buyer

Buyer’s Guide When Buying a HomeKnow Your Wants and Needs Your new dream home will be the single biggest investment that you’ll make in your lifetime. Before embarking on your journey of house hunting, know what you really want and need. List all the features you care most about, such as: Cost & FinancingSet your budget for monthly downpayment and amortization. Find out how much you can afford and what loan financing are available. Understand the pros and cons of each type of financing. Get sample computation and study. Ideally, mortgage payments should be not be higher than 36% of our total monthly income. This way, you can comfortably pay your mortgage and care for other household expenses. Location & NeighborhoodLocation is a very important consideration when buying a property. It’s an important indicator of value. It should be accessible by public transportation in going to your place of work, near schools, mall or shopping center, supermarket, hospitals, church and airport. Look for ongoing/future road development near the housing project as this will shorten travel time to your place of work and will also add to resale value of your property. Do you like Cavite, or Laguna, or Las Pinas or Paranaque or Bulacan? Is the neighborhood safe and secure. And most important of all, is it flood free? StyleDo you want a 2-storey townhouse, or single detached house, or a house with private park? Are you looking for ready for occupancy houses? Or pre-selling houses? Space To GrowHow many bedrooms, bathrooms, car garage, and how much square meters of extra lot are you going to need? Look further into the future than just today. If you aren’t finished expanding your family and plan to someday have children, or m ore children, you will want your new home to be large enough to accomodate that growth. Good Investment PotentialMost homebuyers, especially first-timers, will eventually decide to sell and relocate to another home at some point. That is why it’s important to consider how well the home will hold its value over time. If an area is gaining popularity, it only implies that the road network is due for improvement and the property value is expected to increase in the future. True to our word of making owning a home easy for you, booking and reservation for your dream home may be accepted at any of the PRO-FRIENDS offices. WE ACCEPT RESERVATIONS AT ANY OF THE FOLLOWING: HEAD OFFICE PRO-FRIENDS Center 55 Tinio Street, Mandaluyong City, Philippines SATELLITE OFFICESPRO-FRIENDS Imus Office 55 Tanzang Luma, Gen. Aguinaldo Highway, Imus, Cavite PRO-FRIENDS Iloilo Office Gen. Luna st., Brgy. Inday, Iloilo City Discounts When Buying a Home Is there a discount if you pay full Downpayment?   Yes. There is discount if house is pre-selling (house is for construction). No. There is no discount if house is ready for occupancy (RFO). What are the discount rates if you pay full Downpayment?       7.5 % discount if paid within 30 days from reservation date 7.0 % discount if paid within 60 days from reservation date 6.5 % discount if paid within 90 days from reservation date 6.0 % discount if paid within 120 days from reservation date 5.5 % discount if paid within 150 days from reservation date 5.0 % discount if paid within 180 days from reservation date Is there a discount if you pay the Total Contract Price in full? Yes. There is discount for pre-selling and ready for occupancy houses. Discount rates if you pay the Total Contract Price in full Below are the discount rates base on Net Selling Price: (Selling Price less Reservation Fee & Payments)              10 % discount if paid within 7 days from Reservation date 9.5 % discount if paid within 30 days from Reservation date 9.0 % discount if paid within 60 days from Reservation date 8.5 % discount if paid within 90 days from Reservation date 8.0 % discount if paid within 120 days from Reservation date 7.5% discount if paid within 150 days from Reservation date 7.0% discount if paid within 180 days from Reservation date 6.5% discount if paid within 210 days from Reservation date 6.0% discount if paid within 240 days from Reservation date 5.5% discount if paid within 270 days from Reservation date 5.0% discount if paid within 300 days from Reservation date 4.5% discount if paid within 330 days from Reservation date 4.0% discount if paid within 360 days from Reservation date How to Buy a House Buying Guide & Procedure 1. 2. 3. 4. 