What is a Financing?Financing is getting a loan from a bank or from a developer to purchase your home, then paying back the loan in a set time period for a set monthly fee called amortization. Most financing comes at a cost to the person accepting the loan, usually defined as an interest rate.
What are the accepted financing Schemes in Carmona Estates?
- In-house Financing
- Bank Financing
What is an In-house Financing?This type of loan is not as knotty as bank financing. It is more convenient because not many documents are asked by the developer. Usually, the developer will just look for personal identity documents. On the downside, in-house financing usually has higher interest rate than in the bank. The interest rate will most likely depend on the developer’s assessment. Nowadays, in-house financing is preferred by some people in the Philippines. Not only that it is hassle free, as there is NO bank approval is required, but also for the reason that some people who have bad credit history can still be granted loan.
What is Bank Financing?Bank financing means the loan is taken out from the bank. Often require the submission of numerous documents. Bank financing is mostly preferred by those who have good credit record or history and has regular work because it has lower interest rate compare to In-house financing.
What are the accredited Banks?
Who will process the In-house and Bank Loan?The Developer – Profriends. Just submit all the requirements.
When is the start of processing your Bank Loan?Usually towards the end of your downpayment term.
How long is the processing of your Bank Loan?About 2-3 months since loan documents will be submitted in bulk to the bank. Assuming all requirements are fully submitted.
What happens if your loan is not approved by the Bank?Profriends will re-submit your loan application with other accredited banks.
Can you apply directly with your own Bank?Yes, subject to approval and a Pre-termination fee. You’ll be under IN-HOUSE financing scheme while your loan is in process with your bank. This is only applicable to houses sold at Lancaster Villages and Lancaster Residences. Direct bank loan is Not applicable to newly opened phases.
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