Getting a Housing Loan (Thread 3)

[nanaysays]

grabe hirap intindihin nang mga process or steps noh? but like ko din tlaga eh kaso natatakot ako kase nung uncle ko parang hirap na hirap sha mag bayad nang niloan nya sa bank parang sobrang taaas nang interest

[chego2]

ano po short term value ng pagloan sa bank? versus loaning sa PAGIBIG?  Parang skeptical po kase ako minsan with the idea of loaning itself eh. 

Parang worry ko po kase na if I compute the interests, surcharges...lalabas na sobra laki ilalabas ko na bayarin sa bank (kesa sa pag-ipunan na lang namin yung gagastusin for a house construction project).

Thanks po your insights on this.

[whitebishop]

totoo yan yung ni file ko nga na loan 10 years to pay nung ni compute ko e dumoble yung amount. dapat maregulate ng bsp yang mga banks kasi parang di makatarungan

[chefron]

Chego2, ang tanong, may discipline ba sa pag iipon? How long do you think bago nyo maipon yun?

Whitebishop, ilang percent ba ng interest nakuha mo? Kase yung samin at 10% 5 year term, parang almost 30% lang ang nadagdag? Syempre bukod dun yung equity or downpayment made.

Nanaysays, sis baka naman kaya nahihirapan eh hindi na same yung kinikita nya, or kulang na yung source of income.yun lang naman ang dahilan baket nahihirapang magbayad...also pag lumalaki din ang household expenses.

Kaya ang lagi nilang advice, never get a loan above 30% of your income ang mababawas sayo.

[whitebishop]

chefron it's a 10 year term fixed at 1-3 years... iniisip ko nga na i shorten to 5 years e.

[misspink]

Pajoin i'm currently paying for equity for 18 months. Will end on August 2013. Pwede na ba ko mag-apply ng pag-ibig loan before ko matapos ang equity payment? Say March or April 2013 application? Yung developer ko kasi, i received a letter na by Sept2013, kung di pa naayos ang outside financing, i need to pay muna the developer month-on-month pero in-house financing rate. Jusme eh 27K per month. Baka asin na lang ulamin ko. Hehe. Please help mga sis. TIA.

[j_in_tokyo]

sis, actually iyong loan ko din sa ps bank approve na... magkano ang charge nila sa appraisal fee? sabi ng agent ko ang sabi ng bank around 40k... totoo ba iyon ? sa metrobank as of today oct 19 8.5% 10yr term.
OFW din ako, kaya naghahanap ako ng bank na lesser fee at madali ang approval.

sis ano mga requirements na pinasa mo as OFW aside sa mga docs from the developer?
OFW din kasi ako eh..and next year magloan na ako sa bank kasi magstart na ako ng montly amortization sa condo na kinuha ko..

[GABJUMZ]

@j-in-tokyo kailangan ng employment certificate na authenticated ng Philippine Embassy, bank statement for six months where you salary is being transferred, company ID, Residence PErmit ID, copy of passport together with all the residence permit/visa stamps and proof of remittance.

I don't know the procedure in Japan pero here in Doha before iauthenticate ng PE ang employment certificate eh kailangan pang dumaan sa Chamber of Commerce at Ministry of Foreign Affairs.

[j_in_tokyo]

@j-in-tokyo kailangan ng employment certificate na authenticated ng Philippine Embassy, bank statement for six months where you salary is being transferred, company ID, Residence PErmit ID, copy of passport together with all the residence permit/visa stamps and proof of remittance.

I don't know the procedure in Japan pero here in Doha before iauthenticate ng PE ang employment certificate eh kailangan pang dumaan sa Chamber of Commerce at Ministry of Foreign Affairs.

noted sis..atleast may idea na ako...thanks

[swit_squiggle]

Sinong may idea regarding the new housing loan ng Pag-ibig? Iniba na kasi nila kasi base na sila sa prevailing market rate lesser than the bank nga lang. hindi ko alam pano ecalculate ang kanilang table published on the web.