5. Get a viewing schedule by calling – texting, email or chat. Tripping vehicle and assistance is FREE. Know the financing & payment terms to avoid misunderstanding. After viewing the actual site and model unit, have a sit down discussion on the sample computation and request for an explanation about the terms and process of payment. Choose and pay reservation fee. Sellect the best location from our Sales Map. No payment, no reservation. Submit documents in 60 days. Profriends will give you a list of requirements to submit within 60 days. Pay monthly due dates. During reservation, you will be given a schedule of your monthly payment. This will start within 30-45 days from reservation date. Your monthly amortization will start after the downpayment term is fully paid. Follow-ups and Updates For Profriends housing projects, you may email Customer Service to ask any of the following:            Check your lacking documents or requirements Wants to change Due Date – can only request once. Admin Fee: Php100.00 Wants to change unit or ownership – must be done within 120 days from reservation date. Transfer Fee: Php3,000.00 Hold Check Request – must submit request 10 working days before due date. Holding Fee: Php100.00 Verify Payments or request a payment ledger. You may submit by scan email your ID, cedula & passport. Follow-up status of bank loan application. Wants to know status of house construction. Update on house turn-over schedule or move-in date. House Inspection Date or request a Certificate For Inspection (CFI) Other matters you want to know the current status. Note:     Unit ID – Always indicate your Unit ID (Block & Lot of your house) in all emails sent to Profriends. Accepted Signatories - Only signature / emails of Buyers or their Atty-in-Fact (SPA) are allowed/accepted. Request Approval – Request approval may take 2-4 weeks. Send Us Copy – Please don’t forget to send us copy of your email for future references. Profriends Customer Service Email: [email protected] Telephone Landline No.: (632) 727-7000 Types of Housing Loan Financing What is a Financing? Financing is getting a loan from a bank or from a developer to purchase your home, then paying back the loan in a set time period for a set monthly fee called amortization. Most financing comes at a cost to the person accepting the loan, usually defined as an interest rate. What are the accepted financing Schemes in Lancaster Estates?   In-house Financing Bank Financing What is an In-house Financing? This type of loan is not as knotty as bank financing. It is more convenient because not many documents are asked by the developer. Usually, the developer will just look for personal identity documents. On the downside, in-house financing usually has higher interest rate than in the bank. The interest rate will most likely depend on the developer’s assessment. Nowadays, in-house financing is preferred by some people in the Philippines. Not only that it is hassle free, as there is NO bank approval is required, but also for the reason that some people who have bad credit history can still be granted loan. What is Bank Financing? Bank financing means the loan is taken out from the bank. Often require the submission of numerous documents. Bank financing is mostly preferred by those who have good credit record or history and has regular work because it has lower interest rate compare to In-house financing. What are the accredited Banks?    BDO Metrobank UCPB Who will process the In-house and Bank Loan? The Developer – Profriends. Just submit all the requirements. When is the start of processing your Bank Loan? Usually towards the end of your downpayment term. How long is the processing of your Bank Loan? About 2-3 months since loan documents will be submitted in bulk to the bank. Assuming all requirements are fully submitted. What happens if your loan is not approved by the Bank? Profriends will re-submit your loan application with other accredited banks. Can you apply directly with your own Bank? Yes, subject to approval and a Pre-termination fee. You’ll be under IN-HOUSE financing scheme while your loan is in process with your bank. This is only applicable to houses sold at Lancaster Villages and Lancaster Residences. Direct bank loan is Not applicable to newly opened phases. How to Reserve a House What are the steps and procedure in reserving a house?       Fill up completely and sign a Buyer’s Information Sheet and Reservation Agreement form. A representative may sign in Buyer’s behalf. Submit them to Profriends’ Reservation Officer for verification. Onced approved, pay the reservation fee to the Cashier. Receive and bring home all loan documents given by the Reservation Officer. Be sure you read and understood the terms and condition in the Contract to Sell. Congratulations! The house is now duly reserved in your name. What is a Reservation Fee?      The Reservation Fee closes the sale on a first-come, first-served basis. Reservation payment will hold the house for you. No payment – No reservation. It forms part of the downpayment (DP). It is non-refundable in case the account is cancelled. How much is the Reservation Fee? Alice, Manor – Php 7,500.00 Catherine & Diana– Php 10,000.00 Sophie, Margaret, Gabrielle, Alexandra – Php 20,000.00 Are there discount on Reservation Fee? Yes, when there is a Promo. Please take note:   Reservation discount is not transferrable. Once you decide to transfer to another unit, you will pay full amount of reservation fee. When does the reservation payment expire? Your reservation payment is valid for 30 -45 days. Can you transfer the reservation payment? Yes, subject to approval:  Transfer is only allowed within 120 days from reservation date.     