about Prenda yuta, balay

[oninrocks]

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kung magnegosyo man ta ani pila man interest 5%-20%?

[cirext]

mga sirs

is it ok sa 5% a month na interest sa REm?


any idea sa mga lending company or banks pila ila normal or standard rates? thks

if in rem contract there is clause like "that the mortgagee shall have the right to extra-judicially foreclose the mortgage and that by virtue thereof, the mortgagee are hereby named, constituted and appointed by herein mortgagor as her attorney-in-fact, with full power of substitution, to enter upon and take possession of the mortgaged property without any order from any court and sell and dispose of the same to the highest bidder at public auction after..... etc..provisions of Act3135 and to deduct the proceeds thereof what is due them under this Contract of Mortgage.

any idea about what would happen especially the specific process if the Mortgagor failed to pay in the said date in the contract, would there be an automatic auction.

thks

5% interest rate per month in mortgage is too inhumane.
That's 60% per annum.. Grabeha pud.

Banks have 9-10% per annum or 0.75% to 0.83% per month
Ang pinakadako na ako nasugatan are from those non-financing institution...
Which is maximum of 19% per annum or 1.58% per month

It's up to you & your lawyer bro on how wil u interpret the clause.

[cirext]

kung magnegosyo man ta ani pila man interest 5%-20%?

That's too much...
Cguro mga 1-2% per month.
That's helping w/o hurting..

[Borgy]

5% interest rate per month in mortgage is too inhumane.
That's 60% per annum.. Grabeha pud.

Banks have 9-10% per annum or 0.75% to 0.83% per month
Ang pinakadako na ako nasugatan are from those non-financing institution...
Which is maximum of 19% per annum or 1.58% per month

It's up to you & your lawyer bro on how wil u interpret the clause.

heheehe

ah ok big thanks to u cirext youre the man in real estate .so it should be around 1.5% monthly
now at least i have an idea what are the norms.

if i may ask sir well it a litlle bit ot but it's about interest rate

but why is it there is a local bank a big cooperative bank which is charging 2% to 2.5% a monthly interest in real estate mortgage kay a friend of mine mortgage his lot on the said cooperative bank kay naa individual mu pa hiram kwarta iyaha but 5% monthly interest pangayo so didto nalng cya kay gastador man ni babae and why is it a credit card charging 3.5% a month especially in cash advance.

[ed168III]

ask pud ko, dli ta mapriso ani if wlay business permit to engage real mortgage business??

[cirext]

heheehe

ah ok big thanks to u cirext youre the man in real estate .so it should be around 1.5% monthly
now at least i have an idea what are the norms.

if i may ask sir well it a litlle bit ot but it's about interest rate

but why is it there is a local bank a big cooperative bank which is charging 2% to 2.5% a monthly interest in real estate mortgage kay a friend of mine mortgage his lot on the said cooperative bank kay naa individual mu pa hiram kwarta iyaha but 5% monthly interest pangayo so didto nalng cya kay gastador man ni babae and why is it a credit card charging 3.5% a month especially in cash advance.

Ur friend approached a not-too-friendly lending institution..
Yes, credit card does that..that's y im not encouraging it either..
Ok ra sila ana kay gagmay raman gud ang loan amount...
Sa RE, millions man gud ang principal/basis sa interest... so the rate should be lower

[cirext]

ask pud ko, dli ta mapriso ani if wlay business permit to engage real mortgage business??

Ayaw lang jud pasakop bro..hehehh
Kay hait na bya ang RESA 9646 (Real Estate Service Act)
Try to research the implementing rules & regulations of this new law.

[ed168III]

naa jud diay, bro mo offer kag real estate training? coz im planning to be a license realtor, tnx a lot

[cirext]

naa jud diay, bro mo offer kag real estate training? coz im planning to be a license realtor, tnx a lot

Yes i did.. but basics rato.

With the new law bro, dli na dali mahimong REALTOR unlike before.
Now, u need to take a 4-years Real Estate Course, after that take the board exam...
After passing the Board Exam, apply for membership in any PAREB Local Board...
Then icirculate na imo name for 2 months, if walay petition..you will now be a REALTOR.
Once a REALTOR, pay monthly membership fee sa REALTOR's Board.

[ed168III]

meaning bro to be a realtor u must b a degree holder of real estate course?