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Home Financing
Home Financing Terms To Own a
Made-to-Last [all concrete and steel]
Philippines
Home
for Living and Retiring in the Philippines
Home financing is
difficult to get in the Philippines. Because Village builds its
homes with
all cash and NO financing of its own construction and land acquisition
costs, the Village prefers to sell each home for a reasonable cash price
which offers great value for the money to the buyer. The following are the only realistic financing alternatives
for you to consider at Econotel [also please read:
Home-Sales-Agreement]----
INTEREST FREE PAY-AS-YOU-BUILD PLAN. Until you actually take over possession of, and occupy,
your home, you can, if you so desire, make interest-free payments toward
the purchase and physical construction of the desired home size you want at
the low
cash price [for example, maybe you are not going to retire for 3 more years,
but would like your home paid off before you retire]. For both the
PAY-AS-YOU-BUILD PLAN
and home loan installment sales, your deed [or
alternatively for foreigner only-buyers, a 75 year ground lease] is NOT transferred from the Village to you until you have paid the
entire purchase price and interest on the agreed-to, timely-paid
basis. If you want to participate in the interest free
PAY-AS-YOU-BUILD-PLAN, here are the cumulative percentage payment
minimums to be paid prior to each stage of construction:
(1) Reserve your home lot: 10% of home purchase price. This amount also serves as your HOME
& LOT DEPOSIT.
(2) Construct your home
foundations: 15% cumulative total, including (1) above.
(3) Construct the masonry
walls of your home, including interior walls: 30% cumulative total,
including (1) and (2) above.
(4) Construct the all-steel
roof trusses and roof: 50% cumulative total, including (1), (2),
and (3) above.
(5) Install electrical,
plumbing, & septic tank lines & equipment: 75% cumulative total,
including (1), (2), (3), and (4) above.
(6) Install ceramic tile
floors and ceramic tile bathroom [2] floor and wall tile: 85%
cumulative total, including all of the above.
(7) Complete all
construction including front yard wall & gate, and painting of
interior/exterior walls and fencing [except the unseen
backside of any wall that is on a Village outer perimeter boundary line]:
100% cumulative total including all of the above.
LONG-TERM FINANCING. If you want long-term Village financing
[other than interest-free construction payments made prior to possession],
the down payment would need to be at least fifty percent [50%], with ten
percent annual percentage rate interest on the unpaid balance, and a
mortgage length not to exceed 10 years.
NO-PREPAYMENT PENALTY. There is NO prepayment penalty [you can
pay off the debt at any time in advance without any penalty]. You can also
make extra principal payments whenever you wish during your loan term to pay
off the mortgage more quickly.
HOW TO PAY
YOUR HOME DEPOSIT and SUBSEQUENT
PAYMENTS: If you are currently living outside of the Philippines,
you can mail [via either low-cost Global Priority Mail---please allow at
least 2 weeks for delivery---from your local post office or use airmail
and registered] your personal check, business check, cashier's check,
or money order [in US dollars only, and payable to Econotel] to:
Econotel, National Highway,
Bulwang, Mabinay 6207, Negros Oriental, Philippines. If you live outside
of the USA, your local bank can issue a bank check or money order payable in
US dollars. If you are currently living in or visiting the Philippines, you
can pay the Village in person when you visit the Village, or you can send a
check or money order drawn on either US dollars [available from major
Philippines banks] or Philippine pesos at that day's actual peso-dollar
exchange rate. To send your payment from inside
the Philippines, use the nationwide Aboitiz express delivery, one-day
service [only 60 P-pesos] and do NOT send via the Philippine post office
regular mail. Aboitiz has an office in
Lumbangan, Mabinay.
RENT RATHER THAN BUY. You have an important alternative to financing a home by simply
renting one of our beautiful, low-rent Diamond Apartments on a monthly or
year-round basis. For rental rates and details, visit:
Diamond Apartment Hotel. |
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