IN-HOUSE FINANCING: HOME LOAN INHOUSE FINANCING PHILIPPINES
INHOUSE FINANCING PHILIPPINES
THE TRUTH ABOUT HOME LOAN INHOUSE FINANCING PHILIPPINES
For House and Lot, developers usually allow their clients to pay the property down payment (downpayment is usually 20% of the total contract price of the property) within 8- 24 months depending on the firm’s policy. House construction starts after paying the full down payment. If you cannot comply with all the requirements from bank or pag ibig , your last resort is to loan via inhouse.
HOME LOAN INHOUSE FINANCING MEANING: HOW DOES IT WORK?
Aside from applying a home loan tru bank or pag-ibig, developers themselves allow their clients to apply a loan directly to their firm. Inhouse Financing process is easy for they do not ask much documents from their clients unlike most Banks and Pag-ibig do, However, it has the highest interest rates (15% and up) and has shortest payment terms ( 10 to 15 Years only for house and lot, much shorter for “Lot” alone) compare to what most Banks and Pag-ibig Fund are offering.
IMPORTANT NOTE ABOUT HOME LOAN FINANCING:
If you can apply a home loan tru bank or pag-ibig do it! Bank Financing and Pag-ibig financing are way much better than in-house Financing. Developers usually give discounts to clients if they pay in full so if you have cash to shell out to pay the total contract price of the property you’ll definitely get a big discount from them! If you do not have enough money to pay the property in full, but can pay it within two years time you can have the deferred cash payment as another option, you can pay your property within 24 months at zero interest rate (0% interest).
Please read my post about Guide in Buying House and Lot in the Philippine. If you are currently paying the down payment and you are eying to apply loan tru bank, always remember that banks (usually) won’t grant your 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 you can have your partner sign all the required 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