Transfer is allowed to nearest relatives only. Transfer is allowed to another project provided same developer. When there’s new price increase, it may apply during transfer. A transfer fee of Php 3,000.00 is charged upon release of approval. How can you reserve a unit? You must fill up a form – Buyer’s Information Sheet (BIS) and a Reservation Agreement (RA) then pay the reservation fee at any Profriends’ offices – Main, Imus & Site Offices. What is Reservation Agreement (RA)? The Reservation Agreement (RA) is a 7-page form that identifies the property you will purchase and its specifications. For example: Project, Block and Lot No., Lot Area , House Type, Floor Area and Schedule of Payment Also stated in the Reservation Agreement that reservation payment is not refundable. What are the grounds for cancellation of the Reservation Agreement?        Failure to appear in person for loan counseling. Failure to pay the first DP, in which case the Reservation fee (RF) is forfeited. To avoid forfeiture, you must submit/email a Promisory Letter stating the date of payment. Failure to remit any three (3) consecutive monthly installments or amortizations; Failure to submit within the prescribed period any of the documents that may be required by Pro friends or the financing institution; Willful misrepresentation or falsification of any document submitted; Voluntary withdrawal from the Reservation Agreement (RA) for any reason whatsoever. Can you pay the downpayment immediately during reservation? Yes. Information About Downpayment What is a downpayment (DP)?   The downpayment (DP) is a percentage of the Total Selling Price (TSP) plus the legal and miscellaneous fees (LMF). It is payable over a prescribed period and does not bear interest. How long is the downpayment term for Inhouse & Bank Financing? In-house Financing: Ready for Occupancy: 4-12 months to pay Pre-selling Units: 24 months to pay Bank Financing: Ready for Occupancy: 4-6 months to pay Preselling Houses: 15 months to pay How much is the required downpayment? In-house Financing: 30% of Total Contract Price Bank Financing: 12.5% of Total Contract Price When is the start of your down payment? Profriends has only 2 due dates – on the 5th or 20th day of the month. Example: 1. Reservation Date: August 6 – 20, 2012. DP starts on Sept. 20, 2012. 2. Reservation Date: August 21 – Sept. 5, 2012. DP starts on Oct. 5, 2012. Is downpayment transferrable to another person or unit? Yes, subject to approval:      Transfer is only allowed within 120 days from reservation date. Transfer is allowed to nearest relatives only. Transfer is allowed to another project provided same developer. When there’s new price increase, it may apply during transfer. A transfer fee of Php 3,000.00 is charged upon release of approval. What are the requirements for transfer?     Letter – a request letter signed by Buyer (spouses). BIS/RA – a new BIS/RA filled-up & signed by new Buyer. Must attach complete set of required documents of the new Buyer. Notarized Affidavit of Personal relationship (for transfer on ownership). How long is the processing time of approval? Between 3 to 6 weeks. If you pay full DP or Total Contract Price, will the house be constructed in advance? No. House completion indicated in the Price list will still be followed. If you pay in full, will amortization starts immediately? No. It will not start right away. When is the start of your amortization? After your downpayment term. Will you pay be downpayment and amortization at the same time? No. Amortization will only start after you fully pay the downpayment. Is there an interest for delayed payment? No. Only penalty is charged to Buyers. How much is the penalty? Penalty is the amount to pay for delayed payment. It is 1/10th of one percent. Example: If your monthly DP is Php7,150.00/mo., your penalty is Php7.15/day of delay. If your monthly DP is Php10,133.00/mo., your penalty is Php10.13/day of delay. What are required payments for the DP? Postdated checks. If you are Out-of-the-Country, who will open a Checking Account? You must assign an Atty-in-Fact to open a checking account in your behalf. Where can you open a Checking Account? You can only open a checking account with our accredited Banks: Accredited Bank 1. Planters Development Bank – Imus Branch beside Profriends Office. Requirements:         3 pcs. 1×1 ID 2 Valid ID (Passport/SSS/GSIS/Philhealth/Voters ID). TIN No. and SSS No. Referral Letter from Profriends Proof of Billing of who will open the account Php5,000.00 (for opening account and maintaining balance) Php175.00 (for the cost of checkbook booklet) Copy of Buyer’s Information Sheet Bank No.2. Maybank – Emilio Aguinaldo, Imus, Cavite Requirements:       3 pcs. 1×1 ID 1 Valid ID (Passport/SSS/GSIS/Philhealth/Voters ID) Latest Proof of Billing or Baranggay Clearance Copy of Buyer’s Information Sheet Php2,000.00 (for opening account and maintaining balance) Php175.00 (for the cost of checkbook booklet) How much is the Legal & Misc. Fees (Processing Fees) Bank Financing – 8% In-house Financing – 4.5% What are Legal & Miscellaneous fees (LMF) or Processing Fees? LMF or Processing Fees covers payment for the following:       Premiums for the first year coverage-mortgage redemption insurance(MRI) & fire insurance Real property taxes for one year Blue print of house plans (one set) Home owners association (HOA) dues for preventive maintenance Administrative expenses Title Transfer – for Bank Financing Qualifications When Buying a House Why Buy a Home at Profriends  No required salary bracket to get a loan. Now you can buy your dream house without worrying if your salary is within the required bracket. Who can to apply for a bank loan?   