REQUIREMENTS FOR BANK FINANCING

CHECKLIST OF DOCUMENTARY REQUIREMENTS 
A. PERSONAL DOCUMENTS 
1. 1x1 ID Pictures (3pcs.)
    a. Buyer
    b. Spouse
    c. Atty.-in-fact
2. Photocopy of  Valid ID’s  (Government or Company issued)
    a. Buyer – 2 valid ID’s
    b. Spouse – 2 valid ID’s
    c. Atty.-in-fact – 2 valid ID’s
3. Community Tax Certificate for the current year (cedula)
    a. Buyer
    b. Spouse
    c. Atty.-in-fact
4. Birth Certificate or Marriage Contract (if Married)
5. Tax Identification Number (TIN)
6. Photocopy of Latest Proof of Billing
7. Photocopy of Passport (for OFW)
8. Certificate of Employment with Compensation (for locally employed) / Job  Contract (for OFWs)
9. Post Dated Checks
    a. Down Payment

B. DOCUMENTS TO BE FILL-OUT & SIGNED BY THE BUYER
1.  Buyer’s Information Sheet (BIS)
2.  Reservation Agreement (RA)
3.  Counseling Form
4.  Contract to Sell (CTS)
5.  Deed of Absolute Sale (DOAS)
6.  Deed of Reconveyance (DOR)
7.  Credit Investigation Form (CI form w/ sketch)
8.  Bank Housing Loan Application
9.  Insurances
     a. Cocolife
     b. AXA
     c. PNB
10. PCFI SPA Form (if OFW)
11. BANK SPA Form (Consularized) (if OFW)
12. Atty –In – Fact information sheet (if OFW)

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REQUIREMENTS FOR IN HOUSE FINANCING

CHECKLIST OF DOCUMENTARY REQUIREMENTS
A. PERSONAL DOCUMENTS
1. 1x1 ID Pictures (3pcs.)
    a. Buyer
    b. Spouse
    c. AIF
2. Photocopy of Valid ID’s  (Government or company issued)
    a. Buyer – 2 valid ID’s
    b. Spouse – 2 valid ID’s
    c. AIF – 2 valid ID’s
3. Community Tax Certificate for the current year (cedula)
    a. Buyer
    b. Spouse
    c. AIF
4. Birth Certificate or Marriage Contract (if Married) 
5. Tax Identification Number (TIN)
6. Latest Proof of Billing
7. Photocopy of Passport (for OFW)
8. Certificate of Employment with Compensation (for locally employed) / Job Contract (for OFWs)
9. Post Dated Checks
    a. Down Payment
    b. Monthly Amortization
    c. Real Property Tax (RPT)

B. DOCUMENTS TO BE FILL-OUT & SIGNED BY THE BUYER
1. Buyer’s Information Sheet (BIS)
2. Reservation Agreement (RA)
3. Counseling Form
4. Contract to Sell (CTS)
5. Credit Investigation Form (CI form w/ sketch)
6. Insurances
    a.  Cocolife
    b.  PNB
7. PCFI SPA Form (if OFW)
8. Atty –In – Fact information sheet (if OFW)

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Before You Buy Your First Home - Tips for a First-time Home Buyer

Before You Buy Your First Home - Tips for a First-time Home Buyer
It's not uncommon for a first-time home buyer to say to me, "Gosh, just last week I called you about buying a home and now I'm in escrow! How did this happen so fast?"
The answer is it didn't. First-time home buyers start the search long before most even realize it.
Here's what you can expect from your home shopping experience.

Benefits for a First-Time Home Buyer
You should buy a home. That's what you've been hearing from friends and family, right? So, by now you have likely already weighed the benefits and decided that home ownership was the best decision for you. That's a major hurdle now passed. You are focused and certain. Good.

Defining Search Parameters for a First-Time Home Buyer
Almost 80% of all home searches today begin on the Internet. With just a few clicks of the mouse, home buyers can search through hundreds of online listings, view virtual tours, and sort through dozens of photographs and aerial shots of neighborhoods and homes. You've probably defined your goals and have a pretty good idea of the type of home and neighborhood you want. By the time you reach your real estate agent's office, you are halfway to home ownership.

