- By Junelsa Philippe
- In Real Estate
- Posted February 16, 2012
You are planning to purchase a property in a near future but you don’t know yet how to finance this transaction? Then read further and find the answers to your questions.
This solution is of course the best if you already have the money needed for your investment. It grants a discount which generally ranges from 5 to 10%, it makes a big difference on the price of the property. This is the fastest way to purchase a house and hassle free since only few documents are needed.
Deferred payment is good for those who don’t want to avail a housing loan since loan in the banks makes an additional interest to pay. Here, you just simply divide the total contract price into number of months depending on the developers offer. There are 12, 24 and 36 months to pay without interest. The cost is fixed every month you just need to be sure that you have a big amount of budget for the monthly payments.
The bank financing consists in a house loan you take to the company of your choice, generally you choose the best available rates in order to lighten your monthly payment. The interest depends on the amount of the loan and of the number of years, you can generally choose from 3 to 30 years to pay back.
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The acceptance of your loan demand will depend on many factors, the main one is of course your income, feel free to contact me to discuss it.
This service is offered by the developers on some projects, it is quite similar to bank Financing but this time your investment partner is the developer itself or a sister-company from the the same corporation. The interests are generally slightly higher but you can get a discount on the down payment. Generally, the developers offer 3-5 years of In-housing financing.
The PAG-IBIG Fund provides housing loans that are often more affordable. This offer is opened to members only, so if you plan to avail, the best is to subscribe now in case it’s not yet done. Before Pag-ibig required the members to have at least 24 months contribution, now even if you’re still in 12 months of contribution, you can pay the other 12 months in a lump sum amount to make it 24 months all.