Getting a Housing Loan (Thread 4)

[Mrs_Bee]

Around ganyan nga yung cost na binigay as example ng HSBC. Yung fire insurance premium yearly ba yan?

[fionaapple]

Around ganyan nga yung cost na binigay as example ng HSBC. Yung fire insurance premium yearly ba yan?

^i asked Security Bank re MRI and fire insurance, annual po ang pagbayad ng premium for MRI and fire insurance.

[Mrs_Bee]

Hi Sis, how much yearly premium ng fire insurance and MRI sa security bank?

[fionaapple]

Hi Sis, how much yearly premium ng fire insurance and MRI sa security bank?

hindi pa computed yung exact amounts ng bank charges kasi kaka-email ko pa lang ng conformity ko dun sa terms ng loan:

Loan Amount: PHP 2,560,000
Loan Term: 20 years
Monthly Amortization: PHP 19,848
Applicable Interest Rate: 7.00%
Rate Fixing Period: Fixed for 5 years

Ang alam ko, ang annual premium ng Mortgage Redemption Insurance will depend sa amount ng loan at yung annual premium ng Fire Insurance will depend on the value of the House---di ba pag insurance, like car insurance, the amount of the premium depends on the value of the car.

According to the bank officer, ang amount ng bank charges ay usually around 2.5% of the loan amount. so for example our loan is 2,560,000 X 2.5% = 64,000 approximately

Di ko pa alam yung breakdown. pero meron atang nauna nagpost dito ng breakdown ng bank charges niya as quoted by Security Bank, hanapin ko nga.

Eto: culled from Getting a Housing Loan Thread 3

Reg fees - 24,011
Legal docs fees - 2,600
Doc stamps fees - 11,974
MRI - 8,861
Fire Insurance - 5,694
Processing fee - 5,000
------------------------------
                   58,140

Breakdown ito ng bank charges from Security Bank. Di ko lang natanong magkano yung loan amount niya.

[Mrs_Bee]

Thank you! Hanapin ko nga din para mapaghandaan.

Shocks! Antaas! Same tayo ng loan amount. Hinihintay nalang namin final plans. Conditionally approved na din kami sa BPI pero shopping around pa kami ng ibang banks.

Thanks again fionaapple!

[fionaapple]

MrsBee please re-read my post, i included the breakdown of bank charges culled from a post in Thread 3 of Getting a Housing Loan.

[Itsmai.Shop]

yung insurance ba need na agad kahit hindi pa gawa ang house?

[fionaapple]

yung insurance ba need na agad kahit hindi pa gawa ang house?

^di ko sure ang process ng ibang lender/bank, pero ganito yung process sa Security Bank:

after approval of the loan, you need to signify your conformity to the terms. after that, you will sign the bank documents. Then you will be asked to pay the bank charges--including the insurance fees...Then, the title of the property will be transferred to your name (eto na yung pagagamitan ng doc stamp at registration fees at legal docs fees). tapos irerelease ng bank ang Letter of Guaranty to the developer. Pag natapos ang bahay, saka lang marerelease ang loan para ibayad sa developer.

>>pre-selling din ang house and lot na binibili namin. February 2015 namin nireserve. now nasa 80% complete na siya.

[robinemz]

ang fire insurance din namin is around 5k. for the MRI, the value would depend on the cost of your loanable amount.

[fionaapple]

Thank you! Hanapin ko nga din para mapaghandaan.

Shocks! Antaas! Same tayo ng loan amount. Hinihintay nalang namin final plans. Conditionally approved na din kami sa BPI pero shopping around pa kami ng ibang banks.

Thanks again fionaapple!

After getting the loan approval from Security Bank, we also appllied with 2 other banks, to "shop" for other rates/loan terms: BPI and Philippine Business Bank.  Conditionally approved din kami sa BPI and Philippine Business Bank.

yun nga lang, we decided to avail pa rin the home loan with Security Bank. BPI sana ang preferred namin dahil bank accounts at credit cards namin sa BPI din. yun nga lang hindi accredited sa BPI ang developer namin, and because of that, it will take a while for the processing. Ok na rin naman ang Security Bank kasi wala namang hassle na nararanasan sa kanila.