[GABJUMZ]

Sinong may idea regarding the new housing loan ng Pag-ibig? Iniba na kasi nila kasi base na sila sa prevailing market rate lesser than the bank nga lang. hindi ko alam pano ecalculate ang kanilang table published on the web.

Hi sis, I hope this will help you a little about the ecalculate. You just need to fill up the loanable amount then choose the interest rate. Repricing period means it is a fixed interest rate applicable for a certain period. As an example, pwede ka mamili kung gusto mo eh fixed ang interest rate na babayaran mo for 3yrs which is 7.985% then after the 3rd year ng loan mo they will recompute the interest rate (yearly) based on the actual market rate. Mas mababa ang interest rate kapag shorter ang repricing period but the risk is there is a probability na the repriced rate will be much higher than the fixed interest rate they initially charged. So ang ginagawa ng iba, they chose the fixed interest rate pertaining to the terms of the loan. Say 5 years ang loan period, they will opt for the 5yrs fixed interest rate of 8.985% para for the whole duration of the loan equal yong amortization.  Take note that the interest rate is based on the inflation rate, kapag mataas ang inflation rate mababa ang interest rate.

After mo magfill up ng interest rate just fill up kung ilang years ang loan na kukunin mo and they will give you an estimated amount of monthly amortization. Kapag magkaiba ang repricing rate at ang loan terms mo, the monthly amortization will change din after mag effect yong repricing ng interest.

Now, para macompute mo more or less kung magkano ang total amount na babayaran mo including interest rate just multiply the amount of monthly amortization x no of monthly installment payments sa loan term.

Example: Loan amount is P2M
Repricing interest: 5yrs = 8.985%
Loan term: 5 years
Monthly amortization= P38,132.18

The total amount of principal and interset na babayaran mo is P2,287,930.80

[wahmjunkie2]

Help naman po. Kapag ang bank ba nag-appraise ng property may chance na mas mababa ang value than the selling price? Yung developer kasi namin may ka-tie up na bank but I want to check with other banks as well. Dun sa ka-tie up guaranteed 80% of the selling price ang pwedeng i-loan while dun sa other bank 80% of the appraised value. Worried ako na baka magshell out pa kame ng extra.

[whitebishop]

usually talaga up to 80% lang ang appraised value pero kung mura ang selling price baka kaya na ibigay ng bank yung loan amount mo.  take note magka iba ang appraisal value sa selling price. but by experience mas mababa ang appraised value kesa sa selling price. hope this helps.

[younis]

^usually naman talaga mas mababa ang appraised value

[wahmjunkie2]

I see. Thanks!

Sis whitebishop, ano para sa bank yung "murang" selling price? Yung unit namin 1.8 ang selling price. Mura na kaya yun for them? Bayad na din namin yung 20%.

Gusto ko lang sana mahabol yung promo ng PNB which ends tomorrow. Sayang din ang home theater. Pero  assuming mas mababa ang appraised value baka mas mapagastos pa kame?

Which would you recommend, dun sa ka-tie up or look for other banks?

[whitebishop]

Bro po ako.
1.8M ilang sqm ang floor area. ilang sqm ang lot area? san located?  yun yung important information para masabi na mura or mahal sya

Yes, I encourage you to check which bank offers the best rate yung home theater bonus na lang yan. always choose the bank with the best rate... tapos wag fixed... gawin mong variable ang loan mo.

PSBank, Metrobank, Chinabank okay ang mga rayes nila.

[qtlouise29]

^ bakit mas ok na variable yung loan kesa fixed? may possibility ba na mas mababa interest rates sa future? thanks po!

[whitebishop]

that is correct. may possibility na mas bumaba yung rate lalo na ngayon na gumaganda ang economy.  but it's a risk. risk big win big. risk less win less.

[qtlouise29]

^ thanks bro!
kung let's say 15years yung loan term tapos fixed for 5 years, on the 6th year magco-compute uli sila depende kung ano interest rate that time tama? based pa rin sa remaining principal amount yun? so pag nag-extra bayad ako sa bank tapos sasabihin ko add sa principal yun, pwedeng mas maliit na yung principal ko on the 6th year?

[wahmjunkie2]

Hi whitebishop, nag-pm ako sayo.
Thanks!