How Long Should It Take to Buy Your First Home?
In seller's markets, often I show only one home. After all, how many homes does one family need? A few buyers will look for years, but buyers who do that aren't motivated. A motivated buyer will find a home within two weeks. Most of my buyers find a home within two days.
Good real estate agents will listen to your wants and needs and arrange to show only those homes that fit your particular parameters. Your agent should preview homes before showing them to you as well.

How Many Homes Will a Home Buyer See?
Studies show that your memory dramatically improves after consumption of carbs and slows upon consuming sugar. So, lay off the soft drinks and have a hearty meal of carbs before venturing out to tour homes. The average number of homes that I show to a buyer in one day is seven. Any more than that, and the brain is on overload. Therefore, don't expect to see 20 or 30 homes; although it's physically possible to do so, you probably will not remember specific details about any of them.

The "Red Shoes" Experience for a Home Buyer
Women will relate to this. Say, you need a new pair of red shoes. You go to the mall. At the first shoe store, you find a fabulous pair of red shoes. You try them on. They fit perfectly. They are glamorous. Priced right, too. Do you buy them? Of course not! You go to every other store in the mall trying on red shoes until you are ready to drop from exhaustion. Then you return to the first store and buy those red shoes. Do not shop for a home this way. When you find the perfect home, buy it.

Making the Selection To Buy a Home
I'll let you in on a little secret. I generally know which home a buyer is going to choose, and I suspect most other agents operate the same way. It's an intuition. But I make it a practice not to steer buyers, and I insist that buyers choose the home without interference from me. It's not my choice to make.
Real estate agents are required, however, to point out defects and should help buyers feel confident that the home selected meets the buyer's search parameters.

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BANK and IN-HOUSE FINANCING GUIDELINES

BANK FINANCING GUIDELINES 

INHOUSE FINANCING GUIDELINES
 

If you are investing in real estate, we have all your property investment information that will help your dream of owning a home a reality.
After you've decided the property of your choice, your next step is to ask for a sample computation of this project. Most important, we understand that everyone's financing needs are unique. We are committed to providing you with specific schemes and personalized services that best meet your individual needs. As a customer, you will be able to take advantage of a number of schemes and incentives only offered by Profriends Inc. Here are some basic information and guides that can help you decide which payment option is best for you.

BANK FINANCING
(MBTC, starting Nov 10, 2011)

Applied for Lancaster Estates | Carmona Estates |

1.Now, applying for a housing loan is easy and simple.
2.As long as you’re working, you’re qualified. We are accredited with METROBANK AND TRUST COMPANY (MBTC).
3.Developer will process your loan in bank. Just submit required documents within 60 days from Date of Reservation.

Eligibility Requirements

•At least 21 years old but not more than 65 years old upon loan maturity.
•Must have no adverse credit findings with CMAP & NFIS
•NO default in monthly DP payments for 3 consecutive months and/or must not have incurred delays in payments of 5 months or more within the 15-month DP Term.
•Locally employed applicants must submit latest ITR/W2.

Note:
The income stated in the Income Tax Return will not be the basis of loan approval. This is just compliance to a Central Bank requirement.

Credit Evaluation Process
•Subject only to CMAP/NFIS (Negative File Info System) and
•Personal Data/Residence and Neighborhood checking (PDRN)
•Verification of Income is waived.

Note:

Client must not have legal cases, bad credit card record that result in a legal case or previous bank loan that were not paid.

Down payment Term (0% Interest)
•15 Months
•4 Months for Ready For Occupancy (RFO) Units    

Move-in
•16th to 18th month from date of Reservation
•5th to 7th month from date of Reservation for Ready For Occupancy (RFO) Units

Maximum Loan Term
•20 Years, provided borrower’s age does not exceed 65 at loan maturity.

