How much is your budget for your house?
This is very important. You should know your paying capacity in order to have great savings or avoid penalty on delayed payments if you avail your house through a housing loan.
We provide you with price ranges of the house units we offer for you to determine which one is ideal for your budget. Check also for the sample computations provided in each unit. There are mainly two payment options to finance your house unit either through cash or through a housing loan with three options, either through Pag-Ibigwhich usually has lower interest rates, bank with usually fixed interest rates or in-house financing with higher interest rates but lesser documents, shorter payment terms and higher approval rate compared to bank and Pag-Ibig. Each has its own advantage.
Normally, the best payment option is through cash because you will enjoy great discounts depending on how much the developer offers. However, if you opt for a housing loan, you should choose the one that you think is within your paying capacity to prevent interest charges. If you think you can pay for a shorter period, then do it in order to prevent great interests. Check your math. Compute the interest for 5 years then compare it to the interest for 20 years. If you can pay the monthly amortization for only 5 years, then go for it, otherwise choose one that's ideal for you. Please see the sample computations under each house unit and choose which one is fitted for you.
If you opt for a bank loan which usually has fixed interest rates, you should have a clean bank record with no credit/loan liability of any kind in any bank. This will ensure higher approval rate or even 100% once our developer process your bank loan. There is no reason for a bank not to approve a loan if you complied with all the requirements and have a clean bank record. Our developer will be the one to process and usually done 2 to 3 months or earlier prior to end of downpayment so by the time it is approved, you are done with your downpayment and ready to start with your monthly amortization.
If you choose Pag-Ibig, the minimum required contribution is 24 months. If you are not a member yet, you can register online. You can pay the 24 months contribution in lump sum. As much as possible, you should have a chosen unit so you contribution will be based on how much loanable amount you will avail. Then, you need to comply with all the documents provided in order to expedite the processing of your housing loan. Incomplete documents or any lacking documents usually delay the processing of your bank or Pag-Ibig loan.
If you are not qualified through bank or Pag-Ibig, your default payment option is in-house with usually lesser documents to accomplish and shorter payment term.
Payment terms of an in-house loan can be from 1 year to 15, 1 year to 20 or 25 years for bank and 1 year to 30 years for Pag-Ibig depending on your current age and maturity of loan especially for ages 40 and above.
Some developers offer deferred payment options with 0% interest rate for 1 to 2 years Again, choose the payment option and term that is within your financial capacity.