Financing of properties is now made easier these days, even you are based abroad. Banks in the Philippines now accept documents of those who worked abroad, provided, however, they are within the qualified age limit. Below are some requirements that are needed when buying a home entered into financing. Income Tax Return - photocopy Employment Certificate - original Bank Statements - photocopy Birth or Marriage Certificate - photocopy Passport - photocopy 2X2 Photo - original There are 2 kinds of financing in buying real estate property. 1.) Bank Financing 2.) In-house Financing Bank Financing There are normally banks that are automatically tied-up with developer and are sometimes called “in-house Bank Financing”. With this set up, the buyer doesn’t necessarily need to find his/her own bank and directly apply for a loan. Above requirements are just submitted to the developer, and developer is the one facilitating the papers in behalf of the buyer. This free up the buyer from the legwork needed in processing the papers. Brittany is tied up with six major banks in the Philippines. Standard rate is applied to all approved loan and takes effect during the time of loan approval. Rates in the Philippines vary from other countries. Philippine banks offer 5, 10, 15 years amortization. Some offers up to 20 years financing, depending on the age of the buyer. In-house Financing With this set up, the developer actually is the one extending a loan to the buyer. Since developers are not financial institution and bear more risk in taking the liability of the buyer’s purchase, hence interest rate is higher. In-house financing is better suggested to those who cannot present the requirements mentioned above. These are the people who are contractual but financially qualified. Cash Purchase When buying a property under cash basis, above requirements are still asked but not mandatory. It is always better to enter on a cash purchase if you have the available funds. Cash purchase may be of the following set up. Spot Cash - one time payment with discount Deferred Cash – cash basis on a staggered payment For other financing question, email or phone us. Back to main page Below are brief details of how to go about purchasing a home..
1.) It is important that you contact first a Sales Agent, someone who would personally attend to your need. You may now ask the Sales Agent of everything that you need to know about the property, pricing, computation and other things that you feel important to you. 2.) If you are based abroad, better send someone here (based in Manila or from other town) to inspect the site that you are interested in so you would have second opinion and first-hand report about the development. You may either ask them to contact us or ask us to contact them. A company provided vehicle shall be mobilized for them if they don’t have a car to use in visiting the development. Get the report from you representative and contact the Sales Agent if you are decided to proceed to get the unit. 3.) You will then be asked by your Sales Agent for the Reservation Fee of the said unit you are interested in to hold it and officially book it under your name. Sending of Reservation Fee can be done by either wiring your funds to international account of the owner/ developer or sending it to your representative and have them personally hand-over to us your Reservation Fee. 4.) Reservation Form will be sent to you afterwards via post mail or email. Fill up the Form and send it back to our Office together with your documents/requirements as listed below. Passport (photocopy)
Married or Birth Certificate (photocopy)
Income Tax Return (photocopy)
Post dated checks
2x2 ID Picture
Other Identification (photocopy)
And other minor documents 5.) Your account shall then be processed and your Sales Agent will give you update on the development of your transaction and of the unit you purchase. Upon reaching the downpayment payment of the Contract Price, the document CONTRACT TO SELL shall then be prepared by our admin staff and a copy shall be sent to you via post mail. Affix your signature to all the documents and send it back to us for notarial by our legal department. A signed and notarized copy shall be sent to you once done and completed. This serves as your legal documents manifesting your ownership and a commitment by our office to deliver the said unit after completion of your payment obligation. 6.) The Sales Agent will contact you, from time to time, to inform you of the development. You may also take the initiative in contacting the Sales Agent for a question or concern. For urgent reply on your question, call me now. Yours, JOAN JOY ALTURA MOBILE#63916 2326420 or landline# 5071624 joanaltura@yahoo.com |