Mode of Payment
The twelve point five percent (12.5%) DP shall be paid in 15 months (or 4 months for RFO Units) equal monthly installments through post-dated checks (PDCs) payable to Property Company of Friends, Inc. (PCFI)

Loan Value
•87.5% of Total Contract Price

Interest
•Prevailing Bank Rate will apply on the time of loan take-out.
•Fixed for 3 Years; Annual re-pricing thereafter

If Overseas Filipino Worker (OFW) – Metrobank
•One (1) Copy Consularized Special Power of Attorney (SPA) (Bank Form)

Note:
Consularized SPA is a MUST Requirement when transferring Certificate of Title to Client’s name.
This is required by the Register of Deeds.      

Credit Evaluation Process
•Subject only to CMAP/NFIS (Negative File Info System) and
•Personal Data/Residence and Neighborhood checking (PDRN)
•Photocopy of Contract or Certificate of Employment with Compensation.

Eligible Age of Borrower - Metrobank
•21 yrs. old and up
•If Overseas Filipino Worker (OFW), must not be more than 60 yrs. old when loan matures (fully paid)

Eligible Occupation For OFW
•If Immigrant or Dual Citizen, borrower is required to have a co-borrower (regardless of income), who is an immediate family member residing in the Philippines.
•Overseas Filipino Worker (OFW) working in war-torn countries shall not be accepted. Copy of Latest Passport with date of departure and arrival.      

Maximum Term
MBTC:  OFW – 15 yrs.

Mode of Payment
•MBTC:   Automatic Debit Arrangement from Bank account

Loan Value
•MBTC: 87.5% of Total Contract Price

Interest Fixing
•Prevailing Bank Rate will apply on the time of loan take-out.
•MBTC:  10 yrs. at 10.5% (reference only).  Amortization is the same for 10 yrs.

INHOUSE FINANCING
If you’re looking for the easiest and fastest way of financing your home, then apply with our In-house Financing.
In-house financing generally means taking a loan to buy the house directly from the developer of the subdivision/community. Despite the higher interest rate compared to banks, many they prefer this arrangement with the developer because loan processing is faster and easier.
No background checking of the applicant are required. Our in-house financing do not strictly require submission of proof of income of the buyer. Loan approval is practically as fast as one’s ability to pay the reservation, fill out the forms, and submit the usual documentary requirements.

Eligibility Requirements
1.Client must be 18 years old and above (age eligible for a TIN, SSS, etc.)
2.Anyone as long as age limit is met can apply for In-house financing.
3.Client with on-going civil cases (annulment, child custody, etc.) and those that are estranged to their spouse but wish to declare single marital status on their In-house application is allowed and is welcome to apply.
4.Immigrant and dual citizenship holders can apply for an In-housing loan without getting a co-borrower here in Philippines.

No required Income Tax Return.
No minimum salary requirement.
No pay slips. No bank account needed.
No interviews.
Developer will extend housing loan.
Client will directly pay to the Developer’s office.
Developer will process the loan.
Just submit required documents within 60 days.

Down payment Term (0% Interest)
•24 Months

Move-in
•16th to 18th month from date of Reservation

Maximum Loan Term
•10 Years, provided borrower’s age does not exceed 65 at loan maturity.

Mode of Payment
The thirty percent (30%) DP shall be paid in 24 months equal monthly installments through post-dated checks (PDCs) payable to Property Company of Friends, Inc. (PCFI)

