Getting a Housing Loan (Thread 3)

[rasee16]

Sis, there's no point kung binili nyo pero hindi nakapangalan sa inyo. Ganun talaga, gagastos kayo sa pagpaptransfer ng title pero at least malinis yung papers ng bahay at malinaw na kayo na ang new owners.

[bluish_mommy]

^^of course kasama sa pagbili ng property ang proseso ng paglilipat ng title sa pangalan ng new owner. wag kayo pakasisiguro na di magkakaron ng problema yan pagdating ng araw kung nakapangalan sa name ng parents ng hubby mo, lalo na kung may mga kapatid yang husband mo at may asa-asawa na. pagdating sa kaperahan, nag-iiba ang utak ng ibang tao kung minsan.

[robinemz]

^ I agree. Better have it transfered to your names.

[bluish_mommy]

Hi sis. We applied for housing loan para bilhin ang bahay ng parents ng hubby ko. Na approve na ang loan namin at kumpleto na ang papers. We are asked na rin to set up time for the signing at bayad ng bank fees. My question, since it is under the name of his parents, do we still need to transfer the title to our name medyo malaki kasi aabutin kung itatransfer pa sa name namin. Thanks

by the way, anong klaseng loan ang ni-file nyo sa bank in buying that property? personal loan or housing loan? kasi kung housing loan yan, the bank will really require you to transfer the title to your name, otherwise hindi nila ita-take-out ang loan nyo. pero kung personal loan, or cash loan, your have the freedom to use the money elsewhere.

[m_lim]

kung mga 3M ang loan mo, magkano dapat laman ng account mo? paano ba sila nag ccheck ng capacity to pay?

[bluish_mommy]

^sis kung mapapansin mo sa application form, pinapa-declare sa iyo lahat ng existing loans mo, lahat ng bayarin. kung may car loan ka, personal loan, kung may credit card ka, ilan ang anak mo (they can gauge kung magkano more or less ang tuition). then based from the Net Disposable Income kung magkano ang matitira kung may capacity ka pa magbayad ng ina-apply mong mortgage sa kanila. Of course kasama na din sa pag CI sa iyo yung tatawag sila sa employer mo to check kung gaano ka na katagal sa company at para ma double check na rin yung COE na nisubmit mo sa kanila.

ang alam ko, banks have common database to check ng credit standings, so they would know the history if may deliquency ka sa ibang banks like credit cards.

[robinemz]

we were approved almost 4m pero wala naman saving ang bank account namin.

[friendlyneighbor]

Housing loan sis. Ano ba dapat mauna, paying the bank fees and signing the docs or transferring the title to the buyer's name? Thanks.

[bluish_mommy]

^I see. So in that case, you have no choice but to complete all the requirements of the bank and that includes the transferring of title to your name.

ganito ang steps:
1. pay the bank the application/assessment fee, normally this cost around P3k to P4k, depende sa bank. they will appraise the property, also i-c-CI ka, evaluate ang credit standings mo
2. after few days/weeks, they will inform you if approve or not. if approve, they will ask you to sign some papers, and instruct you to complete some documents and submit it to them.
3. so yung proseso mo ng pag-complete ng documents, kasama na dyan yung pagpapatransfer mo ng title, and this is done separately, the costs are separate from the bank.
4. once completed, isa-submit mo lahat yan sa bank, then loan take out will soon be given to you.

[binggay]

Sa mga sisses natin who recently took out housing loans sa banks, pa post naman nung mga rates na binigay sa inyo. Trying to check kasi which bank gives the lowest. Salamat!

[mizzybebz]

Baka meron po kayo current rate ni psbank for home loan. Mag-repricing na kasi kami by June, 5.5% last year yung rate namin. 

[bluish_mommy]

^ah Pag-Ibig naman pala hehe.. medyo maluwag luwag ang Pagibig kesa sa bank sis.

[m_lim]

we were approved almost 4m pero wala naman saving ang bank account namin.

paano nangyari eto?

[chatbuddy21]

inquiry lang po. we bought a lot and now in the process of transferring it to our name. after this plan namin magloan for house construction. do we need to consult a contractor first before kami magloan either sa bank/pagibig?

[bluish_mommy]

^the bank/pagibig will require you to have a complete house plan signed and sealed, means it includes the design of the house, BOMs (bill of materials), plumbing, electrical, etc... signed by architect and engineers.

[Itsmai.Shop]

We have ongoing loan application under UCPB, originaly we bought a lot then since we need to trnasfer the financing to bank or pag-ibig we opted for bank, coz we all know that pag-ibig has the highest interest. So we thought of loaning for both the lot and house construction. Requirements are easy esp when you are working.  The major requirement is the building plans and BOM, but this can be easily provided by an architect or contractor. We hired a contractor for the design and build. Design works is 60k, complete docs for both bank and munisipyo/permit. It's the cheapest we have found esp for the house design we wanted. transacting with them is easy, the design was made according to our budget and the peg we wanted, so i can say they dont overcharge for the BOM. If you are looking for deisign or design and build contractor i can refer you to them.

The reason pala why we opted for our own contractor is because mas pricey yung house and lot package ng village. For example for our 150sqm the house and lot package is 2.8M, in that 2.8M the floor plan is very small, around 60 to 70sqm for ground floor, so basicaly half of the lot size lang yung house, of course we did some occular visit sa model house and we find it really small, then its a bare unit pa, not gates, basic tiles, etc so you will need to cashout for the finishing and all. But for the contractor the package is 3M, bigger house, finishing included, ceiling, lights, paint job, tiles, cabinets, etc then you can ofcourse decide on the house design you want and the number of rooms etc.

[aNgelofThEMorning]

^ Hi sis, if you don't mind gaano kalaki yung 3M na sinasabi mo? 151sq.m yung sukat ng lot namin pero ang budget lang namin is 2M max for 2-floor house.

[Itsmai.Shop]

3M for 2 storey zen-type house sis, modern with big windows and all. actualy 3M is for house and lot na kasi we still have to pay the balance for the lot which roughly around 700k+ pa din. so the actual cost for the house will be around 2.3M

[aNgelofThEMorning]

^good to know ok naman pala budget namin since for house construction lang talaga yung 2M. Actually ang minimum quota/price (forgot the exact term) kase ng mga houses sa subd namin is 3M, dadayain na lang namin sa BOM 

May I know the exact floor area sis?

[momlory]

Mga sis pano naman pag for example nagloan ka sa bank for a lot worth 500k tapos papatayuan mo ng house na worth 1m. Another loan nanaman ba yun sa bank?