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.
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
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