Author Topic: Getting a Housing Loan (Thread 4)  (Read 31989 times)

sweetsweet

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Re: Getting a Housing Loan (Thread 4)
« Reply #340 on: March 23, 2017, 07:01:45 pm »
Sa pag ibig its only 5.5% too. Nalilito tuloy ako if sa bank or sa pag ibig kami mag loan.
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miksha

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How to buy a home on loan
« Reply #341 on: April 11, 2017, 03:11:34 pm »
i have a query on buying a house.  We are OFWs na uuwi na. Tapos na trabaho. We have savings enough to buy us a home. Now, we do not want to use all our savings for the house. Here is what we plan to do:
We will divide it into 3 parts:
Part1 - downpayment and paperworks for the home.
Part2 - furnishings and renovations costs
Part3 - put it into an investment and the monthly interest will be our monthly amort on the home and other monthly expenses.

But they say that we cannot do this because we cannot avail of a loan. We cannot avail of a loan since we do not have a certificate of employment anymore. We cannot ask anymore from our employers since tapos na, uwian na nga. We do not want to cash it all na pambayad sa house since wala na matitira. What are other ways to avail of a home po ba?

jmeangeL

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Re: Getting a Housing Loan (Thread 4)
« Reply #342 on: April 11, 2017, 04:55:05 pm »
I would suggest putting your portion of the invest/savings ahead. Open an account sa bank na balak nyong mag-loan.  Place the money on a time deposit, or a portion of it sa time deposit.  Update your PAG-IBIG contributions. P100 lang naman per month.  You can pay for the entire year at once.

You would have to wait about 6-months siguro, to build your credential with the bank.  Hindi na ba talaga kayo magwork? As in retired na? If not, then get a job. Something that would pay for the dailies at least.

Within 6-months, try to add in to your savings and do not pull out any money.  Tell the bank manager that you're shopping for a home loan.  Since the bank manager knows that you have capability to buy the house, I guess, he'll help you on that.

After, 6-months or when at least one of you has a regular job here in PH, then go and find that ideal house. Drop at least 30% of the TCP during your equity/DP.  This is to impress both the developer and bank of your capability to pay.

The 6-months is a short time to spare, to build your financial credibility.
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miksha

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Re: Getting a Housing Loan (Thread 4)
« Reply #343 on: April 11, 2017, 07:58:11 pm »
I would suggest putting your portion of the invest/savings ahead. Open an account sa bank na balak nyong mag-loan.  Place the money on a time deposit, or a portion of it sa time deposit.  Update your PAG-IBIG contributions. P100 lang naman per month.  You can pay for the entire year at once.
---> we have the regular SA and CA sa bank but we do not invest in TDs since we invest our money where the investment is more profitable. Sobra liit sa TD kase. We are also not PAG-IBIG members. the rules have changed also that you have to be 2years member to avail of any loan/benefits, before pwede ka maybayad one time na good for 2years pero ngayon even if you pay, you are not allowed to take out a loan.

You would have to wait about 6-months siguro, to build your credential with the bank.  Hindi na ba talaga kayo magwork? As in retired na? If not, then get a job. Something that would pay for the dailies at least.
- we plan on going solo (freelance, entrepreneurship, etc..)

Within 6-months, try to add in to your savings and do not pull out any money.  Tell the bank manager that you're shopping for a home loan.  Since the bank manager knows that you have capability to buy the house, I guess, he'll help you on that.

After, 6-months or when at least one of you has a regular job here in PH, then go and find that ideal house. Drop at least 30% of the TCP during your equity/DP.  This is to impress both the developer and bank of your capability to pay.

The 6-months is a short time to spare, to build your financial credibility.
- we have been remitting regularly to our bank. But as I have said,  just regular SA bec we invest elsewhere. We have no outstanding loans in the bank or in the PH. Pwede na ba siya na financial credibility?

blue_angel02

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Re: Getting a Housing Loan (Thread 4)
« Reply #344 on: April 12, 2017, 09:55:42 am »
Just an update, we have already signed Deed of Sale (DOS) yesterday with our seller after getting the 'Letter of Guarantee' from BDO , here's some important timeline just to share, so may idea kayo ng processing time after Loan Approval:

Mar 2 - Home Loan Agent received our application documents sent thru bank
Mar 8 - Email from Credit Dept, Application is in progress
Mar 10 -  Property CI
Mar 16 - Received Email Stating Loan was approved
Mar 24 - Document signing  , Payment of Bank Charges
Apr 7 - Email advising  Letter of Guarantee (LOG)  to the seller was transmitted to the Branch

Next step is to complete all paper works for the transfer of Title, then that's the time to release the funds na. Ayun about kamay na rin namin, pero medyo madugo pa rin ang pagtransfer ng title , hubby and I are both working kaya we had to find someone to do all the paper works ng pagpunta sa BIR at Registry of Deeds. 

