Getting a Housing Loan (Thread 3)

[flighty_phoe]

based on interest rates, lowest talaga sa PSbank? we inquired na sa kanila, and 9% lang 15 years nila how about sa chinabank, at eastwest?

[j.adore]

^If you mean ibibigay ni developer yung title sa bank (pero nakapangalan sa buyer), grace period daw is 2 years max.

After the LOG and that you have completed deposit and other turnover charges ng developer, pwede na move in.

Dun sa PDC, dapat talaga direcho sa bank yun kasi para sa bank charges. Napaka-fishy na si developer ang kukuha nun. Even if they are group of companies, sa bank representative pa din yun dapat binibigay at nakapangalan sa bank name.

[ilbsiri]

Hi mga sis paano po ba gagawin? interesado po kame na kumuha ng house loan, pero hindi namin alam saan kame mag sisimula, sa developer ba, hanap muna kame ng bahay o sa banko? Salamat

[younis]

^^of course, firstly, hanap ka muna syempre ng property, then know the options kung san pwede i-loan (e.g. bank, pag-ibig, in-house sa developer, etc) then from the options, dun ka magkaka-idea san pwedeng institution pwede i-finance yung property.

[j.adore]

abbeydasassy, ang bad. Kung ayaw nila ibalik yung PDC, you can advise your bank not to release the fund for that specific cheque.

[cinnam]

Hi mga sis, say your monthly salary is just 20-21k, yung monthly DP for equity is 8.3k, pasok naman siya sa 40% of your net disposable income diba, what are my chances of getting denied or approved para sa bank guarantee (Chinabank kasi tie up din sila ni developer)? Nagbayad na kasi ako ng 10k for reservation, wala ako mailalagay na co borrower.

If denied ka of bank guarantee, Hindi ka na makakapagloan sa kanila after your DP? Eh Hindi ko pa naman illoan sa kanila yung DP ko diba.

Sa feb 3 na due na first DP ko, malalaman ko kaya results before then?

Nag sayang lang ba ako ng pera? Hay... My plan is 1M lang illoan ko sa bank kasi after my 36 DP, I want to pay lump sum para less interest and 1M even na lang loan ko. 1.5M yung unit.

Diba after naman ng DP, I assume mag check ulit yung bank ng capacity to pay ng borrower, eh by that time naman siguro, medyo Mataas na net ko.

Also, normal ba na reservation receipt lang hawak ko na papers? ano pa ibang papers kelangan meron ako?

Sana may makasagot TIA

[nebpia]

hello po, just wanna ask if any one of you get your house dun sa mga acquired assets halimbawa ng banks or sa HDMF/SSS?  Pa-share naman ng experience and procedure please.  Thanks

[GABJUMZ]

Sis Celestina walang bank na mag ooffer sayo ng 3% interest fixed for 10 years. Usually ang interest is based sa inflation, kapag mataas ang inflation mababa ang interest and vice versa.

We had our loan s RCBC 1.5years back and the rate is 5.99% fixed for 1 yr, 7.99% fixed for 5 years and 8.99% fixed for 10 years. We chose the 8% interest fixed for 5 years though the term of our loan is for 10 years as we are planning to pay it within 5 years if makaalis si hubby hindi lang kami pwede kunin ang 5 year term as medyo mabigat ang monthly amortization.

Though mas laking baba kapag you opt for the fixed yearly interest kaya lang ay hindi ka nakakasigurado for the next years to come how much ang interest rate na ichacharge sayo ng bank since yearly ang recomputation ng amortization and interest rate hindi tulad kapag fixed interest rate, kahit tumaas ang interest rate for the years to come, nakafixed ang rate mo.

[marbleslice]

Subscribing mga sis, laking tulong talaga ng GT forums.

We recently got a residential lot from Avida. This month na magstart kami magbayad ng stretched DP for 15 months. On the final computation, it was stated there na need kami magprovide ng bank guarantee on or before June 2014 (so that's 5 months from now) then due and payable on July 2015. Sabi ng Avida agent ko, i can apply for housing loan as early as now para nga ma-obtain ko ang bank guarantee document (i hope tama itong statement ko, from what i understand)

Mag iinquire na din ako sa banks though first on my list would be PS Bank as most of you say na mababa interest rates at tie up siya ng Avida. And namention niyo din na mabilis ang processing time nila 5 banking days or less than 2 weeks at the most.

Questions:
1. kung mag aapply na ko for housing loan (for the bank guarantee purpose) and let's say, approved na. Do I get the bank guarantee na?
1.a. Dito na din papasok yung sinasabi niyong bank charges with MRI?

2. Tapos yung funds ba, irerelease na nila through cheque onced approved ngayon na naka-post date lang ng July 2015?

Sorry for this, first time lang din

As per agent, "contract to sell" document would be provided after complete payment ng stretched DP.