Only Filipino citizens are allowed to apply for a Bank loan. Filipinos who are already US, UK, Australian, Canadian citizens or citizens of other countries that has Dual Citizenship What are the qualification to apply for a bank home loan?             Must be Filipino citizen. If Buyer is a Filipino Immigrant, must have a Dual Citizenship. Must be 18 yrs. – 50 yrs. Must not be more than 50 yrs. old. Must be presently working for at least 2 years in the company Have regular source of income. Income of spouse/children can also be added. No problem with your marital status. Not separated with your wife / husband. If separated, must have separation papers. No pending legal cases. No cancelled credit cards. No credit card on amnesty. No unpaid loan account. What are the qualification to apply for Inhouse Financing    Must be Filipino citizen. Must be 18 yrs. – 50 yrs. If not working, must have Affidavit of Support Eligible Age of Borrower    At least 18 yrs old for UCPB Bank At least 21 yrs old for Metrobank Buyer must not be over 60 yrs old when loan matures. What is the Maximum Term of Bank Loan       For Metrobank Locally Employed: 25 yrs.. OFW: 15 yrs For BDO/UCPB Locally Employed: 20 yrs. For OFW: 20 yrs. Mode of Payment  Postdated Checks or Automatic Debit Arrangement from Bank account Requirements When Buying a House     Bank Financing Bank Financing – OFW InHouse Financing InHouse Financing – OFW Housing loan requirements for Single or Married locally employed buyers. 1. 3pcs. 1×1 ID Picture (for Buyer) labeled w/ name and Unit ID at the back 2. 2 kinds of Valid ID’s with 3 specimen signature (Photocopy only) (for Buyer & Spouse) SSS, GSIS, Driver’s License, Voter’s, PRC Passport – validity date should not be expired Postal ID’s are allowed for AIF only (or unemployed spouse) 3. Residence Certificate for the Current Year (Cedula) (for Buyer and Spouse) Must always update every year. 4. Certificate of No Marriage (CENOMAR) (for Buyer) If Buyer is single. 5. Birth Certificate (for Buyer) If Buyer is single. 6. Marriage Contract (for Buyer) If Buyer is married. 7. Tax Identification Number (TIN) (for Buyer and Spouse) 8. Latest Proof of Billing (for Buyer) Must always update. Valid for 6 months only. Should bear the same address as you have indicated in your Buyer’s Information Sheet (BIS) and should be dated/issued at least within the month of submission date. If billing is not under buyer’s name, attach certification and valid ID (phot ocopy) of owner. 9. Income Tax Return (ITR) (for Buyer) Should be most recent one. 10. Certificate of Employment (for Buyer) Should be most recent one. 11. Payslip (for Buyer) Should be most recent one. Step by Step Guide in Move-in Process Occupancy and Possession    Profriends will issue a Notice of House Inspection with Clearance For Inspection (NHI w/CFI) stating the date the unit shall be ready for inspection and/or occupancy. You will be given 60 days from receipt of NHI w/ CFI within which to inspect the unit. If you fail to inspect the unit within this period, it shall be deemed accepted in good condition. Any loss or damage to the unit after it is deemed accepted or after Profriends issues an Authority To Move-In (ATMI) shall no longer be the responsibility of Profriends. Please note:   Incomplete submission of documents, No Certificate of Inspection (CFI) is issued. Incomplete submission of documents, No Move-in is allowed. During Inspection     You will list down all parts of the house you think needs retouch, repair or clearing. You will be asked to come back after few weeks for the second inspection. Once you see the unit is okey and acceptable, you may sign the acceptance certificate. Bring this certificate to the main office and go back to Engineering Office at site to get the key. Improvements / Alteration      You shall be allowed to make any alteration or additional construction to the unit only after final house acceptance. You shall be required to submit the proposed building plans for any improvement or alteration , and pay a deposit fee which will serve as a construction bond, to be refunded after modification is complete and all deductions for damages (if any) have been made. Profriends reserves the right to make modifications on the plans and specifications during the course of construction. These may include: Subdivision and housing components in any part of the project that may be required under national or local government laws and regulations; Modifications necessary for the enhancement of the entire project. Membership in the HOA  Upon acceptance of the unit or once you have taken possession of the unit, you automatically becomes a member of the Homeowners association (HOA) and is required to pay the monthly dues. Possession shall mean any one of the following:  Unit is deemed accepted    House keys have been turned over to buyer Actual move in has taken place Alterations or improvements on the unit have been implemented.