I AM INTERESTED TO PURCHASE A REAL ESTATE PROPERTY…
- What are my options?
You can choose between house and lot packages, lot packages, and condominium units available in the market today. There is a wide price range so there is surely one that will suit your lifestyle and budget.
- What are the requirements needed?
Usually you will be asked for proof of identification (valid IDs, birth certificate among others) and proof of income (ITR for locally employed, Job Contract for OFWs, or business documents for self-employed entrepreneurs). Additionally, you will be signing legal documents such as Reservation Form, Contract to Sell, and Loan Application Forms to name a few.
- What are my financing options and which is right for me?
Unless you have the cash on hand to pay for the entire amount, the most common financing option is applying for a housing loan from lending institutions like banks, PAG-IBIG, and even from a developer (In-house).
Knowing which is right for you depends on what is available, what you are eligible for, and what is within your budget. Some developers or sellers only have bank financing available while others give the option of availing in-house financing and even PAG-IBIG financing. Each lending institutions also have certain requirements that will let you know if you are eligible to apply for a loan from them. Interest rates are important points to consider and this differs between financing schemes options as well.
- How will I know if I will be approved for a bank housing loan?
The first thing you have to look at is your age: you must be around 60-65 years old (depending on the lending institution) by the time the loan ends. If you’re already at age 50 when you applied for a loan, you can only get a 10-15 year loan term which would mean higher monthly payments.
The next is your credit history: you have a fairly good chance of being approved for a housing loan if you do not have bad credit like cancelled credit cards, unpaid loans, and pending legal cases. If you already made arrangements to settle previous debts, then you would need a certificate proving this to the lending institution you are borrowing from.
Lastly, you need to show proof that you are earning income; this means providing an ITR for the locally employed, Certificate of Employment with Compensation for the OFWs, and Certificate of Registration or bank statements for the self-employed, freelance workers, and business owners.
- Who will be paying for the real estate broker’s commission?
If you will be purchasing from a developer, the broker’s commission is a set fee that will come from the payments made by the buyer. If from an individual seller, then this fee is usually paid by the seller although it can also come from the buyer depending on the agreement between the two.
- How can I buy if I’m a foreign citizen?
If you are a former Filipino national who acquired foreign citizenship, you are allowed to purchase only a limited portion of real estate as allowed under BP 185 and RA 8179. If you have dual citizenship however, then that amount is equal to any other Filipino’s purchasing ability.
If you are foreign citizen interested in real estate, then your options are limited to purchasing a condominium unit, purchasing land in the name of your Filipino spouse, purchasing property through a Philippine corporation, and leasing.
- How can I buy if I’m separated from my spouse?
All documents you need to sign as the principal buyer, also needs the signature of your spouse if you are married since it will become conjugal property. You would need to present a decree of legal separation to prove otherwise. We’ve encountered interested buyers who are separated from their spouses without this decree; in those situations we usually advise that the property be put in the name of one of the children at least 18 years old.
- How can I buy if I’m an OFW currently abroad?
You can easily contact one of our sales associates through social media apps like Facebook, Viber, and Skype, to discuss options regarding the location and financing even while abroad. Once an agreement is reached, just pick an available trusted family member to see the development in person, make the reservation in your name, sign most documents, and even issue post-dated checks for you! All you’d need is a notarized/consularized legal document called the Special Power of Attorney to make him/her your Attorney-in-Fact.
- Where do I start?
Thank you for deciding to commit to owning your own house! Get started by reading our Buyer’s Guide on the purchasing process then browse through our available properties. If you need help narrowing down your options or have already made your choice, simply contact one of our sales associates to assist you in your purchase.
WHEN I HAVE PURCHASED MY HOUSE…
- What other costs will I be incurring?
In purchasing a property, additional costs will be incurred regardless of the type of property. Examples of these costs are Real Property Taxes and Homeowners Association dues.
- When can I make changes or renovations?
Any change to be made often happen after the property is “turned over” to you, which is usually after full payment of the downpayment. These changes also require building permits from the local government.
Credits: Featured image from everydayfeminism.com