Getting a Housing Loan (Thread 4)

[swiTsuplada]

Question po. Nag-CI ang taga-Pag Ibig sa amin and apparently, nagkamali-mali ng sagot yung kamag-anak ng in laws ko. Totally opposite of what is written sa application namin like sinabi di daw ako kilala (nagbabakasyon lang kasi sa amin iyon plus they only knew my nickname). Ngayon worried kami na makaka-affect sa application namin iyong mga sagot nya. Mahahabol pa kaya namin 'yun sa Pag-Ibig?

[sweetsweet]

Hello mga sis,

May ino offer sa aming townhouse ready for occupancy na. The contractor na owner din nito just need  a 10% DP para sa finishing touches ng bahay. It's a 3-floor townhouse worth 2.5M. Gustong gusto ko talaga yung bahay. But the problem is I don't have the 250K for the DP.

He told us ni hubby na before kami magbigay ng DP, he needs to see our papers like bank statement and COE with compensation para makita nya if ma approve ng pag ibig pag mag loan kami. He is offering kasi i-finance namin thru AUB or pag-ibig kung gusto namin.

I'm really new at this, but I desperately want to grab the chance to own the house. What advice can you give me? Apply for a personal loan sa bank para may pang DP muna kami? Or wait for pagibig to approve our housing loan, na baka malaki rin ang maloan namin at pwede na doon kunin ang pang DP namin sa bahay?

Thank you so much in advance mga sis!

[bluish_mommy]

^sis the bank or Pagibig will not give you 100% of the selling price. they will perform their own appraisal, then up to 80% lang nun ang ipapaloan sa iyo, kailangan mo talaga ng cash for the DP or equity.

[sweetsweet]

^ thanks sis! is it possible ba yung sinasabi ng kausap namin sa bahay? that may contact daw sya sa pagibig and yun daw ang mag appraise. ipapa-appraise daw nya ng doble (like 4.8M) yung bahay.

[bluish_mommy]

^kung may kilala sya sa Pagibig eh di much better. pero ikaw personally pa rin ang mag-a-apply ng loan sa Pagibig, then aabangan na lang nung tao yung application mo siguro para hugutin for appraisal.

[sweetsweet]

^Thank you so much sis bluish_mommy!!! I hope di ka magsasawa to answer our queries here

Have a a great day and God bless you!

[chatbuddy21]

question lang sa housing loan thru banks? nag inquire kasi kami sa bpi ang sabi is 80% lang daw ng collateral (lot title) ang maximum na ma loan. paano yun kung mababa lang yung value ng lupa (1.4M) tapos ang target sana namin is 2.8-3M (overall cost) para sa pagpatayo. ganun ba sa lahat ng banko? or sa pagibig?

[bluish_mommy]

^yes. in any institution (bank or Pagibig), up to 80% lang talaga. the difference you have to shoulder. I have the impression na you are filing a loan for house construction right?

[chatbuddy21]

yes its for a house construction, i understand the 80% pero ganun ba talaga na ang pinagbabasihan na amount is yung collateral namin (lot title), e.g.

collateral (purchased lot at 1.4M)
house construction cost is 3M, so we are hoping to get 2.4M since 80%

pero ang sabi ni BPI they will appraise yung lot, paano kung ang value nung appraisal is nasa 1.4M lang din, so maximum namin na maloan is 1.1M lang. ganun ba talaga kahit sa ibang banks or pagibig?

[bluish_mommy]

^ganun talaga. of course the value of the lot is definitely smaller compared kapag may bahay na ito. and the bank cannot give you the guarantee that they will give you amount the you desire.

but since you are filing for a house construction, ganun talaga.
1. they will appraise the lot first, kasi ito ang magiging collateral mo sa kanila
2. once appraised and approved, they will grant the maximum of 80% depende pa yan ah, minsan 70% lang.
3. together with the appraisal, kasama mo isa-submit sa kanila ang COMPLETE bill of materials ng pinaplano mong bahay, Signed and Sealed ito ah, meaning it should contain all the complete design, signatures of the architect, electrical engineers, plumbing, etc..

papaano mo na-come up yung 3M? you have to show the bank how you came up with this, by submitting the complete signed and sealed house plan, kahit 4M pa yan, igagrant nila yan sa iyo.

so ang mangyayari, kunwari na-grant nila ang 3M sa house construction mo. ile-less dyan yung na-approve na amount ng lot mo.

the bank will not give you the full granted amount for your house construction. mag-re-release sila per percentage of completion. so initially magpapa-luwal ka talaga. they might release the 1st one from the appraisal of the lot. then will will require you to achieve for example 30% of completion ng bahay bago nila i-release ang susunod na amount, otherwise, they will not release the money. kaya you have to have an extra money talaga for the house construction, otherwise, mahihinto ang construction ng bahay mo.

