lancaster new city
WHAT IS A FINANCING?
To purchase your home, you can choose to get a loan from a bank or a developer. A monthly fee called Amortization, is your way of paying back your loan for a certain period of time. An interest rate will cost the person who accepted loan.
WHAT ARE THE ACCEPTED FINANCING SCHEMES IN LANCASTER NEW CITY ( FORMERLY LANCASTER ESTATES ) ?
WHAT IS AN IN-HOUSE FINANCING?
A more convenient but usually with higher interest rates, depending on the the developer’s assessment, can be done through In-house financing. It is not as difficult as bank financing because you don’t need to submit a lot of documents to the developer. They are just usually looking for papers that will show your personal identity.
It is usually favored by a lot of Filipinos because no bank approval is required and you can still acquire a loan despite your bad credit history.
WHAT IS BANK FINANCING?
Another way to purchase your dream house is to get a loan from the bank also known as bank financing. It is usually the mode of payment chosen by people with good bank record because it has lower interest rates compared to in-house financing. You must have a stable job and you must submit quite a number of documents to be approved by the bank.
WHAT ARE THE ACCREDITED BANKS?
WHO WILL PROCESS THE IN-HOUSE AND BANK LOAN?
Profriends will process your loans, just submit 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?
Assuming all needed documents are submitted, about 2-3 months. Since all documents will be sent in bulk to the bank
WHAT HAPPENS IF YOUR LOAN IS NOT APPROVED BY THE BANK?
The developer (Profriends) will re-sent it to other accredited banks
CAN YOU APPLY DIRECTLY WITH YOUR OWN BANK?
You can apply directly to your bank but it issubject for approval and a pre-termination fee. While you’re papers are being processed, you will be under IN-HOUSE financing scheme and it is only applicable at Lancaster Villages and Lancaster Residences. Newly opened phases will not allow a direct bank loan paying scheme.