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Phil Veterans Bank "Home Loan Free Home Program"

HAL · 24 · 6356

HAL

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Hello po.

Any comment on Philippine veterans Banks "Home Loan  free Home Program?"
20 yrs to pay and you only pay the interest per month.(fix rate 8.5% on the first 5 years then the remaining 15 yrs will be detrmined by the bank.
After 20 yrs, you get the premium amount and of course your house title.

Sample computation:

Loanable amount: 1M
Monthly amortization @ 8.5% pa =  P8520.66
Di ko lang alam after 5 yrs kung ilan na ang interest rate, baka maging doble.hehe   :D


vicces

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Reply #1 on: May 05, 2014, 11:51 PM

Yun din inaalala ko, ung repricing after 5yrs.. Baka umabot ng 20% pa :D

But off hand, nakakatempt igrab... Till this month n lang ito diba?


HAL

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Reply #2 on: May 06, 2014, 09:30 AM
Yun din inaalala ko, ung repricing after 5yrs.. Baka umabot ng 20% pa :D

But off hand, nakakatempt igrab... Till this month n lang ito diba?


OPO hanggang May 31 lang. tempting nga eh.. Pero isip isip muna.hehe

just got info from the branch manager. interest rate will be repriced every 5 years at existing market rate.. 


n5110

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Reply #3 on: May 07, 2014, 05:42 PM
yun ang mahirap 5 year repricing ng interest which is very risky. maganda sana itong promotion nila.


pulubing_palaboy

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Reply #4 on: May 08, 2014, 07:00 AM
hindi ba mali yung sample computation?


HAL

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Reply #5 on: May 08, 2014, 09:16 AM
hindi ba mali yung sample computation?

Yun yung computation na sinend sa akin ng bank mgr.
Bale interest lang ang babayaran lumalabas.
PM mo sa akin email ad mo sir para forward ko sau yung ibang info.
intersado ako dito kaya gusto ko makakuha pa ng mas maraming insights para makapag decide.


Prospera

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Reply #6 on: May 08, 2014, 09:36 AM
^Doesn't this fall under the same category as those  "too good to be true" schemes?

Tama ba ang intindi ko na they'll give you a loan payable in 20 years, for which you only pay the interest, at the end of which, they give you back the amount of the original loan?

Did you ask how much the interest rate could possibly increase after the first 5 years?

And how much do they require for equity?


HAL

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Reply #7 on: May 08, 2014, 09:57 AM
^Doesn't this fall under the same category as those  "too good to be true" schemes?

Tama ba ang intindi ko na they'll give you a loan payable in 20 years, for which you only pay the interest, at the end of which, they give you back the amount of the original loan?

Did you ask how much the interest rate could possibly increase after the first 5 years?

And how much do they require for equity?


Yes po. they will give the loaned amount after 20 yrs.
Yung interest is repriced every 5 years at existing market rate.
ilalagay daw sa contract.
sorry newbie here. What do you mean po ng "equity?"


HAL

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Reply #8 on: May 08, 2014, 09:59 AM
Btw, me age limit po pala.
Hanggang 45 y.o lang ang qualified


Prospera

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Reply #9 on: May 08, 2014, 11:00 AM
^What I remember from getting a housing loan from a bank when we got a condo unit, is that the borrower is required to put up an "equity," which is an amount computed from the assessed value of the property.

So, kung 1 M ang assessed value ng property, the borrower could be asked to shoulder 25% of that (in this case, 250k) and the rest will be the loanable amount (750k). Depends from bank to bank.

Maybe the more experienced real estate people here (like Bauer) could give their input tungkol dito sa pakulong ito ng PVB. Or maybe those from the banking sector...


HAL

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Reply #10 on: May 08, 2014, 11:16 AM
^What I remember from getting a housing loan from a bank when we got a condo unit, is that the borrower is required to put up an "equity," which is an amount computed from the assessed value of the property.

So, kung 1 M ang assessed value ng property, the borrower could be asked to shoulder 25% of that (in this case, 250k) and the rest will be the loanable amount (750k). Depends from bank to bank.

Maybe the more experienced real estate people here (like Bauer) could give their input tungkol dito sa pakulong ito ng PVB. Or maybe those from the banking sector...


Binasa ko ulit yung powerpoint nila.
80% of the AV ang pwede nila ipa loan. Yung 20% shoulder na ng borrower


ferrariEverest

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Reply #11 on: May 08, 2014, 12:10 PM
hindi ba mali yung sample computation?
P85k?

Quite similar to ARMs in the US, don't you think?

Yung potential borrower is at the mercy of the bank (lender) once magtapos na yung initial 5-year period. Interest rate will be repriced every 5 years daw. Marami ang pwede mabaon sa utang. Financial circumstances can change drastically after the first 5 years. Pag nagkataon, baka magka-housing crisis din dito sa atin.

Basahin mabuti yung kontrata! :D

...After 20 years makukuha yung titulo (sobrang tagal!)... KUNG mababayaran religiously lahat ng bayarin. :D

Yung mga balak bumili ng bahay,,,, may mga bahay ngayon na P500k to P1M or less. Yun nga lang sobrang liit (20+ sqm). :D


pulubing_palaboy

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Reply #12 on: May 08, 2014, 12:42 PM
^^ at 8.5%, it's 85K per year
divide that by 12 for the monthly amortization
and it's NOT 8520.66 per month

if the 8520.66 figure is correct, then it must be a case of compounding to get the annual effective rate which is higher than 8.5%


ferrariEverest

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Reply #13 on: May 08, 2014, 01:11 PM
^^ at 8.5%, it's 85K per year
divide that by 12 for the monthly amortization
and it's NOT 8520.66 per month

if the 8520.66 figure is correct, then it must be a case of compounding to get the annual effective rate which is higher than 8.5%
Yes, I think I arrived at the same result. The rate computation probably differs from lender to lender.

Does the offer look good enough for your taste? 3-4% ang interest rate na offered sa US ngayon. I think there are much better opportunities in the US, depending on what you're venturing into.

Para sa potential borrowers, kahit papaano relevant yung tips dito http://www.nydailynews.com/new-york/adjustable-rate-mortgages-making-comeback-new-york-local-homebuyers-face-rising-interest-rates-sky-high-prices-article-1.1779777

Saka hindi ba ang projection ay tataas ang interest rates dito sa atin sa hinaharap? :D Kailangan i-consider iyan.


jpm247

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Reply #14 on: May 08, 2014, 02:46 PM
Yung potential borrower is at the mercy of the bank (lender) once magtapos na yung initial 5-year period. Interest rate will be repriced every 5 years daw. Marami ang pwede mabaon sa utang. Financial circumstances can change drastically after the first 5 years. Pag nagkataon, baka magka-housing crisis din dito sa atin.

I agree with FE about this one. During the asian financial crisis (late 90s, 1996 ata), nakasangla sa bangko yung bahay namin.The rates back then were about 16%. Some would go as high as 20%.
Imagine that if ever magkacrisis after 5years, dapat handa kayo sa ganyan.

Awa ng Diyos, binayaran namin utang namin kagad dahil nakahiram kami ng pera sa kamag anak, interest-free.
Thanks Tita :D


 


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