Frequently Asked Questions

Frequently Asked Questions

I am a foreign national, can I purchase a House and Lot?

If you are a foreign national and married to a Filipino citizen, you may acquire a house and lot provided you first execute an Affidavit of Support and Waiver of Rights over the collateral property. (Foreign nationals are allowed for condominium purchases only.)

I am no longer a Filipino citizen, can I still purchase a property?

You can still purchase a property of not more than 1,000 sqm provided that you intend to stay in the country for not less than two (2) years and you have a source of income in the Philippines.

I am separated, how can I apply for a housing loan?

You may apply for a housing loan by submitting copies of the court decision regarding your separation, we can process your loan having you as the sole borrower without requiring your estranged spouse to sign. However, if you are not legally separated, your estranged husband / wife must sign on all documents.

What is MRI?

MRI or Mortgage Redemption Insurance is an insurance policy that provides financial protection for home loan borrowers and their families. Specifically, MRI helps settle outstanding home loan amounts in the event of death or total disablement of the borrowers.
Source: http://www.imoney.ph/articles/mri-a-home-buyers-must-have/

What can be reasons for bank loan disapproval?

  • You have a marital impediment. If your estranged spouse doesn’t want to sign the loan.
  • Your Net Disposable Income (NDI) is not enough. Example: You have a NDI of 36,000, divided by 3 is 12,000. You would only be able to take out a loan with a monthly payment of 12,000. But, if you have existing loans, that would be deducted from your NDI before computing the allowed amount you can loan. (Percent of NDI required depends on the bank)
  • Credit Management Association of the Philippines (CMAP) problems
  • You are not yet 21 years of age.
  • You are more than 60 years old (OFW) or 65 years old (Locally Employed) upon maturity of the loan.
  • You are an OFW employed in a war-torn country. (Afghanistan, Libya, Iran, Lebanon, Iraq, Israel, Bahrain, Syria, Egypt, Nigeria, Sudan, Yemen, East Timor, Cambodia, Haiti, Somalia, Pakistan)

What is NDI?

Net Disposable Income (NDI) is the amount of income you get after taxes. Simply put, it is how much you can physically hold every time you get your salary.

What is Spot Cash Payment?

Spot Cash is a mode of payment wherein you pay the full amount within a given time after the reservation. (You can get up to 10% discount with our spot cash payment discount)

What is Deferred Cash Payment?

In Deferred Cash Payment, you can pay the full amount within 24 months without interest.

What are the Meralco Requirements?

  • Contract to Sell
  • Title Certificate
  • Valid ID (principal buyer and with SPA ID if applied by representative)
  • Certificate of Occupancy
  • Electrical Permit
  • Previous Meralco Billing
  • SPA Form (If applied by representative)
  • Certificate of Homeownership

What are the Requirements for water connection (South Link Water Works)?

  • Photocopy of Authority to Move-In Document
  • Home Owners Association Clearance (HOA) – Village Administrator
  • Payment of ₱3,000

Can I request for a repair after house acceptance?

The buyer is given one whole rainy season to check for leaks. If there is a leak, the developer would repair it FREE of charge. Aside from that, any repairs after the house acceptance is shouldered by the buyer.