Financial Blog

Effective February 15, 2021 the Vacation Month Payment option for Home Loans will no longer be available.

The Vacation Month Payment scheme, an additional payment option for Home Loans that allows the customer to skip one-month payment in a year, will no longer be available effective February 15, 2021. Existing Home Loan customers who have availed of the Vacation Month 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

1. What is Vacation Month?

Vacation Month 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 choose one month in a year to skip their monthly amortization. Amortization for the remaining 11 months will be slightly higher than the regular amortization due to the shorter number of payment periods in a year.

2. When will the Vacation Month Payment option be no longer available?

Effective February 15, 2021 the Vacation Month Payment option for Home Loans will no longer be available.

3. What will happen to my Home Loan that is currently under Vacation Month?

Your payment scheme will be converted to the regular monthly amortization option which has amortization payments for 12 months in a year. Due to the additional month and given the same interest rate and same maturity date, your monthly amortization amount will be slightly lower versus your Vacation Month monthly amortization.

4. Who can I contact for further queries on my Vacation Month Home Loan?

For inquiries, you can email [email protected].