Owning a Property in the Philippines is now easy and affordable. Most developers are offering flexible payment terms with at least 20% equity that could paid up to 36 months. The remaining balance will be applied through Bank Financing or Housing Loan. Applying for a Housing Loan is easy. In this blog, I will show you each step in applying for a Housing Loan and explain to you each process.
6 Comments
For First Time Buyers, buying your first home can and should be a fun and exciting, as well as a stressful experience. It will also probably be the single largest investment you ever make. For this reason, it is important to be informed. I’ve listed things to consider that can help you eliminate much of the guesswork and make you a much more informed buyer, so that your home purchase can be fun. I used to be an employee of a Bank for 5 years handling Real Estate Loans or more particularly Housing Loans. I am well aware of the processing that takes place in applying a Housing Loan from start to finish. There are a lot of things to know when applying for a loan, not just knowing the interest rate or the requirements, but determining if you are qualified or not. They say applying for a housing loan is difficult because a lot of requirements are needed and may take some time to comply in order for an applicant to get approved, and because of this time and money are wasted. In order to avoid this kind of situation, here are some information you need to know when applying for a housing loan. Investing in Real Estate can be complex especially if you're not familiar with the terms and the acronyms that are being used. That's why due diligence is practiced so that you'll understand the process and how things are done in Real Estate transactions. In this blog, I made a list of acronyms that are commonly used in Real Estate that we should know. For us Filipinos, this is the most important thing to consider for investing a property means a lot of money is involved. Here are things to consider allocating your Budget:
In my last blog, I created a Factor Rate Table, which you'll use to compute for the monthly amortization. You just need to get the interest rate and the term, look for it in the table, and then multiply it with the Principal Amount. That's it. It's very easy. With just simple multiplication, you can already compute for the monthly amortization. But the question is, how did I compute for the amortization factor? Well, getting the amortization factor is complex since you'll be needing a scientific calculator to compute for it. But don't worry, I'll teach you each step on how to compute for it just in case the factor rate table is not available For first time buyers, with little knowledge in real estate, one of the problems they encounter are the listing property's documents. The most likely question they would ask is, how to check if these documents are authentic or fake? Here buyers must express due diligence in order for them to be sure if the property they are about to purchase is clean and has no legal impediments.
Use this mortgage calculator to find loan payment. |
THIRD REYES
|