INHOUSE FINANCING: HOME LOAN INHOUSE FINANCING
THE TRUTH ABOUT HOME LOAN INHOUSE FINANCING PHILIPPINES
If you cannot comply with all the requirements asked by both PAGIBIG and BANK or your loan application has been rejected by these two institutions, your remaining option would be to apply for loan via INHOUSE.
INHOUSE FINANCING MEANING: WHAT IS INHOUSE FINANCING AND HOW DOES IT WORK?
Instead of applying for a home loan through bank or PAGIBIG, developers allow their clients to apply loan directly to them. It is called INHOUSE Financing. The loan process is simple, and it has lesser requirements compare to what Banks and PAGIBIG are asking. However, among the three, it has the highest interest rates of about 15% (minimum) and has the shortest payment terms of about 10-15 years for house and lot (ONLY).
IMPORTANT NOTES ABOUT HOME LOAN FINANCING:
If you can apply for a home loan thru bank or PAGIBIG do it! They are way better than Inhouse Financing.
However,developers give considerable discounts to clients who can pay the full amount, so if you have the cash to shell out, you can enjoy this benefit! Now, if you cannot pay the whole amount in one sitting, but can pay it within 24 months (2 years), you can enjoy the (0%) interest rate from them.
Please read my post about [ Guide in Buying House and Lot in the Philippine ]. If you are currently paying down payment and are eying to apply loan tru bank, always remember that banks usually REJECT loan application if;
1. You have bad record history with any credit card companies!
2. You have a relationship issue with your partner (Hiwalay) or (not legally Separated) –
unless your partner is willing to sign some legal documents.
Please make sure that you also know the rule about CONJUGAL property.
3. NO ITR
These are the common reasons why people ended up settling via Inhouse Financing.
[ FOR HOUSING LOAN REQUIREMENTS PLEASE VISIT MY POST HERE: ].
HOME LOAN INHOUSE FINANCING PHILIPPINES