June 20, 2014

Should I Take Out A Bank Loan to Pre-Pay My Pag-Ibig Loan?

I have a Pag-Ibig housing loan payable for 15 years.  We are now on our 10th year, and I am seriously thinking of taking out a bank loan to pre-pay the balance.  I can get a very good rate for the bank loan since it will be on an affiliate of my employer.  Since the amount being deducted from the principal of the loan is only 1/8 of the monthly amortization, then I think I can save a lot.  The only problem is if I can afford the deduction from my monthly take home pay.  Hmm, I will have to create a spreadsheet with this and I will tell you how much I can save if I do this.  I will update this post soon.

No comments:

Post a Comment