Any response would be appreciated. TIA 

[j.adore]

celestina, meron referral bonus na binibigay sa mga broker/agents pag nagsuggest sila na sa certain bank kumuha ng loan yung client nila.

PS Bank, EastWest Bank, and Robinsons Bank have the lowest rates around 6-7% when we last inquired late 2013.

GABJUMZ, same tayo ng fixing schedule and loan plan.

marbleslice, yes PS Bank pinaka-ok at yun yung kinuha namin dun sa Avida purchase.

after you complete all requirements and pay for the bank charges, that's when they can release the Guarantee.

Not sure about the check but the bank would (and should) be aware na ongoing pa yung DP at isschedule nila na magstart yung amortization niyo once tapos na DP.

[marbleslice]

marbleslice, yes PS Bank pinaka-ok at yun yung kinuha namin dun sa Avida purchase.
after you complete all requirements and pay for the bank charges, that's when they can release the Guarantee.

Thanks j.adore for your inputs, while backreading nakita ko avida din sayo. Magiipon na ko ng 30+k na bank charges, kasi more than 1M yung housing loan 

Not sure about the check but the bank would (and should) be aware na ongoing pa yung DP at isschedule nila na magstart yung amortization niyo once tapos na DP.

thanks for emphasizing this one out, i-clarify ko sa bank na after completing the stretched DP saka magstart yung MA ng housing loan. Baka mag sabay sabay ang singil nila maloka ako. Hehe 

[GABJUMZ]

Definitely hindi magsasabay sabay ang pagbayad ng monthly amortizaiton at DP sis. Magsstart ang monthly amortization mo 30 days after irelease ang loan at hindi irerelease ang loan mo hanggat hindi bayad ang DP mo. Better ask the developer kailan magsstart ang construction ng house mo since based sa nabasa ko sa Avida website, it will start 6 months after the full payment of the DP and upon receipt of the bank guarantee. Hindi ako masyado sure pero ang mga banks are conducting pre-appraisal and inspection of the property before they will release the loan. Better linawin mo sa bank kung ano ang procedure nila for the release ng loan kung klangan ay constructed na yong house or kahit hindi pa tapos ay irerelease na nila basta tapos na yong DP nyo sa Avida.

Additional info lang mga sis. Nag inquire ako ng procedure kapag maglulumpsum payment kasi sa March pang 20 months na ng amortization namin, gusto nmin magbayad ng 1/2 ng principal balance. According to RCBC we can do so granted, the recomputation of the amortization will start on the 2nd anniversary of our loan and the MRI will be the same. So I asked them kung magrerecompute sila ng interest from April to July since basically the principal is much lesser na and yes they will do. So since hindi magbabago ang amortization nmin till August 2014, whatever yong sobrang amortization in excess of the interest will be charged against the principal. NAgtanong din ako kung pwede paikliin yong term ng loan instead of 8.5years pa, I will make it 3.5years pero sabi nila hindi daw pwede paikliin ang terms of loan hanggat hindi tapos ang FIXED TERM FOR THE INTEREST.

[angeleigh]

Can we apply bank loan even if completion of downpayment is for example 2-3 months to completion? Kasi para kapag katapos ng downpayment, pasok na agad sa bank? Pwede ba yun. Ayoko mag inhouse financing.

[andy2014]

tanong, is there a way to increase your chances of getting a loan? was there a time na narereject ang application? Thanks!

[j.adore]

^Applications get rejected if the monthly income does not reach the minimum and if you have other loans/debts in banks/credit cards.

[shizuka]

Can we apply bank loan even if completion of downpayment is for example 2-3 months to completion? Kasi para kapag katapos ng downpayment, pasok na agad sa bank? Pwede ba yun. Ayoko mag inhouse financing.

Hi sis, yes pwedeng pwede   even 6mos earlier nga raw pwede eh.  better to apply early kesa ma-stress ka kaka followup ng papers pag malapit na ang due date for bank financing (charged to experience!)

[angeleigh]

^really! yay! sige nga i apply this month! kasi feeling ko strategy rin ng developer yan  para maginhouse financing ka e. Thanks!

[msrain]

Sa psbank ako magloan. Sabi sa branch lang daw pasa application pero sa head office daw processing. Tanong, sasabihin ba nila kung kelan punta ang mag-appraise ng lote? Yung bank charges ba bawas sa proceeds o bayaran ng cash?

[GABJUMZ]

Sis bank charges will be paid in cash before the release of the loan proceeds.

[red_one]

Tanong, sasabihin ba nila kung kelan punta ang mag-appraise ng lote?

sa experience ko sa psbank, nung naka-move-in na kami tumatawag sakin yung appraiser kapag need ilang i-appraise uli yung lote, and kelan sila pupunta.