You are dreaming to buy a P 1M worth of House and Lot from a particular developer. The thing is that you do not have the full amount to purchase the property right away. Well, for big time investors, it would be easy for them to produce that amount right there and then. However, most people have to budget everything in order to keep up with the daily expenses. Here is how the payment scheme goes if ever you buy a House and Lot in the future.
1.
The first thing you have to pay is the reservation fee. That is about P 10,000 to P 30,000 for subdivisions and P 50,000 to P100,000 for condominiums. This amount is non-refundable and non-transferable but it is deductible from the Total Contract price. (If the amount is P 1M, the reservation fee is deducted from that amount). Why do you think it is important to pay the reservation fee as soon as you have selected your unit? This is to ensure that you get what you want. If you have chosen a corner lot, you get the corner lot. Without paying the reservation fee, anyone can still buy the unit you are planning to buy.
2.
The next thing would be the equity. This is usually equivalent to 30% of the total contract price (TCP). For a P1M property, that is around P300,000. This can be paid even between 2-5 years. The reservation fee is deducted first from the equity before computing your monthly amortization. If you paid P30,000 for reservation, the net equity would become P270,000. If that is payable in 5 years, the monthly amortization would be P 4,500. The equity can be offered at 0% interest especially when the units are still under pre-selling stage meaning the houses are not yet there.
Note: You do not need to worry buying during pre-selling period as long as the developer has a proven track record that they deliver the units on time. The advantage here is that you can avail of discounts, stretched payment of the equity, and most of all a lower price of the property. As soon as the units have already been built, prices will normally increase. So, it would be wise enough to buy during pre-selling period. The delivery date is the time that you can already use your unit. If the delivery date is December 2011, then you can move in by then.
3.
When you are done paying the equity, the next would be the balance which is equivalent to 70% of the Total Contract Price. If the price is P1M, then that would be P700,000. This can be paid in 5, 7, or 10 years. If you plan to avail of the 10 year term, it may require a credit investigation before approval. So, if you choose the 5 year plan, which is the most common, your monthly amortization would be P11,666.67.
Note: The balance which is 70% of the Total Contract Price can be paid by In House Financing, PAG-IBIG, bank financing, or any other payment schemes offered by the developer. For working individuals, if you have already contributed your PAG-IBIG premiums for 24 months, you can already avail of the PAG-IBIG Housing Loan.
Computations may vary depending on the type of payment schemes you have selected. If you are approved a big amount for your PAG-IBIG Loan, chances are, you will only pay a very small amount for the equity.
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