Questions about buying a house

[shearts]

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good day mga istoryans.

i have some questions about buying houses & i want to know as much details as possible before ko mo-committ in buying one.

here's one. speicifically sa loanable amount. here's one example.

Sample House & Lot

for example kani nga balay. full contract price is ₱ 2,558,039. 20% downpayment, so direcho nata sa loanable amount which is 80% Balance - ₱ 2,036,259.30.

on the website, it says for 15 years to pay, ang iya monthly kay ₱ 23,464.72. how was this calculated man?

i was told by an agent na more or less, based on sample computation, there's a 10% interest. so i thought ingani dapat ang calculation:

remaining balance = 2,036,259.3 x 10% + remaining balance / 180(months) = 12,444

so how come 23,464.72 mn nakabutang sa website? that's almost twice what i calculated mn.

[spartan301]

Interest rate they gave you is 11.25%... Have an excel file for this, jst dont know how to post...

Nway, jst for comparison, hav 1 housing loan with china bank at 6%, another one at bpi at 6.5%..
11.25% is over the current market rates!! If in-house financing, that would explain it, but still....

[shearts]

sent you pm on my email address boss..please send nako didto para makita pud nako..

[jaoey]

cge post pa mo mga masters sa real estate para maklaro maayu ang paagi sa mga housing loans

[OUTthinking]

sakto c spartan301. The rate they've given you for 15 years is 11.25%. The amortization factor for 11.25% at 15years is 0.0115234460.

Formula for monthly payment = amount * amortization factor = 2,036,259.30 * 0.0115234460 = 23,464.72.

You can search the net for amortization factor rate tables.

After 15years, you've paid P4,223,649.6. Just take note that there's a cost in borrowing money. True, one can spend less for spot cash payments but not everyone can do that.

[shearts]

so bottomline ani is, mahal kaayo ang in-house financing scheme sa mga developers so better go for bank or PAGIBIG sa remaining balance, correct?

[OUTthinking]

Payment Types():
1. Spot Cash Payment
- pros: you can get a discount
- cons: if you can't afford
2. Deferred Cash Payment
- pros: 0% interest, the sum of your monthly payments is the exact price of the property
- cons: no discount, higher monthly payments, only 3 years max
3. In-house Financing
- pros: does not require a lot of documents
- cons: you pay more than the price of the property
4. Pag-ibig Financing
- pros: gives you the lowest monthly payments
- cons: long term monthly payments, you need to be an eligible member first, adhere to documents required by developers,
you pay more than the price of the property
5. Bank Financing
- pros: gives you moderate monthly payments
- cons: need to complete all necessary documents (Income Docs), you should have a high monthly income,
must be of good credit score, you pay more than the price of the property

If I'm an employee earning P20k/month and have 1M traded in stocks that gives me 20% annual gains(dri ko mokuha para monthly payments), i'll go for PAG-IBIG - pero low-mid cost property ra na (mo-settle lang ko for now og low-cost para safe). After the house is fully paid in 30years, I'd still have access to my 1M in cold cash and prolly it has gained more. But that is just my opinion.

[shearts]

i think this is a very good input @OUTthinking.

usa pud nako sa na-huna2xan nako is mobuy ug empty lot then kami nalang mo-build sa balay later. in my view, at least makasure jud ko on the materials gigamit are good & not poor or mediocre choices on some developers just so maka-ginansya sila.

but then, there could also be a chance nga mao2x ra ang magasto overall then similar ang hassle like taking care of the paperworks especially nga wala pa raba jud mi sa cebu most of the time.

yes you also have a very good point na if sa cebu ra ka mag-work then lisud2x jud ipalit ug balay. i'm an ofw BTW & although daku2x jud ma-gasto, but based sa ako pag-kwenta2x, ma-dala2x ra ang mga monthly payments.

i was already an eligible member of PAG-IBIG before ko naka-abroad & i'm still paying for it.

but i'm still hoping makakita mi ug direct seller ta bitaw, not through developers kay mura daku2x jud ang difference in terms of how much you can buy either a house or lot.

[gerrynelmida]

Depende rajud na nimo

[GOSPELofROCH]

If ikaw ang clase nga buyer na nag tipid every piso and cents on your pocket I would suggest to buy a lot nlng and later on tukoran nimu ug house, you can use your pag-ibig sa pag tukod ug balay, we lots karon nga gibaligya from developer na inhouse financing 5 years to pay with ni interest compare sa uban na kailangan pa nimu elaon.