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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.
 

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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.
Yes, you'll lose their on-going promo rate offered the time you book the loan. Also they'll still follow the current market rate the time you push thru with loan booking. IMO its still better to start paying amort than delaying it. With all the emails to send and waiting for approvals + current market rate kept going up. I got my latest rate at 5.5%, now I think you'll be happy to get it at 6.88%
 

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Question for experienced condo buyer.

I am buying a condo from Avida. The payment terms are 10% spot, 10% spread through 24 months, and then 80% after.

In the CTS, they said they will need bank loan guarantee after the 24th payment is made (30 days after 24th installment.) However, the unit is scheduled to be delivered 6 months after the 24th payment.

Does this mean the loan will only start when the unit is turned-over? Can they legally ask for payment without delivering the unit yet? My understanding is that they can't ask for payment (and hence, the loan from the bank) if the turnover process has not happened (because there are no titles etc..).

Thanks!
I have the same situation. I bought a pre-selling Avida condo unit on 2018. Term is 36months, 20% DP until 2021.
Thing is property will only be completed by 2023.

Thinking of asking Avida Land to delay the 80% payment (bank loan) until turnover (2023).

I can't imagine paying the monthly amortisation for 2 years (from 2021 to 2023) when the unit is not yet handed over. Was hoping to use the rental to help pay for the bank loan.

But then again, I knew this situation I will be getting myself into even before signing up and paying reservation fee, so it's not that I am not aware.

Just trying to see other options..
 

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I havd a question for the experienced investors too. How do you feel about rental prospect around the Vertis North area in the future?
I have invested in a relatively cheaper condo in Congressional Avenue ang was able to rent it out on its first year. However when the first tenant left, it took me almost 4 months and had to reduce the rent slightly to get another tenant.
However, I feel that will improve once Vertis North gets more developed and the Central Station is completed. I am considering in getting another preselling unit in the same development.
By the way the Condo is Congressional Town Center. Current preselling studio unit is at 124K/sqm which considerably cheaper than other condos nearby.
https://www.skyscrapercity.com/showthread.php?t=1558085
 

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I'm also planning to buy a condo pero nahihirapan akong maghanap ng pre-selling na easily accessible via public transpo. I don't have a car, and I'm not planning to get one anytime soon.
 

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I havd a question for the experienced investors too. How do you feel about rental prospect around the Vertis North area in the future?
I have invested in a relatively cheaper condo in Congressional Avenue ang was able to rent it out on its first year. However when the first tenant left, it took me almost 4 months and had to reduce the rent slightly to get another tenant.
However, I feel that will improve once Vertis North gets more developed and the Central Station is completed. I am considering in getting another preselling unit in the same development.
By the way the Condo is Congressional Town Center. Current preselling studio unit is at 124K/sqm which considerably cheaper than other condos nearby.
Congressional Town Center and Residences...
should be okay - since you have the up technohub market. the vertis dev will increase the demand but ayala also is building a lot of condos within vertis, not to mention that you will be competing din with residential areas and condos along edsa/ sm north
 
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