What is the Right Financing for Housing Loan

What is the right financing for my housing loan?
Should I avail under bank or Pag-IBIG housing loans?
Or, should I pay it in deferred cash or spot cash payment?
What about In-house Financing?



Avida Land Properties

Above were the available financing and payment options we have in the Philippines, unless you are a government employee and the gov't has some projects for you.

First,
if you are planning to purchase a property to avail of discount with the fastest processing as possible at any price, then you are best with Spot Cash Payment. Best if you can pay the 100% of selling price at the day of reservation to get the maximum discount, discount depends on every developer. Discount will be based on Net Selling Price after tax and miscellaneous expense.


If you have money that is enough to cover up the price in 1 year up to 3 years, then you are fitted to Deferred Cash Payment, usually from 24 months to 36 months payable depending on projects, though at no discount and payable without interest

Second, what if you don't have enough documents though you have income from freelance job or remittance from you relatives abroad, you are qualified for In-house Financing. Usually it has some 14% to 18% interest in five to ten years depending on projects.


Third
you want to avail with the lowest monthly amortization as possible and long term loan is okay with you, a Pag-IBIG Financing program would then fit. But you need to be eligible first to avail of their program plus a requirement by developers.


At Bank Financing, you need to complete all necessary documents (Income Docs), pass the required net disposable income per loanable amount, and must be of good credit score.



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About the Author

Jerome Morada

Realtor & Webmaster

Good day! I'm Jerome, your friendly Real Estate Broker with PRC License 0012399 and HLURB registration. Just sharing simple tips, please share if you find it useful! Thanks!

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