SPOT CASH

There are people who wants to pay a property in Spot Cash to avoid the loan. The good thing in
paying it thru cash payment is that you can avail of Spot Cash discounts. Discounts varies
depending on the number of days you are going to fully pay it.

Usual modes of payment: Cash or Cheque

DEFERRED CASH

This payment scheme offers the buyer to pay the total contract price amount for a period
(usually 24 months) at zero (0%) interest. There are so many options to do with this scheme in
order to meet your budget.

1. You can pay spot 50% of the total price and the remaining 50% on installment (12 or 24
months)

2. You can pay spot 20% downpayment and 80% thru deferred installment

3. You can pay spot 30% downpayment and 70% thru deferred installment

You can discuss it with your agent on how you want to settle your payment.

IN-HOUSE FINANCING

In-house financing is the easiest financing scheme available in the market for long term
payment. It offers fewer requirements, credit checking is not strict and no approval is needed.
But this scheme offers only for a maximum term of 10 years to pay with higher interest rates as
compared to Bank Financing. Even those who are work and live abroad can easily avail this
scheme.

BANK FINANCING

This is one of the most common financing scheme in the Philippines because you can avail it in a
longer payment term but lower interest rates. Most banks offer up to a maximum term of 20
years to pay for as low as 6.5% per annum. Most developers have tie-up banks where you can
get much lesser interest rates. The developer will process the housing loan thru bank financing
on behalf of the buyer. The bank approves loan based on the income capacity of the buyer and
the appraised value of the property.

Important reminders:

1. You cannot apply for a loan more than the actual cost of the property. The banks usually grant
70%-80% of the appraised value.

2. Banks will check on your income and credit standing.

3. Banks will consider not only your personal income but also your family income.

4. You can declare additional sources of income if there’s any, such as remittances abroad,
income from business, income of the spouse, etc.

PAG-IBIG FINANCING

This is a Philippine government subsidized financing scheme that offers the longest payment
term for a maximum of 30 years with a lower interest rates. This is mostly applicable to low-cost
housing projects to help low-income earner to avail their own houses. Pag-IBIG prioritizes low-
end projects compared with high-end projects.

Most developers don’t offer a DIRECT PAGIBIG FINANCING. But you can convert your financing
scheme to Pag-IBIG Financing and individually file it directly to Pag-IBIG as long as the account is
active, updated and required equity has been fully paid.

Important reminders:

1. With Pag-IBIG financing, the higher the LOANABLE AMOUNT, the higher is the INTEREST RATE.

2. You must be a Pag-IBIG member, with a minimum 24 months contribution, for you to avail of
this scheme.
A: Standard Requirements:
-Photocopy of birth/marriage certificate
-Two (2) pieces 2x2 ID picture (for principal/spouse/co-borrower/Attorney-in-fact)
-Community Tax Certificate (applicant/spouse/children)
-Post dated Checks (for equity and amortization)
-Photocopy of Two (2) Valid Identification Cards (Company & Government)
-Proof of billing, Local Address (Utility Bills)
-Tax Identification Number
-House Sketch
For Overseas Filipino Worker:
-Original Certificate of Employment & Compensation (Consularized)
-Photocopy of Contract of Employment (valid 6mos after reservation)
-Photocopy of Passport (w/entries)
-Photocopy of Seaman’s Book
-Proof of Remittances for the last six (6) months
-Payslips for the last three (3) months
-Bank Statements for the last six (6) months
-Special Power of Attorney (w/ Consular Seal if notarized abroad)
-ITR latest two (2) years (resident abroad)
For Locally Employed:
-Photocopy of latest Income Tax Return (ITR) If filed separately, spouse ITR also.
-Original Certificate of Employment and Compensation
-Payslips for the last three (3) months (applicant and spouse)
-Bank Statements for the last three (3) months
-Vouchers for the last six (6) months (commissions)
For Self-Employed:
-Photocopy of Business Registration (DTI/ SEC)
-Mayor’s Permit
-ITR for the last two (2) years
-Franchise/OR/CR (for taxi/jeepney/bus operators)
-PTR (for practicing professionals)
-Bank Statements for the last six (6) months
-Picture of Business Establishments
-List of clients and suppliers with contact nos.
-Company profile (if applicable)
- Leasing Contract (if applicable)
-Secretary’s Certificate/ Board Resolution (for corporation)
-Articles of Incorporation (for Corporation)