Mode of Payment in Buying Properties

Mode of Payment in Buying Properties

Buying properties in the Philippines comes more easy as many developers are adopting payment flexibility for buyers. Either you are an Overseas Filipino Worker or anywhere in the Philippines, to avail of properties is as easy as clicking in your mouse in internet sites and paying your monthly amortization  at your neighborhood banks or payment center.
Whatever is flexible for you buyers, you may choose on what mode of payment you want for your Reservation Fees, Down Payment and Balance if your are at In-house Financing or Deferred Cash and if you avail for Bank or Pag-IBIG Financing.

Here is the Mode of Payment for Reservation, Down Payment and Balance payable in Buying Properties in the Philippines.

1. Cash Payment - paying in Cash at the time of making reservation to hold a house or unit, it is applicable in paying for Monthly Down Payment or Deferred Cash Payments usually for short term like as long as 3 years. Beyond 3 years is not recommendable for buyers going at developer's office monthly, it's a hassle. Paying in Cash for more than 3 years is mostly not allowed by developers because it is a requirement for house/unit turnover. By paying in cash you get the Official Receipt immediately unless for some technical reasons at developers system if automated and in this case a probationary receipt is applied.

2. Checks Payment- check payment is the most convenient way of payment to avail of properties. Starting from Reservation Fees you may bring Dated Check to hold or reserve a unit during site-viewing. Some people who is planning to avail and currently in hunting properties bring checks with them during viewing for in case they fell in love with the house/unit or place they are sure to hold one. Check payment is very safe and no more to worry of pickpockets or holdapers along the way. It's mostly required mode of payment for the stretched down payment and balance payable. Checks usually be cleared within 3 banking days but posting at developers office may take a week if there are many buyers in a project or developers are understaffed. If paying in checks, make sure to have a probationary receipts or a signed transmittal form from developers staff.

3. Auto Debit Account Payment - Auto debit is another convenient way of paying your monthly amortization. It's not applicable for Reservation, only for stretched down payment and balance payable. To have this payment, you have to ask first your developer if they are amenable for this payment. Know their preferred banks for this method as some developers prefer accredited banks or their sister bank company for faster transaction. Then apply to this bank along with a filled out form that is certified by your developers representative which your unit or account is specified and next is coordination between developer and bank and of course the buyer.The payment automatically be deducted from your bank account in monthly basis and receipts are for mailing.

4. Bank Deposit Payment - You may pay thru bank deposit if you already have at least the Official Computation. Not recommended for reservation, but there are developers applicable for Reservation thru bank deposit and coordination is required because a specific unit may be reserved at the time the payment verified. This is applicable for stretched down payment and balance payable, or for advance payment. Make sure to have the accurate developers bank account and account name, official receipts for this method is for mailing. A scanned copy of deposit payment slip should be forwarded to developer for payment verification.

5. Wire -Transfer Payment - this mode of payment is the same as bank deposit payment, usually used by OFWs in paying their monthly amortization or by other property buyers if there's an accredited payment center in the neighborhood such SM Payment Center and others. It's recommended for short term payable, also a scanned copy of payment slip is needed by developer for verification.

6. Credit Card Payment - Credit card payment is the least method buyers are using and least applicable in buying properties. Applicable only for paying reservation fees to hold a unit, but not all developers are amenable for this setup.

For other mode of payments that  you may know, please share it with us.

Take note, not all mode of payment above are applicable to all developers so please inquire to them first. Also take in mind that you are paying at the right developers staff/representative or at the right bank account number/name and in the end you have your receipt and your property.


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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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