Effective January 1, 2021 the Fantastic Elastic Payment option for Home Loans will no longer be available.
The Fantastic Elastic Payment scheme, an additional payment option for Home Loans that provides the customer the flexibility to underpay and overpay their monthly amortization, will no longer be available effective January 1, 2021. Existing Home Loan customers who have availed of the Fantastic Elastic payment option shall be converted to the regular amortization payment upon effectivity date. This will have no effect on Home Loan customers who are currently on the regular amortization payment option.
Frequently Asked Questions
- What is Fantastic Elastic? Fantastic Elastic is an additional flexible payment option that you can choose for your Home Loan, aside from the usual regular fixed monthly payment of principal and interest. Under this payment option, the client can make overpayments (excess payments) and underpayments on their home loan with no extra charges.
- When will Fantastic Elastic be no longer available? Effective January 1, 2021 the Fantastic Elastic Payment option for Home Loans will no longer be available.
- What will happen to my Home Loan that is currently under Fantastic Elastic? Your payment scheme will be converted to the regular monthly amortization option. Your monthly amortization amount will remain the same as your minimum monthly amortization under the Fantastic Elastic scheme.
- Can I still do overpayments or partial payments on my loan under the regular monthly amortization option? Yes, you can still do overpayments or partial payments on your loan during your loan anniversary date with no additional charges. If outside of anniversary date, you can still make partial payments or pre-terminate your loan, but subject to the standard processing fee of PHP5,000. All overpayments or partial payments will automatically be applied to your loan outstanding balance.
- Can I still do underpayments on my loan under the regular monthly amortization option? No. You will need to pay the monthly amortization due.
- What will happen to my deposit sweep account that is currently linked via Auto-debit Arrangement to my Home Loan under Fantastic Elastic? Your deposit account will still be linked to your Home Loan under the Auto Debit Arrangement, but we will only debit your monthly amortization due. Any excess amount in your account will not be debited.
- Will my deposit sweep account still be on a no maintaining balance arrangement? The no-maintaining balance arrangement feature will be retained.
- Who can I contact for further queries on my Fantastic Elastic Home Loan? For inquiries you can email [email protected]