downpayment
lancaster new city
WHAT IS A DOWNPAYMENT (DP)?
Downpayment (DP) = Percentage of the Total Selling Price (TSP) + Legal & Miscellaneous fee (LMF)
It is payable over a period of time and will not bear any 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.
2 Due dates of Profriends – 5th and 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 can only be done 120 days from the reservation date
• Only the nearest relatives can apply for the transfer
• Transfer is allowable to another projects by the same developer
• New price increase may be applicable during the transfer
• A transfer fee worth P3,000 must be paid upon 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. (Attach a complete set of required papers 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. 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?
Delayed payment would cost 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.
Opening a checking account on your behalf will require you to assign an Atty-in-Fact
WHERE CAN YOU OPEN A CHECKING ACCOUNT?
You can only open a checking account with our accredited Banks:
Opening a checking account can only be done 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)
Bank No.2. PS Bank – Emilio Aguinaldo, Niog, Bacoor, Cavite Requiremens:
• 3 pcs. 1×1 ID
• 2 Valid ID (Passport/SSS/GSIS/Philhealth/Voters ID)
• TIN
• Copy of Buyer’s Info Sheet
• Php5,000.00 (for opening account and maintaining balance)
• Php175.00 (for the cost of checkbook booklet)
Note: Must inform PS Bank 3 days before going to PS Bank branch. Always bring the original and Xerox copies of the original documents.
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