But good luck to everyone.... hays sana baby naman next after the house.. oops  OT !  :)
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angelyum_18

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Re: Getting a Housing Loan (Thread 4)
« Reply #345 on: April 16, 2017, 04:49:43 pm »
Hi! I bought a pre-selling property and i'm still paying for the equity. I am due for bank evaluation this coming july na. Ask sana ako regarding the possible requirements (OFW) for a bank loan application and may I ask narin how much normally dapat yung laman ng savings account for it to get approved. The real estate have a tie up with chinabank and RCBC lang kaya dun lang ako pwede mag apply for a loan. TIA! :)

Maiandra1

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Re: Getting a Housing Loan (Thread 4)
« Reply #346 on: April 20, 2017, 01:53:06 pm »
Sis blue_angel02, mukhang same step na tayo sa loan process, we just got our Deed of Absolute Sale and also the LOG from the bank. Then, transfer title to my name na before they release the loan. I checked with the developer, and my gahd, aabutin ba talaga ng 8 months para lang matransfer name ko sakin? I know developer sila instead of individual seller pero sobrang tagal naman! Ganun ba talaga?

blue_angel02

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Re: Getting a Housing Loan (Thread 4)
« Reply #347 on: April 21, 2017, 03:55:28 pm »
Sis Maiandra1 , parang matagal naman ang 8 months, yung nag-aayos ng paper works namin (Paranaque area kasi) matagal na daw yung 45-60 days, sa Cavite daw yung nilalakad niya mga 2weeks lang daw release na ang New Title e.  Besides kung developer yan, I assume they are processing in bulk and baka may kakilala o kausap na sila sa loob. On our case, suggestion nung taga-ayos namin maglagay sa RD (dun kasi nagtatagal, sa BIR 10 Working days lang release na ang 'CAR' ). 

So I doubt na 8months ang aabutin ,sa amin na personal lakad at most 2 months na, mas lalo na kung developer siguro. I suggest you ask around kung saan City yung property ninyo located, kung ganun ba talaga katagal mag 'Tranfer ng Title'. Probably yung developer niyo and may remaining paper works pa na need i-settle with the Cityhall, alam ko kasi may ganun. Better ask them too... ;)
« Last Edit: April 22, 2017, 09:13:24 am by mama squeak! »
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jmeangeL

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Re: Getting a Housing Loan (Thread 4)
« Reply #348 on: April 21, 2017, 04:42:20 pm »
^^From experience:

House & Lot loan from bank - mabilis ang transfer of title since hindi babayaran ni bank si developer unless matransfer ni developer ang title sa owner. Between 2 to 3 months siguro, release na ang title, na turn over na rin ang unit.

House & Lot loan from Pag-ibig - took 6months for developer to complete the papers and for Pag-ibig to approve the loan.  Matagal dahil hindi pa naitatayo ni developer ang unit na for loan.  Hindi mag-iinspect si Pag-ibig unless nakatayo na ang unit at pwede ng i-take out ng owner.

Lot only with Sta Lucia - title was released 2 years after ma-fully paid ang lupa.  We didn't mind then kasi di pa naman namin papatayuan, kaya ok lang.
« Last Edit: April 22, 2017, 09:14:03 am by mama squeak! »
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angelyum_18

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Re: Getting a Housing Loan (Thread 4)
« Reply #349 on: April 23, 2017, 04:56:49 pm »
For bank evaluation, magkano po dapat laman ng savings account para po maapprove yung bank financing niyo? Thanks!

