[Blueboard] Home and Car Loans for Employees

ovpft at admu.edu.ph ovpft at admu.edu.ph
Sat Mar 6 11:53:21 PHT 2004


MEMO TO    :   All Employees

FROM       :   Vice President for Finance and Treasurer

SUBJECT    :   Home and Car Loans for Employees

DATE       :   March 4, 2004
 
	
We are pleased to inform you that arrangements have been made with Metrobank 
for home and car loans to be extended to interested employees.  The latter has 
agreed to give us lower interest rates and better terms, while the University 
committed to undertake the salary deduction and monthly remittance of payment. 

The features of the two loan programs follow:

   A. Home Loan
        Eligible Borrowers :     Permanent employees with 2 years work tenure
                                 and not more that 65 years old upon loan
                                 maturity
        Loanable Amount    :     Up to 70% of the appraised value of property,
                                 may be up to 80% if prime property; Minimum
                                 of P500,000 up to a maximum of P5Million.
        Loan Purpose/ Loan
        Term               :     Purchase of lot - 10 years
                                 House Renovation/ Purchase of condominium
                                     Unit - 15 years
                                 Purchase of H & L/ Townhouse Unit/ House
                                     Construction - 20 years
        Interest Rate      :     10.5% - fixed for 1 year
                                 11.0% - fixed for 2 years
                                 11.75% - fixed for 3 years
                                 13.0% - fixed for 10 years

   B.  Car Loan
          Eligible Borrowers:     Permanent employees with 2 years work 
                                  tenure and not more than 65 years old upon
                                  loan maturity

       B.1 Financing of Brand New Units
 
           Downpayment and Term : 20% Downpayment - 48 months Payment Term
                                  30% Downpayment - 60 months Payment Term

           Interest Rate (Add-On): 36 Months        21.3%
                                   48 Months        30.0%
                                   60 Months        41.2%

       B.2 Financing of 2nd Hand/ Used Units
                                    Age of Car  Min. equity based    Maximum
                                                On appraised Value     Term
             Downpayment and Term : 1 year old        30%           48 Months
                                    2 years old       35%           36 Months
                                    3 years old       40%           30 Months
                                    4 years old       50%           24 Months

             Interest Rate(Add-on): 24 Months       14.7%  
                                    30 Months       18.8%
                                    36 Months       23.1%
                                    48 Months       32.4%

       Interested employees may secure the application form from my office



       JOSE M. SANTOS



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