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Guide in Buying House and Lot in the Philippines :

Guide in Buying House and Lot in the Philippines

GUIDE IN BUYING HOUSE AND LOT IN THE PHILIPPINES:

GUIDE IN BUYING HOUSE AND LOT IN THE PHILIPPINES : INVESTMENT GUIDE

 
I created a guide in buying house and lot in the Philippines. This guide is based from my own personal experience, so to those who are planning to acquire or invest but do not know how/where to start please feel free to read my post.

If you can afford to avail a house and lot, invest now (especially if you’re renting)! If you can’t pay the property in CASH your other option is to apply for a “loan (Housing Loan)”. There are plenty of developers who offer rent to own house and lot everywhere!
 

YOUR GUIDE IN BUYING HOUSE AND LOT IN THE PHILIPPINES: Investment Guide

GUIDE IN BUYING HOUSE AND LOT IN THE PHILIPPINES:Investment Guide

1. IDENTIFY YOUR DESIRED HOUSE TYPE
• Single-Detached
• Single-Attached
• Duplex
• Townhouse
• RowHouse

* Lot Area – refers to the size of the lot.
*Floor Area – refers to the size of the house (first floor + second floor and so forth)
* The bigger the lot you acquire the higher the price.

2. IDENTIFY YOUR PREFERRED LOCATION/PROJECT
• Consider your work place.
• Accessibility to different transportation.
• Accessibility to all basic establishments (hospitals, schools, markets, malls, banks, etc.)?
• Safety/Security
• Village Amenities/Facilities
• Know the Developers’ Reputation (Do your home work! Scout/Research about the place or the property and its developer, find the most trusted developer for you’re investing your hard earned money! Choose your agent well!)

3. IDENTIFY YOUR BUDGET OR INCOME CAPACITY
• Know your monthly income or resources, identify your monthly expenses and savings (it will help you to identify your budget). Do not force yourself to buy a big/huge house if you can’t pay it in the long run.
• Choose the right financing scheme that fits your budget. (Pag-Ibig, Bank, In-house).

In house financing – is the easiest financing scheme among the 3 when it comes to requirements, but has the highest interest rate (about 15% up). A Max term to pay your loan via Inhouse financing is 10 to 15 years.

Bank Financing– offers longer term (max 20 to 25 years to pay) with lower interest rate. Some offers as low as 5.5% interest rate per annum (fixed interest rates varies according to terms)! Always remember that banks only grant 70% – 80% of the appraised value and you cannot apply a loan more than the actual cost of the property.

Pag ibig Financing – it’s a government financing scheme that offers longest payment terms (max 30 year) with less interest rate for 500K below, as the loan amount goes up interest rate gets high as well so better check with pagibig for the exact rate because sometimes banks offer lower Interest rates. Some developers are not accredited by Pag-ibig that’s why some of them only offers in-house and bank financing (but if you really want to use pag-ibig, individual application is possible). You need to be at least a Pag ibig member for 2 years to acquire a loan.

4. RESERVED A UNIT BY PAYING ITS RESERVATION FEE

5. PREPARE/SUBMIT THE NECESSARY REQUIREMENTS (such as ID, pay slip, marriage cert, tin# etc. Your agent will give you the list of exact requirements)

6. PAY THE REQUIRED EQUITY (DOWN PAYMENT)/ APPLY FOR A HOUSING LOAN
(Pag ibig, Bank of Inhouse)
For rent to own house and lot, buyer can pay the down payment (usually 20%) within 8 to 24 months depending on the developer’s policy or terms (at 0% interest rate). You need to provide post dated checks for the DP.

After paying the down-payment (the whole 20%), the developer starts the construction (your chosen house model). Construction takes about 6 to 8 months and during the period you should be at least processing your loan applications. Aside from passing all the necessary requirements/documents, House should be at least 80% complete in order for banks to appraise and approve your loan.

*For townhouse, the whole block should be paid or sold before the developer starts its construction.

6. MOVING IN
As soon as the house is fully constructed you can perform the house inspection and if you’re happy with the unit (constructed correctly), the developer will ask you to sign some documents (house acceptance).

As soon as your loan is accepted by the Institution you can now move into your new home!  (some developers have special services where in clients can apply for MERALCO and water connections tru their office and while processing the application the developer will temporary allow you to connect via sub meter within the village).  The Original Copy of the Title will be kept by the bank and will be given to you (under your name) after paying your debt so make sure you’re paying your monthly amortization and tax dues (yearly).

Guide in buying house and lot in the Philippines:: Investment Guide

Protect your money or your investments. Good Luck!
Check this link:(Guide in buying house and lot in the Philippines): Investment Guide
http://renttoownhouseandlot.com/
GUIDE IN BUYING HOUSE AND LOT IN THE PHILIPPINES
 
 
 
 
 

GUIDE IN BUYING HOUSE AND LOT IN THE PHILIPPINES::
GUIDE IN BUYING HOUSE AND LOT IN THE PHILIPPINES::
Guide in Buying House and Lot in the Philippines : was last modified: May 17th, 2016 by Joyful Mommy

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* A proud mommy * Full time mom * part time web project manager * fond reader of web forums especially about parenting * loves to share useful information * loves her daughter and husband * happy individual * God Bless everyone!

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2 Responses

  1. Joyful Mommy says

    just a small note, before paying your equity(usually developers ask for post dated checks) ALL CHECKS SHOULD BE PAYABLE TO THE COMPANY (DEVELOPER) NOT TO THE NAME OF THE AGENT OR ANY PERSON! AND ALWAYS ASK FOR AN OFFICIAL RECEIPT.

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