After DP, you need to give lumpsum payment. Either full cash or loan guarantee, which is usually 6mos prior nagppa approve ka na dapat. Yes ibobook mo na yang loan mo once nka kuha ka loan guarantee, AFAIK.
IF that project got delayed, you'll be paying the amort kahit hnd pa turned over yung unit. Brasuhin mo yung developer once this happens. Sobrang lugi ka talaga sa ganitong scenario.
Hope this helps.
you can actually ask the bank to delay the issuance of loa thus delaying the booking of loan until your unit is delivered (turn-over). that's what i did with my mega delayed unit that was supposed to be delivered Q2 2016 but actual turn over only materialised Q2 2019 or 3 years delay! my loan was already approved as early as 2015 but my bank only booked it and issued the loa around May 2019 when we finally got a green light from the developer on actual turnover.
but it has consequences too. when my loan was approved, my bank gave me a very low and attractive rate. interest rates spiked upwards in the last 2 years tho so come turnover, my bank could no longer afford to give me the rate that i had been given in 2015. They still gave me a good rate vs market tho BUT that rate was already higher than what i originally got in 2015. so it has pros and cons i guess esp on interest rates.