These are some of the most common questions about our property listings. If your question isn’t answered here, you may send us a message at newhouseandlot@yahoo.com or live chat with us.
- What is the procedure for Financing Scheme?
- How much is the reservation fee?
- When will i pay my first monthly equity/downpayment?
- How about for the monthly amortization ?
- Are there any Hidden Charges?
- What are the interest Rates for each Financing?
- When will the developer starts the house construction?
- When can I move in?
- How do we go about the turn-over of the unit?
- Is there a buyer’s guarantee?
- How about improvements on the house?
1. What is the procedure for Financing Scheme? BACK TO TOP
1st Month - Day 1 to Day 30: Submission of Requirements (Please refer to financing requirements)
2nd Month - 5th or 20th Day: 1st Monthly Equity / Down payment
3rd to 16th Month : 2nd to 15th: Monthly Equity / Down payment
17th to 20th Month : Last Monthly Equity / Down Payment and House Turn-Over
2. How much is the reservation fee? BACK TO TOP
Reservation is from P7,500 to P30,000 depending on the house model. It is non-refundable but will make as part of your down payment. It can be transferred to another unit or person provided it is from the same agent and developer. A transfer fee of Three Thousand Pesos (P3,000.00) will be charged to the buyer. 1 to 2 weeks approval.
First monthly amortization will start a month after finishing payments of monthly equity or down payment. It will not coincide with down payment. (Hindi po magsasabay) Amount and duration will depend on the loan and term applied for.
Pre-Termination Fee (for IN HOUSE FINANCING)
Profriends charge termination fee of 14% if you decides to loan the Balance or Loanable Amount of IN HOUSE Financing to Pagibig (Individual Application). You or your SPA, will apply the loan with PAGIBIG Office. Profriends will not handle the loan processing. While loan is on process, you will be paying amortization base on IN-HOUSE computation.
There are NO HIDDEN charges. Water and MERALCO (electricity) connection will be applied personally by the Buyer or thru their representative after house/unit is turned-over and deem accepted.
WATER CONNECTION – Estimated cost for water connection is Php 3,800.00 (deposit & meter). Timetable is 1-2 weeks from application date. Cost may vary depending on chosen project.
MERALCO - Estimated cost for electrical connection is Php 2,700.00 (deposit & meter). Timetable is 3-4 weeks from application date. Cost may vary depending on chosen project.
In house Financing - 18% per year for 5 years to pay; 21% per year for 10 years to pay.
Bank Financing - reference rate is 10 % up to 20 yrs. Actual interest rate will apply when loan is taken-out by the bank.
House construction starts on the last 3 months of down payment period. By the time that the down payment is fully paid, house is more than half finish and ready for turn-over in 3 months after the DP period is over.
Preselling
BANK Financing
1.) On the 18th month.
2.) Bank has take-out your loan (bank has paid the developer).
These 2 requirements must be present before you will be allowed to move-in. In case your loan is still pending due to not submitted requirements that needed for loan processing, moving-in on the 16th month will not be allowed.
IN HOUSE Financing
It’s on the 18th month. All requirements must be submitted (docs & postdated checks).No late payments or penalties. No need for loan take-out.
SPOT CASH Buyers or Spot Full Down payment
For non-RFO units, House completion and turnover will still follow by Developer's house completion schedule as shown in the Inventory Sheet.
Important reminders:
Profriends will not allow moving in or transfer unless ALL REQUIRED DOCUMENTS and POSTDATED CHECKS are fully submitted.
Buyer will receive a Clearance for Inspection (CFI) from the developer (Pro Friends) stating that the house is ready for inspection. Buyer will be given 2 months to inspect and make repair request for the house. Buyer will issue a letter of acceptance when everything is well.
Yes, there is. Aside from 2 months to make a request for a repair for the house upon completion, buyer will also be given one whole rainy season to inspect the house. If found to have a leak, developer will make repair FREE of charge.
For In house Financing only
Property of Friends, Inc. accepts deletion of tiles in bathroom & kitchen counter top while on-going construction – deletion charge is Php 1,000.00. To facilitate deletion of tiles, a letter of request must be sent as early as possible or before house construction starts because the approval of such request may takes 2-3 weeks.
