What are the accepted financing schemes?
* In-House Financing
* Bank Financing
* Pagibig Financing (Selected Units only)
What is an In-House Financing?
Scheme in which you'll apply for a Loan directly to the developer which is more convenient but usually comes with higher interest rates - depending on the the developer’s assessment. It is not as difficult as bank financing because you don’t need to submit a lot of documents to the developer. They are just usually looking for papers that will show your personal identity.
It is usually favored by a lot of Filipinos because no bank approval is required and you can still acquire a loan despite your bad credit history.
What is Bank Financing?
Another way to purchase your dream house is to get a loan from the bank. It is usually the mode of payment chosen by people with good bank record because it has lower interest rates compared to in-house financing. You must have a stable job and you must submit quite a number of documents to be approved by the bank
What are their accredited banks?
* Banco de Oro (BDO)
* United Coconut Planters Bank (UCPB)
* Metrobank
* Philippine National Bank (PNB)
What is Pag-IBIG Financing?
Another way to purchase your dream house is to get a loan from Pag-IBIG. Pag-IBIG is an acronym which stands for Pagtutulungan sa Kinabukasan: Ikaw, Bangko, Industria at Gobyerno. In effect, Pag-IBIG harnesses these four sectors of our society to provide its members with adequate housing through as effective savings scheme. It usually requires a Gross Monthly Income and buyers must submit quite number of documents to be approved.
Who will process your application through Bank / In House Financing?
Schemes will always be Developer-Assisted. The developer itself will process your applications and you'll just need to submit your requirements.
What will happen if bank disapproves your loan?
The developer will resend it to other accredited banks. If other banks still disapproves you, they will automatically transfer you to In-House Financing.