emdoze

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Re: Getting a Housing Loan (Thread 4)
« Reply #350 on: May 02, 2017, 11:36:15 pm »
hello, I just approved naman sa bank kahit walang savings, siguro nakatulong din na wala.akong credit card haha, pati autoloan approve din.OT, depende sa mag cci sa inyo

jmeangeL

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Re: Getting a Housing Loan (Thread 4)
« Reply #351 on: May 04, 2017, 03:06:16 pm »
^--- As far as I know, you can pay down in cash the remaining balance anytime. Now, whether a bank impose a penalty for this, would be another matter.
I have a loan with Landbank and they don't have any penalty if I want to pay the balance outright.
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LilaFowler

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Re: Getting a Housing Loan (Thread 4)
« Reply #352 on: May 09, 2017, 06:23:43 am »
Our units pre-selling, scheduled for turnover in Feb 2018, how early ba kailangan ma-secure yung bank approval? My bank manager wants to start the process now. Di ba masyado maaga?

What are the interest rates like saka bank charges?

Mahihirapan kaya kami kumuha ng loan kasi hindi overseas kami nakatira? My husband is not a Filipino citizen, ako naman is dual citizen.

We need siguro mga 3M depending on the interest rate. The total cost of the property is 8M and we want to pay as much equity as we can para our monthly payments is more or less equal to the rental incom.
« Last Edit: May 09, 2017, 10:28:46 am by LilaFowler »

rasee16

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Re: Getting a Housing Loan (Thread 4)
« Reply #353 on: May 09, 2017, 09:58:48 am »
^We processed our docs around 3 months prior to turnover.

Interest rates depend on the loan period that you will get. When I got mine, interest rate is 6.25% fixed for 3 yrs with yearly repricing.

Bank fees is around 2-3% of the total loan amount. This includes MRI, fire insurance, processing fees, etc.

I am not sure if mahihirapan kayo since you are both overseas. Is this the first time that you'll be getting a housing loan? As in wala kayong local address dito? Malaking factor yun, kasi syempre in case of default payments saan kayo hahanapin ng bank? During my credit investigation, mga neighbors ko ang kinakausap as well as the guards in our condo. Tinatanong background ko pati how long have I been living in my current unit.

LilaFowler

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Re: Getting a Housing Loan (Thread 4)
« Reply #354 on: May 09, 2017, 10:29:07 am »
My parents still live in the Philippines so we use their address. Our family has a long history with the bank (BPI) and we are preferred customers.

Last time I spoke to her sabi nya wala naman problem pero I don't know if that's only with BPI. Pero syempre I want to shop around rin for rates and the bank fees. Her offer was for a 10 year term, 4.3% fixed for 1 year or 5.5% fixed for 4 years.

monkeybusiness

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Re: Getting a Housing Loan (Thread 4)
« Reply #355 on: May 23, 2017, 04:58:13 am »
Hi. Im aiming to get a preselling condo. Everythings ok i guess but theres this what they call closing fees (it includes documentary stamp tax, transfer fees, registration fee, notarial anddocumentation fees and other administrative and handling fees to transfer title to buyer). Is it really like that?

jmeangeL

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Re: Getting a Housing Loan (Thread 4)
« Reply #356 on: May 23, 2017, 09:30:04 am »
^---sa lahat meron nyan, kahit sa Pag-ibig, sa banko, sa house and lot, at kahit sa kotse.  Kaylangan bayaran ang pagprocess ng papers at tax para malipat sa iyo ang pagmamay-ari ng binili mo.
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bluish_mommy

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Re: Getting a Housing Loan (Thread 4)
« Reply #357 on: May 23, 2017, 01:35:31 pm »
^totally different ang car loan sis.

jmeangeL

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Re: Getting a Housing Loan (Thread 4)
« Reply #358 on: May 23, 2017, 04:22:12 pm »
@monkeybusiness
Yun ang binayaran mo nung umpisa.  Yung sinasabi nilang DP, dun napunta yun kapag all-in ang car loan mo.
Different terminology but basically the same purpose of getting the docs under your name.
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monkeybusiness

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Re: Getting a Housing Loan (Thread 4)
« Reply #359 on: May 26, 2017, 06:41:02 am »
Thank you! I got confused sa closing fee ni dmci kc im looking for 2 options: bayaran ko si CF during dp OR isama sa bank financing.

Upon doing some homework it shows that it's still overall cheaper if i have higher %dp and include the CF in bank financing THAN lower %dp but include CF in the dp itself.

 


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