For Bank Financing
Absolutely no deletion is allowed for Bank & direct Pagibig financing. Buyer is not allowed to hire third party contractor to do the improvement until the house/unit is turned-over. Tile installation and other unit improvement can only start once the house/unit is delivered or turned-over.
Construction Bond
Required BY PROFRIENDS only if Buyer construct for improvement (tiles/fence/balcony) after house has been accepted. Estimated amount is Php 5,500 - 10,500.00 depending on housing project chosen. This Bond will pay for any damages (should there be any) during construction of improvement period. Bond will be refunded if there is no damage done during construction.
3. When will I pay my first monthly equity/down payment? BACK TO TOP
First monthly equity or down payment will start either on the 5th or the 20th hit date of the following month upon reservation.
Example: Reserved a unit on Jan. 1. First monthly equity or down payment will start on Feb. 5. Succeeding payments deadline will be on every 5th of the month.
Monthly equity / down payments are non-refundable if Buyer decides to cancel the account/unit, but is transferable to another person or unit provided under same agent and developer.
All payments made will be duly credited (penalties and interest incurred will be deducted) to the new owner/ chosen unit. No penalty or deductions on payment if account is updated and still within the down payment period. Buyer will have to pay the transfer fee of Php 3,000.00 upon approval of Transfer of Unit request. The processing of this request may take 2-3 weeks.
4. How about for the monthly amortization? BACK TO TOP
Pre-Termination Fee (for IN HOUSE FINANCING)
Profriends charge termination fee of 14% if you decides to loan the Balance or Loanable Amount of IN HOUSE Financing to Pagibig (Individual Application). You or your SPA, will apply the loan with PAGIBIG Office. Profriends will not handle the loan processing. While loan is on process, you will be paying amortization base on IN-HOUSE computation.
5. Are there any Hidden Charges? BACK TO TOP
WATER CONNECTION – Estimated cost for water connection is Php 3,800.00 (deposit & meter). Timetable is 1-2 weeks from application date. Cost may vary depending on chosen project.
MERALCO - Estimated cost for electrical connection is Php 2,700.00 (deposit & meter). Timetable is 3-4 weeks from application date. Cost may vary depending on chosen project.
6. What are the Interest Rates for each Financing? BACK TO TOP
Bank Financing - reference rate is 10 % up to 20 yrs. Actual interest rate will apply when loan is taken-out by the bank.
7. When will the developer start the house construction? BACK TO TOP
8. When can i move in? BACK TO TOP
BANK Financing
1.) On the 18th month.
2.) Bank has take-out your loan (bank has paid the developer).
These 2 requirements must be present before you will be allowed to move-in. In case your loan is still pending due to not submitted requirements that needed for loan processing, moving-in on the 16th month will not be allowed.
IN HOUSE Financing
It’s on the 18th month. All requirements must be submitted (docs & postdated checks).No late payments or penalties. No need for loan take-out.
SPOT CASH Buyers or Spot Full Down payment
For non-RFO units, House completion and turnover will still follow by Developer's house completion schedule as shown in the Inventory Sheet.
Important reminders:
Profriends will not allow moving in or transfer unless ALL REQUIRED DOCUMENTS and POSTDATED CHECKS are fully submitted.
9. How do we go about the turn-over of the unit? BACK TO TOP
10 Is there buyer's guarantee? BACK TO TOP
11. How about improvements on the house? BACK TO TOP
Property of Friends, Inc. accepts deletion of tiles in bathroom & kitchen counter top while on-going construction – deletion charge is Php 1,000.00. To facilitate deletion of tiles, a letter of request must be sent as early as possible or before house construction starts because the approval of such request may takes 2-3 weeks.
For Bank Financing
Absolutely no deletion is allowed for Bank & direct Pagibig financing. Buyer is not allowed to hire third party contractor to do the improvement until the house/unit is turned-over. Tile installation and other unit improvement can only start once the house/unit is delivered or turned-over.
Construction Bond
Required BY PROFRIENDS only if Buyer construct for improvement (tiles/fence/balcony) after house has been accepted. Estimated amount is Php 5,500 - 10,500.00 depending on housing project chosen. This Bond will pay for any damages (should there be any) during construction of improvement period. Bond will be refunded if there is no damage done during construction.
