7.00% 3-year fixed starting April 16 2014 up to June 16 2016.

Though why they gave that start date when we only applied on April 29th is a mystery to me. Shouldn't it begin on May 16th? In any case, here's to lower mortgages!

So we will now get to save Php 3912.44 per month starting today with the new rate. But, it gets even lower since we've decided to make an advance payment on our loan. Here's a breakdown of the changes:

Php 24,321 - original amount
Php 20,408.56 - due to rate change
Php 17,381.87 - due to advance payment

That's a total savings of Php 6,939.13 per month starting in June! We've decided to save the difference either for furniture when we eventually move-in or a new house. I'm still hoping someone out there will build my dream home and sell it to us at a reasonable price. Hahaha!


chizmaks said...


upon reading your post. I called PSBank if I could get a repricing of my home loan. From 8.5% it is now 8% fixed for five years. This is free. But if I want to make it 7% fixed for 3 years I have to pay the fee of 5,000.

Nicole said...

Good for you! Initially, Earl did not want to pay the Php 5000 fee. But when I told him we could save almost Php 47,000 (minimum) yearly, he agreed.

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