Are you looking to cancel your Pag-IBIG housing loan? Canceling a loan is a big decision and it’s important that you understand all of the implications of canceling it. In this blog post, we will discuss what’s involved in cancelling your Pag-IBIG housing loan and how you can do it.
how to cancel pag ibig housing loan
If you wish to cancel your Pag-IBIG Housing Loan, you need to coordinate with Pag-IBIG Fund and follow their cancellation procedures. Here are the general steps to cancel a Pag-IBIG Housing Loan:
- Submit a written request: Write a letter to Pag-IBIG Fund stating your request to cancel the housing loan. Make sure to provide your loan details such as loan number, loan amount, and purpose of the loan.
- Provide valid reasons: State your valid reasons for the cancellation such as changes in your financial situation, change of plans, or any other valid reason for cancelling the loan.
- Settle any outstanding balance: If you have already received the loan proceeds, you need to settle any outstanding balance including the principal, interest, penalties, and other charges.
- Pay the cancellation fee: Pag-IBIG Fund may charge a cancellation fee for cancelling the housing loan. The amount of the cancellation fee depends on the loan amount and the stage of the loan application.
- Follow up with Pag-IBIG Fund: After submitting your written request, follow up with Pag-IBIG Fund to check the status of your cancellation request. Once your request is approved, Pag-IBIG Fund will release the mortgage lien on your property.
It is important to note that cancelling a Pag-IBIG Housing Loan may have financial consequences such as forfeiting any payments made on the loan, losing any application and processing fees paid, and possibly incurring a penalty for cancellation. Therefore, it is advisable to carefully consider the decision to cancel a housing loan and seek advice from a licensed real estate professional or financial advisor.
The first step in canceling your housing loan with Pag-IBIG is to contact your lender. You should inform them that you are planning to cancel the loan and provide them with any relevant documentation they may need. Once you have done this, the lender will begin processing your request for cancellation.
The next step is to submit the cancellation form provided by the lender. This form will include information about the terms of the loan, including the amount that needs to be repaid and any additional fees or penalties associated with canceling the loan. It’s important to read over this document carefully before signing it as this will be legally binding if accepted by both parties.
Once both parties have accepted the cancellation form, then payments on the loan must be made in full within 30 days of signing it. This includes all outstanding balances on principal, interest, late fees, and other expenses associated with closing out the account. If there are any issues with making these payments in full within 30 days then you should contact your lender immediately as failure to do so could result in legal action being taken against you.
Canceling a Pag-IBIG housing loan is not a decision that should be taken lightly but sometimes it’s necessary due to financial hardship or other circumstances beyond anyone’s control. If you find yourself needing to cancel a Pag-IBIG housing loan then make sure you follow all of these steps properly and don’t hesitate to reach out for help if needed! Doing things right from start will ensure that everything goes smoothly when it comes time for repayment or closure of your account. Good luck!