[chatbuddy21]

yung 3M is yung approx cost na nasa signed and sealed plan. assuming na mababa yung appraisal tapos na grant yung loan then sobrang laki pala ng kailangan idagdag. akala ko kasi before is naka base yung loanable amount sa capacity to pay at hindi sa collateral.

[bluish_mommy]

^sorry pero parang di mo nage gets eh. the bank will approve the amount of the complete signed and sealed plan. Pero ang initial amount na ire release lang nya is yung 80% ng appraised sa collateral mo. Whatever the amount is, dapat ma complete mo ang intial percentage na irerequire ng bank sayo. To illustrate:

Kunwari na approve sa 3M ang loan mo.

Ang initial na ire release ng bank na amount sayo is 80% of 1.4M (kunwari eto ang appraised amt ng lot mo)
1.4M x .80 = 1,120,000, ileless pa nya dyan ang iba pang charges pero minimal na lang.
From this amount dapat makapag umpisa ka na nag house construction.

So 3M less 1,120M =1,880,000 na lang natitira na for release pa.

So kunwari out from 1,120,000 na achieve mo ang 30% ng construction. The bank will release the  percentage of the remaining amount. Then kailangan mo ulit iachieve ang next percentage of completion say another 30%, and so on. Gang ang last release ng bank eh di nya igagrant sayo gang di mo naaachieve ang 90% or almost completion ng bahay.

Ganun yun. So kung iaanalyze mo, kailangan mo ng extra money para mapabilis ang completion ng bahay mo para mairelease ng bank ang kabuuan  ng ni loan mo sa kanya.

Please note kada release ng bank binabawas pa nya dyan ang interest ng loan mo.

[chatbuddy21]

^ok, gets ko na. mali yung explanation ng bpi sa amin.

Post modified. Please refrain from quoting long posts.

[bluish_mommy]

^of course the bank will base their approval sa capacity to pay mo, credit standings, net pay at may parameter pa silang tinatawag, normally hindi eto dinidisclose eh. pag hindi ka pumasa dun sa parameter na tinatawag nila, hindi nila maitataas ang amount ng malo-loan mo.

alamin mo rin sa bank mo kung ano-ano ang schedule of releases: example 0%, 30%, 30%, 30%, 10% depende sa bank yan.

@ 0%, ang ire-release nilang pera yung 80% ng appraised value sa collateral

be ready to have extra cash, maraming unforseen events pag nagpapagawa ng  bahay.

good luck! 

[jdrmend]

Hello - also applying for a bank financing ng condo. Anong bank ba ang okay ang interest rate ngayon? Any recommendations?

[girlush]

^Mine sa BDO, for financing din ng condo. 6.88%, 10 years and 5 years fixed interest. Last June 2015 ako nag apply.
Mag scout ka muna sa ibang banks, for sure meron pang mas mababa.

[freelancer_babe]

Currently applying for a housing loan, mga sis. 

Co-borrower ko yung nanay ko.

Doon sa form na binigay sa akin ng isang bangko, nagpapa-specify sila ng financial data - peso value ang assets na cash on hand and bank, real estate, car, others, at mga liabilities na rin.

May mailalagay kaming figure doon sa part ng real estate, pero doon kami nagkakatalo sa cash on bank, kasi pag walang nakalagay dito, magiging questionable kung saan manggagaling yung cash na babayaran para sa lot na uutangin. Worry ko is outright decline.

Sabi ng nanay na co-borrower ko, di raw need i-specify ang actual figures sa bank accounts, highly confidential yun. Ilalagay simply na lang na cash on bank.

Pwede bang gawin yun? O talagang hinihingi ng bank ang actual figures?

[marie05]

hi! Ano magiging implication sa housing loan if hindi pa talaga related yung borrower and co-borrower? My fiance and I are eyeing a house. Balak namin maghousing loan sa pagibig.

[swiTsuplada]

Bank-- mahirap. I suggest magpakasal muna kayo. Sa amin ng partner ko kahit 2 na anak namin and more than 7 years na kaming magkasama at may plan na magpakasal, as in andaming hininging docs tapos na-deny din after 4mos. nang pagprocess at pakikipag-usap. Kasi daw balak pa lang at hindi pa naman daw kami nakakasal so hindi pa sure ang bond namin kahit pa ikakasal na kami this March.

[jdrmend]

Hi, re: dun sa may co-borrower na hindi related.

I had the same experience. Me and my co-borrower is not related, and na-approve naman yung housing loan namin sa lahat ng banks na na-applyan ko (5 banks yun, ang sipag lang haha). I think it will not be a problem if maco-complete nyo lahat ng requirements.

SO, go lang. No harm in trying, and just be ready with the documents.