[Blueboard] Home and Car Loans for Employees (with sample computation)

Treasurer's Office ovpft at admu.edu.ph
Mon Mar 8 09:39:18 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 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 than 65 years old
                                                upon maturity
              Loanable Amount   :     Up to 70% of the appraised value of the
                                                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%
                  Sample Computation:
                  Price of a brand-new Honda City 1.3S Manual Transmission  -  P529,000
                  Minimum Downpayment (20%)                                               P105,800
                  Loan Amount                                                                        P423,200
                  Term of Loan                                                                         60 months
                  Interest Rate                                                                         41.2% Add-on
                  Monthly Amortization (423,200 x 1.412/60 Months)                  P9,959.31

           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 mos 
                                                       2 years old        35%             36 mos     
                                                       3 years old        40%             30 mos
                                                       4 years old        50%             24 mos

                  Interest Rate(Add-on:     24 Months          14.7%
                                                      30 Months          18.8%    
                                                      36 Months          23.1%
                                                      48 Months          32.4%
                         
                  Sample Computation:
                  Purchase of a 2nd Hand Unit - 2001 Toyota Corolla XL (3 year old car) 
                  Appraised Value                                                                   P350,000
                  Minimum Downpayment (40%)                                               P140,000
                  Amount of Loan                                                                    P210,000
                  Maximum Term                                                                    30 months
                  Interest Rate                                                                        18.8% Add-on
                  Monthly Amortization (210,000 x 1.188/30 Months)                 P8,316.00

            Interested employees may secure the application form from my office.



           JOSE M. SANTOS
     

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