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HOME LOAN ASIDE FROM BANKS

luckymandarin · 9 · 3602

luckymandarin

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on: Dec 13, 2014, 02:13 AM
HI experts, I would like to ask ,aside from banks,na mahirap maqualify for home loan,merung pa bang ibang company/lending na pwede kame mag loan/sangla for home improvement?...may budget sana kame for home renovation,unfortunately mukang hindi maganda ung nakuha naming contructor so nasira ung budget namin,parang naging mabagal sila,sinabi namin ang budget namin atleast 500-700k pero all of sudden sinabi smin na mga 1.3M magagastos namin,eh naka pag start na sila  almost 2 months na pero until now hindi pa nabubuhusan ung 2nd flr nakaka 250k na kame...gusto sana naming mag loan and get another contructor,collateral ung bahay which is fully paid naman na...baka may alam kayung mas sure na maapprove kapag may collateral...diff opinions are welcome TIA...


Jayumaster

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Reply #1 on: Dec 13, 2014, 10:56 AM
My opinion: Your so-called contractor and you, have you had a contract signed before construction? Style po kasi yan ng mga contractor. Magbibigay ng estimate, tapos gugulatin ka na lang na kailangan mong magdagdag. Okay lang naman sana, pero dapat hindi 100-200% ang difference dipoba?

Dapat before construction since may pera naman po kayo, dumaan sana po kayo sa legal na paraan. Contractors have to place a bond before starting a project. At may contrata dapat how much per sq. meter. Kapag, di nila nagawa yan ay liable sila at mafo-forfeit ang bond.

I am assuming there is no such contract. Pinakabest na po ay i-terminate na ninyo sila dahil ginugulangan nila kayo. Humanap nalang po kayo ng ibang contractor.

Financial wise, may mga local lending company na pwede ninyong lapitan. Mga legit lending tulad ng Bestloan, Firstloan atbp. (diko po alam kung meron nyan diyan, dito po kasi mayroon) Maginquire lang po kayo dyan sa business district/hub na malapit sa inyo. Pwede rin sa mga private na tao, I'm sure may kakilala naman po kayong willing magpahiram. Medyo higher ang interest, pero mas madali ang requirements.


INDO

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Reply #2 on: Dec 13, 2014, 01:23 PM
Dapat before construction since may pera naman po kayo, dumaan sana po kayo sa legal na paraan. Contractors have to place a bond before starting a project. At may contrata dapat how much per sq. meter. Kapag, di nila nagawa yan ay liable sila at mafo-forfeit ang bond.


pagpasensyahan nyo na po pero gusto lang malaman kanino po magbigay ng bond yung contractor? yung legal na paraan ba yung may bidding? nalilito lang ako kasi sa mga kakilala ko, mag downpayment muna sila para magstart yung construction tapos hindi ko alam yung about sa bond at wala silang nabanggit tungkol dito.


Jayumaster

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Reply #3 on: Dec 13, 2014, 01:35 PM
Dipo ako sure parang "Performance Bond" po ata ang tawag dun" Dun po iyon kinukuha sa mga insurance companies na nagbibigay din ng bonds at insurance tulad ng escrow, treasurer's at manager's bond at ng car insurance.

Di po kasi ito masyadong ginagamit dito sa atin dahil nasanay tayo sa "Trust" or "Laway" insurance.

Hindi naman po kailangan ng bidding, kasi small construction lang. Pero nakadesign ang mga "Bonds" para sa ganitong mga situation. Kung hindi kaya ni contractor ang bond, meaning, wala kang panghahawakan kapag tinakbuhan ka lalo na kung pakyaw ang usapan. minsan pa di satisfactory ang gawa.

Sad reality, sa mga residential construction na may-ari ang client, hindi uso ang bond - kaya maraming nabibiktima ng ganyan. Minsan hinahayaan na lang na magdagdag kaysa maabala. pero in short, naloko ka dahil magdadagdag ka ng labis sa napagusapan.

Dapat kasi sa pagestimate palang, sakto na at hindi na lalampas ng sobra-sobra ang gastos mo. Kung sumobra man dapat minimal at realistic. Kadalasan yung mga owners napipilitang magdagdag kaysa matengga yung bahay nilang pinapagawa.


TulogSaPancitan

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Reply #4 on: Dec 14, 2014, 08:57 PM
Naisahan kayo ng contractor. If may contract compel them to comply. If none, terminate them immediately. Lolobo pa yang 1.3M na yan. I don't know about your strategy but normally contractor follows work breakdown structure na kung saan each completed work stage meron equivalent % pay. For example 1st floor completed, payment equivalent 40%, 2nd floor 70% and so on.

Regarding the loans, the most convenient is the bank. Depending on your credit status you can get a competitive rates. Tip: rates for loans are negotiable. Shop around.

Another source, if you are employed in PH, is your Company savings program. Some company offers up to 50x salary. If you are an OFW, it is best to take personal loan from you local bank. Almost always interest rates are far lower compared to PH banks.
 :welcome:


luckymandarin

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Reply #5 on: Dec 14, 2014, 11:54 PM
salamat may mga nag reply... :) unfortunately wala kameng contract,kinuha namin sila dahil husband ng close friend ko,ang naging usapan ay "arawan" hindi "pakyawan",dahil base narin sa record nya,sabi narin ng ilang nakapag pagawa (some of our friends kase sa kanya nag pa gawa) mabilis sila,1st 2 weeks ambilis eh,then suddenly bumagal...nung pinakita namin ung area namin,sinabi narin naming ung budget naming,300k-500k ,ok daw,so gumawa ng lot plan then ung house plan , designs and etc etc...then nag isip kame mag asawa na baka pwede pa kame mag add ng another 200k  para mas maganda ung finish ...then just last week sinabi nya 1.3M na ang magagastos namin. so ako nagulat...masisira talaga ung budget namin,infact d na kame pwedeng sumagad dun kase namumuhunan din si husband sa business nya,mahirap maningil sa field of work nya eh,all in all 700k budget naming ung 200k na consume na plus sweldu ng mga tao na almost 50k ... that's why ung alternative na iniisip namin is to borrow money,unfortunately wala kame kilalang kayang mag pahiram ng atleast 6digits... sana merung nakaka alam na pwedeng mag borrow ng money then collateral ang house...thank you sa mga sasagot pa,im sure kase bagsak ako sa banks dahil nag ka roon ako problem before sa cc namin,6yrs ago.,and yes wer planning to get another contructor/builder,pero sa itsura ng house naming ngayun 500k kulang na talaga...thank u
« Last Edit: Dec 15, 2014, 12:09 AM by luckymandarin »


Jayumaster

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Reply #6 on: Dec 15, 2014, 03:03 PM
Try nyo po sa mga lending company/investor. Since may titulo na naman po kayo. Much better kung may friend/family kayo willing to lend. Pero try nyo din po sa mga banks. Iba naman po kasi yung cc issue at matagal na rin. Try ninyo po sa mga rural banks.


part_timer_lang

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Reply #7 on: Dec 15, 2014, 07:49 PM
If member po kayo ng Pag-ibig, pwede kayo mag apply ng House Construction or Home Improvement Loan

Tama po ang sabi nila, pwede kayong humingi ng performance bond for construction sa sunod na kukunin niyong contractor.


luckymandarin

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Reply #8 on: Dec 17, 2014, 11:37 PM
salamat po sa mga reply nyo,nakapag inquire kame sa asianlink,mejo matagal daw process kapag home loan kaya nirecommend nalang na car loan...tapos naka kausap din kame mga hardware na nag papautang pala ng materyales...mag issue ka ng pdc every month...ayun po salamat po...


 


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