Grace Period - Housing Loan FAQs
Frequently Asked Questions – HOUSING LOAN
1. What is the recent advisory on the grace period for loans?
Our advisory on the grace period has been updated in line with the issuance of the Implementing Rules and Regulations of Section 4(aa) of R.A. No. 11469 otherwise known as the “Bayanihan to Heal as One Act” last April 1, 2020. Click this link https://www.covid19.gov.ph/wp-content/uploads/2020/04/DOF-IRR.pdf to see the Implementing Rules and Regulations of the Bayanihan Act.
2. Who can avail of the Grace Period?
Under the Bayanihan Act, the mandatory Grace Period shall cover all existing BPI Family Housing Loan accounts with amortization due dates within the ECQ period, defined as the period from March 17, 2020 to May 31, 2020.
3. How can I avail? Do I need to apply or submit documents to avail?
For amortization due dates from April 2 to May 31, 2020, the auto-debit payment arrangement has been automatically suspended. There is no need to sign up or submit documents to avail.
For amortization due dates from March 17 to April 1, 2020 any amortization payment previously collected has been applied to your loan. To avail of deferred payment for these due dates, you may request for a reversal of the previously collected payment through SMS or E-mail.
4. What will happen to my Housing Loan under the Grace Period?
We will suspend payment collection for your loan and you will not be required to fund your deposit account under the auto-debit arrangement.
Note that despite suspension of the payment collection during the grace period, the unpaid loan principal shall continue to earn interest. As a result, your original amortization schedule shall be adjusted to reflect the accrued interest during the grace period.
5. What will happen to my Housing Loan AFTER the Grace Period?
Payment collection of an amount equivalent to 1-month amortization will resume automatically. There will be no double deduction of amortization, and no penalty fees will be charged.
However, the following changes will occur:
- After the grace period, your next amortization/s shall be applied as payment for the interest accrued during the grace period. So as not to increase the amount of your regular monthly amortization, the monthly distribution of your loan principal and interest will change accordingly.
- After the fixed-rate period of your Housing Loan, the adjusted outstanding principal and new interest rate shall be the basis for your succeeding amortization schedule.
- The maturity date of your loan shall be extended corresponding to the number of months your payment due date/s was deferred.
6. How much is the accrued interest on the unpaid loan principal resulting from the Grace Period?
The amount of accrued interest on the unpaid loan principal varies depending on both criteria:
- Amount of outstanding principal balance before the grace period was granted
- Age or tenure of your loan upon granting the grace period
To get your updated outstanding loan obligation/s, you may request for an updated amortization schedule from our Loans Customer Care unit by calling 889-10000 and dialing option 4-4-0.
7. What will happen if the Enhanced Community Quarantine is extended beyond May 31?
As provided for in the Bayanihan Act, if the ECQ is extended, the grace period will also be automatically extended and the auto-debit payment arrangement will remain suspended. Consequently, the maturity date of your loan will also be extended for a duration equivalent to the Availed Grace Period. Your loan principal will however continue to accrue interest during the extended grace period.
8. If I have another loan with amortization due dates within March 17, 2020 to May 31, 2020, will my other loan/s also be granted a grace period?
9. What will happen to my insurance payables i.e. Group Financial Security Plan (GFSP) formerly referred to as Mortgage Redemption Insurance (MRI) that is debited together with my Housing Loan?
Like your loan amortization, deduction for GFSP payments shall be similarly suspended on the affected due date, and its collection shall resume on the next due date following the lapse of the grace period. The insurance premium payment period shall likewise be extended.
10. I do not want to defer my payment and I just want to proceed with my regular amortization schedule. Am I allowed to cancel the Grace Period?
Under the Bayanihan Act, you may continue paying in accordance with your regular amortization schedule.
For this purpose, you may request for reinstatement of your regular payment schedule no later than May 31, 2020, either via SMS or EMAIL, following the prescribed format below. Our Retail Loans Customer Care team will contact you for validation of your request within 3-5 business days from request date.
- Thru SMS
Text LOANS-CS [space] NO GRACE PERIOD [space] Full Name [space] Loan Account Number [space] Birthdate and send to 0917-8910000
- Thru EMAIL
Use NO GRACE PERIOD _ Loan Account Number as the email subject, provide your Full Name and Birthdate in the email content, and send to [email protected]
Alternatively, if you are registered to BPI Online, you may continue paying for your loan amortization through the BPI Online \ Bills Payment option.
To register your Housing Loan account as a Biller, you may follow these steps:
- Log-on to https://online.bpi.com.ph
- In the homescreen, select Other Services
- Choose the option Manage Recipients
- Click the Add Recipients button on the upper right
- In the Recipient field, select the option Billers
- In the Billers field, select the Billers Name:BPI MAIN BFB LOAN | FBHOUS for Housing Loan
- In the Reference Number field, enter your 7-digit loan account number (EX: 00000008123456)
11. Can I avail of the grace period without extending the loan maturity?
Yes. As a result, all unpaid amortization/s before the grace period will be collected on your next due date following the lifting of the ECQ. If this is your preference, please call us at 889-10000 so we may process this request.
12. Due to the impact of ECQ, I need a different loan payment arrangement apart from the grace period and extension of loan maturity. What should I do?
Please call us at 889-10000 to discuss.