My loan is not yet approved (or waiting for approval), can I continue my Monthly amortization, with the same rate as my down payment?
If the unit is Ready for Occupancy (RFO) or the building is 90% substantially completed, the developer will already start charging the monthly amortization with 12% interest wherein only the principal amount to be deducted from the loanable balance.
Failure to settle the full payment based on the agreed Schedule of Payment may result in the cancellation of your account. The Interim Monthly Amortization is a special accommodation or program to allow you to avoid cancellation by continuing the monthly payments with reduced computation of the interest and penalties, while your loan proceeds are not yet available.