If you have a credit card or an existing loan with a bank, you probably got a text message similar to below. Bank branches are also decorated with announcements with regards to data submission.
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.
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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My boss might kill me if I tell you this: You can get cash loans from your credit cards at very very low rates. By very very low I mean 9-12% […]
Funny how the lending bank is prudent when it comes to protecting its interests (in this case a house and lot) while the actual owners of a real estate property is not too keen on protecting their own assets.
Not all loan providers offer this option. But from time to time I encounter this option especially for mortgage / home loans. If Juan is presented such an option and s/he can afford the amortization using diminishing balance, s/he should go for it to save some more on interest payments.
Juan doesn’t pay much attention to the cost of borrowing. He cares more on the monthly amortization (short-term thinking) rather than the total costs involved (longer-term thinking) And that costs Juan much. Ouch.
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.
Banks still have a long way to go to tap the underbanked segments especially the countryside where access is very limited. Other sources are perceived to be easily reachable like pawnshops or money remittance business, which have more branches, less costly to put up and some of which even operate 24 hours.