To extend assistance to the public in light of the Covid-19 pandemic, banks offer a grace period for payments on different loan products, including home loans and credit card loans, while also waiving transaction fees. The move especially considers the economic losses from work suspension or unemployment brought about by the outbreak.
Great article! Banks Offering Payment Extensions on Home Loans and Other Loan Products | Read more at Philippine Real Estate News. This article was first published at Lamudi.com.ph
BDO: 60-day extension
This applies to credit card, auto, home, SME and personal loans with due dates up to April 15. If you avail of the extension, you won’t be charged any penalty. But if you want to pay earlier, the bank can still accommodate it. Despite the enhanced community quarantine, several branches in Luzon are still operational. As of March 20, a total of 128 branches are servicing clients. Check their social media account to know which ones near you are open.
If you choose to go electronic on your payments, you won’t be charged for transaction fees. However, beware of emails asking for your account details and one-time password (OTP) to secure the 60-day grace period. According to BDO, no authorized representatives will ask for this information.
BPI: 30-day extension
BPI’s credit card and personal loan payments have a grace period stretching from March 16 to April 15. This is especially applicable to self-employed individuals whose income source was severely affected, and those who were laid off due to retrenchment.
Meanwhile, the grace period for the auto and housing loans will cover payment due dates from March 14 to April 13. Those qualified are people under the enhanced community quarantine, whose loan accounts are in good credit standing as of March 13. Banko NegosyoKo’s covered period, on the other hand, is from March 16 to April 15.
Metrobank: 30-day extension
If you have a payment due date on your home loan or car loan falling from March 16 to April 15, you’re qualified for Metrobank’s grace period. The auto-debit arrangement will not run, effective last March 20. The bank will only collect the payment on the next due date, along with the regular amortization. If you would want to settle your account nonetheless, refer to this list for their open branches. For other transactions, it’s best to use your mobile app to avoid going outdoors and interacting with people.
RCBC: 30-day extension
RCBC’s offering covers auto, home, personal, and salary loan payments. If your due date falls from March 15 to April 15, you can delay settling your account. But if you do wish to pay them still, you can visit select branches around the metro. Do note that they operate within shortened hours given the lockdown protocols. Still, if you can keep your transactions online, better. The bank has an app you can use to pay bills and even transfer funds.
UnionBank: 30-day extension
This applies to mortgage and credit card payments. In the former, it covers accounts whose deadlines fall on March 17 to April 15. You’re eligible for the grace period if the payments are not past due. If you’re in an auto-debit arrangement, Unionbank assured that they won’t run the system in the said period. No, you won’t be charged two months’ worth of payment for the next billing if you follow the grace period. Your loan term will just be extended to another month.
As for the credit cards, the grace period runs from March 16 to April 15. If you’re in an auto-debit set-up though, that will still run as scheduled.
Security Bank: 30-day extension
If you have no past-due balance as of March 16, you can qualify for the payment extension for due dates falling on March 16 to April 14. This covers credit card, home, personal, auto, business mortgage, and business express loans. The offering covers all Security Bank clients nationwide.
Don’t worry, your next billing won’t double if you delay payment during the said period. It will only extend the maturity of the loan. Likewise, late fees won’t reflect on your account. If there are any, the bank will waive it.
With payment extensions on loans, focus on what really matters now: your health and well-being. Practice good hygiene, stock up on nutritious food items, and boost your immune system. More importantly, stay indoors. Use the available resources at your fingertips to avoid leaving your home. As our health workers’ appeal goes, let’s flatten the curve.