Loan Value
•70% of Total Contract Price

Interest
•21% for 10 years
•18% for 5 years

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GUIDELINES

1. Visit the model house of the housing project personally or thru your representative.
2. Choose the location of block and lot number thru Developer's Sales Map.
3. Decide what will be your mode and terms of payment.
4. Mode of Payments:
   • In-house Financing-your loan will be process directly to the developer.
   • Bank Financing-developer shall be the one to process.
   • Cash Deferred Payment - 24 equal monthly installment ZERO interest
   • Spot Cash Payment - avail of discount if fully paid within 6 months.
5. Terms of Payment:
   • DOWN PAYMENT payable in how many months?
          In-House Financing – 24 months.
          Bank Financing - 15 months.
   If you will pay the net down payment in 30 days you can avail a 7.5% of net DP.
   Note: Move in will be on the 16th to 18 months for the preselling unit. 
   • Balance payable in how many years?
          In House Financing – maximum of 10 years.
          Bank Financing - maximum of 20 years. 
6. Pay the reservation fee.
7. Fill out Buyer's Information Sheet (BIS) and Reservation Agreement Form.
8. Sign the following  forms:
   • Contract to Sell
   • Special Power of Attorney (if Buyer is not available)
   • Insurance Form (Mortgage Redemption Insurance (MRI) and Fire Insurance
   • In-house or Bank Loan Application Forms
9. Get the list of requirements together with signed forms from Developer's Office or your Agent. 
10. Requirements must be submitted within 60 days.  Submit a letter, if submission will be delayed.
11. Pay your  first monthly downpayment after 30 - 45 days from reservation date.
12.  After full downpayment,  start paying your monthly amortization.  
13. Upon full  downpayment, you may now inspect your house
14. Sign house acceptance  after house inspection process.
15. You may now apply for Meralco (3 weeks) and water connection (3 days)
16. While waiting for electric connection, Developer will allow you to a sub-meter connection.
17. Upon house acceptance, you'll be allowed to construct interior and exterior improvements.
18. Just get approval from Developer's Office.  Submit sketches of the improvement.
19. Approval from the Developer is free, fast and easy.
20. Upon approval, apply and pay the Building Permit to Local Municipal's Office.

Ways of Paying this House:

1.  Thru Bank Financing
Reservation Fee: from Php 7,500.00, 10,000.00, 20,000.00 to 30,000.00
Dowpayment: 12.5% of the Total Contract Price.  To be paid in 15 monthly installment without interest.  Start of payment:  30-45 days after paying the reservation fee.
Balance Loanable: 87.5% will be loaned from our accredited bank.  This is called the bank amortization. Our Developer's office will process your loan.  Start of payment:  On the 16th month. After 15 months of paying in full the 12.5% downpayment.  If you pay the downpayment in full cash, your bank amortization will still start on the 16th month.
Estimated Move-in Date:  On the 16th-18th month.  After 15 months of paying the downpayment and bank has paid the Developer.

2.  Thru Inhouse Financing
Reservation Fee: from from Php 7,500.00, 10,000.00, 20,000.00 to 30,000.00
Dowpayment: 30% of the Total Contract Price.  To be paid in 24 monthly installment without interest.  Start of payment:  30-45 days after paying the reservation fee.
Balance Loanable: 70% will be financed by the Developer.  This is called the Inhouse amortization. Our Developer's office will process your loan.  Start of payment:  On the 25th month.  After 24 months of paying in full the 30% downpayment.  If you pay the downpayment in full cash, your amortization will still start on the 25th month.  
Estimated Move-in Date:  On the 16th-18th month.  After 15 months of paying the monthly downpayment.

3.  Cash Deferred Payment - 24 Equal Monthly Payments 0% Interest
Reservation Fee: from from Php 7,500.00, 10,000.00, 20,000.00 to 30,000.00
Dowpayment: There is no downpayment required.
Amortization:  There is no amortization.
Cash deferred payment is considered as cash.  Reservation fee is deducted from Total Contract Price.  The balance will be divided into 24 monthly installment without interest.  Start of the 24 monthly payment:  30 days after paying the reservation.
Estimated Move-in Date:  On the 16th-18th month.  After 15 months of paying the monthly installment.

4.  Spot Cash
Reservation Fee:  from Php 7,500.00, 10,000.00, 20,000.00 to 30,000.00
The balance will be entitled with a discount ranging from 4-10% depending on when you will pay in full.

Important Reminders:

▪ Limited availability. Only few units available with this price.  Always ask if available.
▪ Corner and end lots have bigger areas, so price is higher by 10% or more.
▪ Every block has different prices. Price is higher for lots facing east, main road and near entrance.
▪ Ready for Occupancy houses not included in this payment scheme. 

                                                           

Terms and Conditions:

• Reservation fee, downpayments and amortizations are NOT refundable.  
• But it is transferable to another person or unit provided under same agent and developer. Fee: Php 3,000.00.
• 10% downpayment is required for you to move-in to your unit.
• If downpayment is paid in cash, 7.5% discount apply base on net downpayment.
• If  total contract price is paid in full cash, you have 10% discount base on the net selling price.
• Other terms and conditions apply.

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