Getting a Housing Loan (Thread 3)

[ilbsiri]

^^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.

thank you sa reply, we have no idea kasi baka we opt thru pag-ibig nalang anyways, thanks again

[coolsoul]

Hello sisses. I'm kinda new here but I've been lurking in this thread for a while now.
I got approved for a 1.5M housing loan through PSBank, and I'm supposed to book it on Monday. However, I'm wondering if 43k is reasonable for the charges; I find it big.

For the information of those, who like me, want to know more about the process, here's what I experienced:
PSBank approved my housing loan application in July 2013 pa. If I remember it right, the approval came less than a week after I submitted the requirements and the 3500-peso appraisal fee. The speciality of my case is that the seller of my prospect property is based in the US. So I had to secure documents by myself, and made arrangements with the bank manager; for instance, to extend/renew (for when he arrives) the loan approval, which is valid for several months only, and to waive the requirement for a contract to sell.

[elfie]

^sis coolsoul, did they give you a breakdown of the fees?

Let me share the breakdown that was given to me by my loan officer: Registration Expense (this is a certain percentage of your loan amount), Processing Fee, Appraisal Fee, Legal & Documentary Fee, Documentary Stamps (medyo nalakihan din ako dito, in my case, it was more than 10K), and Cancellation Fee.

[chefron]

how many months does it take before the bank will write to you that you are deliquent and foreclosure will start?

[grayceheart]

di pala pede sa bank loan proceed ibawas yung mga mortgage fees... kung may cash ka na lang sana sa pagpapagawa ng haws... less hassle kesa mag loan... pahirap mode... 

[marbleslice]

Just wanted to share my experience as well. Salamat sa forum na to, ang dami kong natutunan na info from you mga sis!

Ayun good news, approved na ang housing loan namin. And as some of our sis have mentioned, pag nagbayad na ng bank charges then that's the time daw na irerelease ang bank guarantee. Sabi daw, valid for 120 days yung approval. Eto mga nakalap kong info sa kakatanong ko sa PS Bank Officer that might be helpful:

- If ever nagprovide kayo ng home landline, mas ok daw sana if aware yung mga kasama sa bahay in case daw tumawag sila for CI. Pwedeng magcontribute sa pagka-reject ng application if ever.
- Nag CI nga sila sa amin. Pumunta sa bahay namin at vinerify if dun ako nakatira. Ayun, helper namin lumabas at nagconfirm naman. Tapos tumawag sila sa mobile ko to check yung bahay namin (kung kanino nakapangalan, may garage, etc.)
- [For LDR status] You can also consider your boyfriend's remittances as other source of funds dun sa application form. Ang pinakita ko is passbook/bank statements showing the transactions. Yung samin kasi, OFW ang BF ko, and Single pa status ko kaya hindi ko daw siya pwede maging co-borrower ko at sa huli daw, tanging source of income ko lang ang icoconsider. Yan ang sabi ng Officer sakin.
- Sa case pala namin, wala ng appraisal charges siguro dahil accredited developer na yung amin.

Loaned amount is 1.9M and approximately 36k ang bank charges (Credit Life insurance only, walang fire daw ito dahil lot pa lang). 

Mas ok daw na sa head office pumunta during pirmahan at processing para Officers mismo ang sasagot sa tanong rather than go to the nearest branch - pag may tanong ka daw kasi, yung branch staff tatawag at tatawag din sa head office to find the answer.

Salamat sa lahat ng inputs niyo mga sis! 

[angellouise06]

hi sis, just want to ask. Na grant ng bank of commerce yung housing loan namin, this is under camella. Interest rate is 5.98 fixed for 1 year lang, and sabi nung kausap ko ang advantage daw nila with the other banks is the client can make a balloon payment kahit wala pa sa anniversary date. Example, pag dating ng Dec kung may ipon ka na pede daw mag bayad para mabawasan yung principal. Naghihintay pa din kasi kami ng approval with the other banks, kaso iniisip ko is their offer ok or maghintay pa muna ako ng ibang banks. May application din kasi kami sa RCBC and BDO.

[younis]

^kahit naman sa Chinabank allowed ka magbayad ng principal anytime eh, minimum of 6months amortization ang pwede mo ibayad. itanong mo sa agent mo sa Bank of Commerce kung may minimum amount ang balloon payment nila, kasi kung 1 or 2 months parang walang impact masyado.

