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Mortgages in the Philippines

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My wife wants us to buy a house in the PI in the near future. We already have one back in the UK, rented out, with a mortgage still on, and I am loathe to pull in all my savings and use all our spare cash to put down buying another property.

She tells me she can put down a deposit, and get a mortgage herself, but I can\'t see how she can without some sort of an income, a real job, security. Is it possible for her to do that, just promise the bank she\'ll make the payments?† ???

What sort of systems exist for buying houses? I know they have various interesting ways to pay for lesser things, like part payments, \'Three Gives\', \'Five-Six\', \'Lay Away\', and whatever else they call it.

I would assume the lending authority retain the ownership of the property until we make the last payment, which flays us open to any skulduggery or deception.

And finally, is it worth buying now, are prices coming down, going up? I have little knowledge of the housing scene.

We are in Angeles City.

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--- Quote from: King Herald on August 08, 2010, 06:14:38 AM ---And finally, is it worth buying now, are prices coming down, going up? I have little knowledge of the housing scene.

--- End quote ---

My impression over the last few years is that houses built by developers have increased, but that is not the route that most people take. Unlike developed countries, it is far more common to buy a lot and have a house built to your own design. Houses built this way are often built to low Philippine standards and would need extensive upgrading and refurbishment to bring them up to western standards.

Lot prices may have increased particularly around the larger cities, but it is difficult to tell. Those who have inherited land seem to be split into two camps, they either look on it as a nest egg to sell to a rich foreigner or need the money for schooling, medical etc and will sell at a low price.

If you are looking for land almost everyone seems to have some to sell. ;D

Colin

GregW:
King, she may be thinking about Pag-Ibig.  A government run home loan funding program.  Looks like she\'ll qualify but they require applicants to have been contributing to the fund during their working years.  However, it appears that anyone may make a single lump sum contribution to qualify.  It may be a program that you would be interested in.  Here is a link to find out more;

http://www.pagibigfund.gov.ph/benpro.aspx

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Cheers Greg, I\'ll check the link out.

Colin, I\'d personally prefer to buy land and then have a place built actually. Up to a quality, rather than down to a price. I\'ve seen the way local guys work, unless you follow almost everything they do, and getting a personally recommended builder would be the only way I could go.

dylanaz:

--- Quote from: King Herald on August 08, 2010, 10:26:36 AM ---Cheers Greg, I\'ll check the link out.

--- End quote ---

If it is Pag-Ibig - YOU BETTER MOVE FAST !

It can be likened to an insurance policy that has a 2 year period before you can make a claim.

Goyo is correct you have been able to just pay all of the 2 year payments at once and get the house IMMEDIATELY !

Unfortunately many fat pockets took advantage of that and sold dozens of their own properties, but having people financed who didnt even know they were getting financed...

As a result they got richer and the homeowners didnt even know they owned a home or had to make payments...

The newspaper had this information around a month ago and noted that Pag-Ibig may be revised to actually require a full 24 months before you can get a house - regardless of ability to pay a lump sum.

Get in before the change - and you may be ok... not sure

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