INHOUSE FINANCING: HOME LOAN INHOUSE FINANCING
THE TRUTH ABOUT HOME LOAN INHOUSE FINANCING PHILIPPINES
For House and Lot, developers usually allow their clients to pay the 20% property down payment 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 a bank or PAGIBIG, your last option is to loan via inhouse.
INHOUSE FINANCING MEANING: WHAT IS INHOUSE FINANCING AND HOW DOES IT WORK?
Instead of applying for a home loan thru bank or PAGIBIG, developers themselves allow their clients to apply for a home loan directly to their firm also know as InHouse Financing. The loan process is easy as it has lesser requirements than most Banks and PAGIBIG. However, it has the highest interest rates of a minimum of 15% with shortest payment terms for 10 to 15 Years for house and lot, much shorter for “Lot” alone.
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.
Developers usually give discounts to clients paying the full amount so if you have the cash to shell out you’ll get a big discount from them! If you do not have enough money to pay the property in full, but can pay the total amount within two 24 months (2 years), they can offer you a deferred cash payment with zero (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