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In-house financing: Is 16% annual interest justified?

alx · 19 · 4822

alx

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The location is at Bacolod City. 10% Downpayment and 16% annual interest.

Is this justified or the interest rate is too high?

I know banks give lower interests for home loans than these developers but they can approve applications fast and don't need that much requirements.


BrainDamage

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Reply #1 on: May 08, 2014, 04:27 PM
Ganyan din yung interest nung in-house na kinuha ko.


alx

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Reply #2 on: May 08, 2014, 04:31 PM
Ganyan din yung interest nung in-house na kinuha ko.

What agency  kaya monitors the interest rates on real estates?

Looks like this is the norm esp sa mga in-house financing.

And it's too high.





kulatir

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Reply #3 on: May 08, 2014, 06:10 PM
Mataas talaga ang interest kapag in-house unlike sa banks and pagibig,


vicces

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Reply #4 on: May 08, 2014, 07:24 PM
compare 16% p.a. to normal rates ng credit cards==> 3% per month x 12 = 36% p.a. <-- people still swipe it mindlessly

« Last Edit: May 08, 2014, 07:26 PM by vicces »


Wills

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Reply #5 on: May 08, 2014, 10:29 PM
The location is at Bacolod City. 10% Downpayment and 16% annual interest.

Is this justified or the interest rate is too high?

I know banks give lower interests for home loans than these developers but they can approve applications fast and don't need that much requirements.

Wag ka lang magmadali... Tingnan mo baBaba yang rates.


wilch23

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Reply #6 on: May 09, 2014, 12:02 AM
Bababa pa ang interest rates ... pag na benta na lahat at pagkatapos tumaas pa ang interest rates.  Interest rates is trending up now not down.

@ALX    Adv lang ng in-house financing is that it is easier to get. But rates are usually higher.
Another disadvantage of in-house financing is in the titling. Ask the developer if you can just get a bank loan. Sa bank loan the title will be in your name while you are paying for it.

Many developers has loans during development so the titles may already be mortgaged. Kaya nga marami super slow mag-issue ng title even after full payment, kasi hindi pa bayad loans nila sometimes.

Who is the developer, if I may ask?
« Last Edit: May 09, 2014, 12:13 AM by wilch23 »


Wills

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Reply #7 on: May 09, 2014, 02:58 AM
Hahaha talagang literal wilch? my point is kaya siya may dilemmang ganyan ay dahil nagmamadali siya.


BrainDamage

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Reply #8 on: May 09, 2014, 11:43 AM
Bababa pa ang interest rates ... pag na benta na lahat at pagkatapos tumaas pa ang interest rates.  Interest rates is trending up now not down.

@ALX    Adv lang ng in-house financing is that it is easier to get. But rates are usually higher.
Another disadvantage of in-house financing is in the titling. Ask the developer if you can just get a bank loan. Sa bank loan the title will be in your name while you are paying for it.

Many developers has loans during development so the titles may already be mortgaged. Kaya nga marami super slow mag-issue ng title even after full payment, kasi hindi pa bayad loans nila sometimes.

Who is the developer, if I may ask?

Ito nga din napansin ko sa contract,, ikaw pa magprocess, capital gains na 6%
lang yata yung sagot nila.  Hirap kasi sa bank loan yung requirements, sa in-house
nag-issue lang ako ng post-dated check


n5110

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Reply #9 on: May 09, 2014, 03:45 PM
mataas po yan. yung bank na nag take out ng loan ko 7.88% for 5 years. i also have experience with developer na tumakbo almost 95% paid na ako. in house financing yan. kung ako sa TS go for bank financing, mahirap ng konti ang requirements pero i can say its better to deal with the bank kesa sa developer. daming scammer ngayon iba iba pa ang style.


ferrariEverest

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Reply #10 on: May 09, 2014, 04:00 PM
mataas po yan. yung bank na nag take out ng loan ko 7.88% for 5 years. i also have experience with developer na tumakbo almost 95% paid na ako. in house financing yan. kung ako sa TS go for bank financing, mahirap ng konti ang requirements pero i can say its better to deal with the bank kesa sa developer. daming scammer ngayon iba iba pa ang style.
Sir n5110, aling developer at saang area? Ano nangyari, nabawi ba yung 95%?


alx

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Reply #11 on: May 12, 2014, 01:36 PM
Bababa pa ang interest rates ... pag na benta na lahat at pagkatapos tumaas pa ang interest rates.  Interest rates is trending up now not down.

@ALX    Adv lang ng in-house financing is that it is easier to get. But rates are usually higher.
Another disadvantage of in-house financing is in the titling. Ask the developer if you can just get a bank loan. Sa bank loan the title will be in your name while you are paying for it.

Many developers has loans during development so the titles may already be mortgaged. Kaya nga marami super slow mag-issue ng title even after full payment, kasi hindi pa bayad loans nila sometimes.

Who is the developer, if I may ask?

Almost all developers in Bacolod have the same interest rate. This  one specifically is under the Lopezes from Bacolod.



alx

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Reply #12 on: May 12, 2014, 01:41 PM
Hahaha talagang literal wilch? my point is kaya siya may dilemmang ganyan ay dahil nagmamadali siya.

hehe, kasi naman I only have two weeks to spend on vacation, which I think kulang if sa bank ako mag apply.

Maliit na lot lang naman bilhin ko, pwedi ko naman i cash pero plan ko pa gamitin sa ibang investments ang pera. i.e stocks and MF

Na shock lang ako sa interest rates nila.
« Last Edit: May 12, 2014, 01:49 PM by alx »


n5110

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Reply #13 on: May 12, 2014, 01:59 PM
Sir n5110, aling developer at saang area? Ano nangyari, nabawi ba yung 95%?

property located at Talisay Batangas, pwede puntahan via tagaytay sa may bituka ng manok. LGTx ang developer. nag hire pa ako ng atty para mabawi ang pera ko. mahabang proseso. ayoko naman pabayaan at bayaan matulog sa kanila ang pera ko. dami talagang scammer. iba iba lang ang suot at style. kaya mag ingat po ang lahat.


kulatir

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Reply #14 on: May 25, 2014, 10:28 PM
Bababa pa ang interest rates ... pag na benta na lahat at pagkatapos tumaas pa ang interest rates.  Interest rates is trending up now not down.

@ALX    Adv lang ng in-house financing is that it is easier to get. But rates are usually higher.
Another disadvantage of in-house financing is in the titling. Ask the developer if you can just get a bank loan. Sa bank loan the title will be in your name while you are paying for it.

Many developers has loans during development so the titles may already be mortgaged. Kaya nga marami super slow mag-issue ng title even after full payment, kasi hindi pa bayad loans nila sometimes.

Who is the developer, if I may ask?

Sir wilch pano nangyaring naibebenta ng developer yung mga lupa kung nakamortgage ito? Let's say naibenta nila yung isang lot through pagibig financing, diba before maaprove ng pagibig yung loan dapat nasa name ng buyer yung lot? Possible ba na malipat nila yung title sa name ng buyer kung nakamortgage yung lot?


 


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