[tailgate]

Hindi ko na masearch yun thread 3 ng getting a housing loan.
share ko yun 2.3M repossesed house&lot computation ko:

Registration Fee    Php12,010.96   Selling price table+1%+400
IT Fee                  Php3,500.00   fixed
T. Processing fee  Php7,000.00   fixed
Notarial               Php100.00   fixed
Transfer tax         Php14,950.00   Selling price x 65% x 1%
Doc Stamp Tax     Php34,500.00   Selling price x 1.5%
Mortgage fees       Php21,699.00   breakdown not provided, paid for immediate Letter of Guarantee
Fire Insurance w/AOG Php1,494.63 annual premium   
MRI                      Php 1,573.20     annual premium

Loan Amount: Php690000
Loan Term: 2yr (fixed)
Applicable Interest Rate: 6%per annum (was higher on previous years)
Amortization: 30581.22
Bank: BPI family

[Mrs_Bee]

Thank you all!

We are getting a house construction loan at yung lot nakapangalan na samin. So no need for doc stamp?

Also, sabi ng BPI, kailangan daw within 6 months matapos construction. Sa ibang banks ba ganun din?

[girlush]

Eto yung sa BDO home loan ko

Principal: 1,810,360.00
Interest: 6.88% (5 years repricing)
Term: 10 years
Monthly Amortization: 20908.02

ESTIMATED FEES:    Handling Fee                              3000.00 Notarial Fee                              1700.00 Documentary Stamps on LA      9052.00 Documentary stamps on REM      3640.00 Registration Fee                             19571.00 Sub-total                                     36963.00 MRI premium(tentative premium only/if approved on standard rate)   8699.21 FIP premium(tentative premium only/if approved on standard rate)   3453.75 Sub-total                                     12152.96 GRAND TOTAL                              49115.96

Hindi na ko nakapag check sa ibang banks kase paalis nadin ako.  Yung fees na actual kong binayaran is Php 45376.36 including the MRI premium (Prudential) of  Php3453.75

If meron sa inyo na Life insurance either term or VUL pwede yung gamitin as MRI (based from what I dun sa blog) as long as yung sum assured is macocover yung loan amount.

[crzysxycl]

Thanks sa inputs mga sis!

Ask ko lang din, kasi nalalakihan ako sa 1.2M na approved amount. Yung branch personnel kasi, when I applied for a loan, sabi nya blank ko nalang daw yung loan amount dun sa application form. Then I informed her na gusto ko 40-50% ang DP para maliit monthly ko. Sinabi ko rin ito nung nakuha ko yung conditional approval, pero ngayon final approval na ganun pa rin ang amount. Pwede ko pa naman siguro ipabago no? Less than 800k lang sana gusto ko para mabilis mabayaran. Tia!

[robinemz]

sis @tailgate, question.. yung housing loan mo ba 690k na payable for 2 years?

if personal loan kasi yan sis, keri naman na 3yrs payable at lower interest rate pa yun, i think di umaabot ng 2% ang personal loan. tapos ikaw na lang mag apply ng MRI at Fire Insurance sa insurance company..

[robinemz]

^^ pwede pa yan ipabago sis. basta di mo pa nate-take out yung loan, pwede pa ipabago yan.

[tailgate]

Hindi ba may collateral din for personal loan at may eavaluation/assesment fee and other charges. I picked less hassle na lang kaya nagbank loan na din ako kung sinong bank di mayari ng property. Yun mga MRI and Fire insurance baka daming processing at accreditation pa.

[crzysxycl]

^^I see. Salamat sis!

[robinemz]

^^ walang collateral ang personal loan sis.. pero may processing fee and yun lang ang alam kong charges sa personal loans

[rasee16]

I am preparing all my docs to be submitted to RCBC Savings, PNB, BDO and Robinsons bank for a loan amount of 3.2M. Di ko pa nakakausap yung ibang banks pero naloka ako sa MRI ng RCBC. Nasa 39,000 a year for a term insurance! kaloka super mahal.. Buti nalang nasa sun life ako and i know a cheaper alternative. Gaano pala katagal ang processing pagkasubmit ng requirements?