[daveigh]

^^ Not really an advantage. BDO does that, same with Metrobank. Meron bang banko na hindi gumagawa ng ganito?

[GABJUMZ]

Sis angellouise06, yes pwede ka maglumpsum payment even without the anniversary of your loan pero ang amortization will be re-computed at the time ng anniversary ng loan mo. I inquired about this sa RCBC since balak namin maglumpsum payment this March which is the 20th month ng amortization namin. Whatever amount na ibabayad mo will be directly credited against the principal balance and interest will be recomputed right after mkapagbayad ka based on the new outstanding principal.

In our case, term of loan is 10years, interest rate is fixed 8% for 5 years, ang monthly amortization namin is around P24600 including MRI of P2247, interest charges is around P11K monthly. Ang anniversary ng loan namin is Aug 2, 2014. After payment ng lumpsum by March automatic magrerecompute sila ng interest rate (based on my computation magiging P6K na lang monthly), amortization will be the same until August 2014.

Kapag nagrecompute na sila ng amortization ang basis na ay ang new principal balance, remaining terms of loan at same interest rate since fixed kami for 5years. Based sa ginawa kong computation magiging around P14K na lang ang amortization namin. Bad news is that, MRI will be the same kahit lumiit na ang principal.

Ang concern ko about the term of your loan is that yearly ang repricing ng interest rate mo so yearly ay magbabago ang amortization mo based sa prevailing interest rate. Yan ang mdyo nakakakaba sa terms ng loan mo since mababa interest rate mo for the first year pero sa succeeding years ay pwede na mas tumaas pa sya sa 8% which is the usual interest rate fixed for 5years.

[angellouise06]

sis younis, ang sabi nung agent na kausap ko they wala naman daw silang mininum amount.
sis gabjumz, actually yan din kasi ang iniisip ko, baka sa super baba ng offer nila after a year naman biglang mag shoot up. nakakainis lang kasi ang tagal ng offer ng other banks, kaya di kami makapag decide kung anong bank kami mag sisign, eh matatapos na sa Feb 17 yung dp namin.

[naughty_pink]

Hi sissies, may nakapagloan na ba sa inyo sa metrobank? Sabi nila parehas langdin dw angmetrobank at psbank. In case n ma disapprove sa metrobank i-allow pa din kaya ng psbank? Tingin nyo siss?  Balak ko kasi mag apply pareho.

[j.adore]

Share ko pala sa Robinsons Bank:

Kung ano yung approved amount loan amount niyo, yun yung ibibigay nila sa inyo kahit na yung kailangan niyo sa developer etc. ay mas mababa pa dun.

Yung bank fees and charges nila, pwede kunin dun sa approved loan amount.

Kung may sobra pa after all the deductions sa approved loan amount, pwede nila ibalik sa inyo yung excess via credit to your loan or manager's cheque.


This is very different from our experience in PSBank. Dito kasi, kung magkano yung kailangan sa developer, down to the last centavo, yun lang bibigay nila.
Tapos yung bank fees and charges, ikaw ang dapat magbayad upfront.

[Dacian]

@j.adore
ilang percent sa robinsons bank ang housing loan?  mas mababa ba sa kanila?  tia.

[Coffee_lover]

masaya kami, na approve na kami sa BPI Family. 90% loan amount 5.5% interest fixed for 1 year.
Mas mura din ang bank fees dito compared sa PS Bank kasi yung MRI namin 414 per month for 8 years kaya hindi masakit sa bulsa.

[flighty_phoe]

ohh.. mahal pala bank charger ng PSBank compared sa iba?
na-approve na application namin sa PSBank, thank God
final processing na lang yay! 

[j.adore]

5.5% lang din ang PSBank kung fixed for 1 year pero they do require payment of all bank fees upfront.

Nung nagcompare kami, halos parepareho naman ng bank fees sobrang konti lang differences.

[flighty_phoe]

Sa mga bank charges, hindi lahat required na upfront payment sa PSBank. Pwede ibawas sa loan yung Insurances and Processing fee

[j.adore]

^Yng niloan niyo ay mas mataas kesa sa kailangan sa property?

[Coffee_lover]

In our case kasi ang downpayment namin is 10% lang ng total contract amount, so kelangan talaga namin yung 90% na loan, tapos magbabayad pa kami ng closing fees kasabay ng last hulog namin ng downpayment.