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Monday, May 5, 2008

House and Lot Loan

My house and lot is mortgaged with a government owned corporation named PAGIBIG in 1997. I obtained a loan from this office 10 years ago to pay the whole amount to the developer. Since then, i have been paying the monthly amortization through automatic deduction from my salary, which is quiet substantial. I still have 15 years to pay since the term of payment is 25 years. The last 10 years have shaken my budget, and will continue to be shaking for the next 15 years more.

The Government Service Insurance System offers this Consolidated Loan. I have computed, if i avail of this loan, a loanable amount of a substantial amount, too.I plan to file a loan with GSIS and pay it to PAGIBIG to lower my monthly amortization. All are still plans as i still have to compute on whether i am being efficient on this or not. I want to get rid of my housing loan as 15 years seems like an eternity for me. At least, at GSIS, if i could avail of the Consolidated Loan, i will only have to pay for 5 years. Well, i will analyze and see what i can do with this. This is an assignment i assign to myself.Deadline? Soonest.

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