Application to principal
Can I apply my Severance to the principal of my mortgage loan?
Yes. Severance can be applied to the mortgage or educational loan through one of the following options:
Principal payment with term reduction: the installment amount remains the same and the loan term is shortened.
Principal payment with installment reduction: the installment amount decreases and the loan term remains the same.
What should I keep in mind to apply my Severance to my mortgage loan?
To request the application of Severance to the loan under any of the available options, the following must be taken into account:
- 1.
If the mortgage loan was disbursed before January 1, 2012, severance payments are applied as a "principal payment with term reduction." To change how severance payments are applied or to keep them in the individual account, you must:
Fill out the form 'Request for severance pay or voluntary savings for a credit' and check the option you want for applying the severance pay.
Sign the corresponding amendment for the chosen option. Then, file the documents at any service point nationwide.
- 2.
If the mortgage loan was disbursed from January 1, 2012, the severance pay is 'kept in the individual account with pledge.' To apply the severance pay to the loan using one of the alternatives, you have the following options:
Enter www.fna.gov.co choose the Online Fund, Wallet, and Severance Application Option.
Or fill out the form 'Request for severance pay or voluntary savings for credit,' check the desired option for applying the severance pay, and submit it at any service point nationwide.
- 3.
Your credit must be up to date to request the application of your severance pay.
If the initially agreed contract is modified, the debtor must comply with it should they wish to make principal payments in the future, and the FNA must approve it beforehand.