Manila, Philippines
geri@investmoney.com.ph

Category: Condominium / House & Lot

home loan steps philippines

Ask Geri: Housing Loan, Expired Letter of Guarantee and Penalties from Developer

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I already have a bank loan approval and the bank already sent the bank guarantee to the developer (renewed 3 times) but the developer failed to provide the TCT to my bank since they have pending matters on their side.

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Ask Geri: Can I Partially Prepay My Home Loan? Restructure?

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I am glad that there is a website which helps Filipinos with their financial life. I have questions with regards to bank financing for real estate. I purchased a condo from one developer. My payment terms is 20% DP for 36 months and 80% bank financing.

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How To Invest in Real Estate Property P.R.O.P.E.R.L.Y.

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Five years ago when I first published two articles (based on personal experience) on title transfer and annotation, I did not expect that it will be such a big hit in terms of most read (thousands) and most commented on (hundreds).

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SMDC Grace Residences Updates: Tower 1 Turnover and Site Pictures

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The agent assigned onsite, named Gerald, was kind enough to give us a tour of the Orchid tower to see what it looks like, as well as some amenities so below are some more pictures. When asked if Tower 2 – Lily is within schedule of 4Q2016 turn-over, he said that it might be safe to expect it by Jan2017. Sigh.

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SMDC Grace Residences: Updated Countdown to Turnover

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This is just our own unofficial countdown. If you ask SMDC peeps, they are not yet willing to commit to a turnover date but based on our request of DP extension to SMDC (from Dec2015 to Dec2016 in lieu of delayed turnover, a request which they granted), it seems that Dec2016 / 4Q2016 is indeed a more plausible turn-over timetable.

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Step By Step Guide on Land Title Transfer in the Philippines

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Wrote the posts based on my personal experience when I solely handled the title transfer of the house and lot we bought way back then. I have observed that many still inquire about the steps, requirements among other things, maybe because Pinoys prefer to do this processing on their own, instead of outsourcing it to brokers, agents etc whose actual day job is to transfer titles.

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SMDC Grace Residences: Parking Slots

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I was surprised to learn that the cost per parking slot now starts at PHP750K, exclusive of 12% VAT and 6.5% other charges. So all in all, it’s at least PHP888,750. Crazy. I wonder how much the rival developer’s parking slot costs now, three years since. I just hope this means the property valuation of the actual condo unit has already appreciated too.

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SMDC Grace Residences Updates: Construction Site Pictures

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Based from the sales agent manning the Grace Residences showroom on-site, expected turn-over of Orchid Tower is 1H16 while Lily Tower is towards end of 2016. That means timelines have moved around 6 months later compared to initial timelines provided 2 years ago.

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Get a Home Loan Soon(er); Loan-to-Value (LTV) and Interest Considerations

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BSP is planning to lower and tighten the LTV cap to 60%, which means future borrowers will have to shell out higher DP at 40%. This effectively makes the target market for home loans smaller since not everyone can easily afford a 40% DP.

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Ask Geri: Why Do Banks Sell Repossessed Property & Vehicle At Lower Price?

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Banks do not lend 100% of the appraised value of the collateral, they usually put a cap to it, like 70% or 80%. This cap is the LTV ratio requirement. So if one is borrowing money to purchase a PHP1M car, the bank will just lend PHP800k or 80% of the value.

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