Frequently asked questions
What is Reservation Fee?
- Reservation Fee is payment made by the client to gain exclusive rights to buy unit/property, under certain conditions and at an agreed price. It is deductible to the Downpayment and will hold the unit under the client's name for 30 days or until the first downpayment is made
- The amount of reservation fee varies depending on the unit/house/model, kindly refer to REASPH for more details
What is Down Payment / Equity?
- Down Payment (also called Equity / DP) is a fixed amount from the Total Contract Price (TCP) that needs to be paid by the client if financed thru Bank or In-house Financing. Down Payment can be paid on monthly installment at zero interest rate.
- Monthly Down Payment shall be paid strictly thru Post Dated Cheques (PDC).
- Monthly Downpayment shall start 30 days from the Reservation Date. PDCs must be submitted to the developer. Ask REASPH for assistance.
- I am an OFW/Immigrant, how can I pay my Monthly Down payment? - For OFW/Overseas-based clients, client is required to assign a family member who is based in the Philippines as their ATTORNEY-IN-FACT (AIF). AIF can issue the post-dated cheques required for the monthly down payment in behalf of the client abroad.
- Is Downpayment refundable? - NO. All downpayment paid to the developer is strictly NON-REFUNDABLE. In case of account cancellation, all payments made on the account cannot be refunded as indicated in the Contract to Sell (with the exception of Maceda Law).
Must Have Requirements When We Reserve Your Property
- Valid ID (Photocopy)
- Reservation Fee - Cash,Debit Card,Credit Card or Check are accepted.
- Signed Buyer's Information Sheet (BIS)
- Signed Reservation Agreement (RA)
- If No requirements is listed above, No reservation will be accepted
- If the Attorney in-fact of an OFW or Local buyer is not available, just send us a scan copy of valid ID with 3 specimen signature BIS and RA.
- Authorization letter from the buyer authorizing somebody to reserve the unit.
How to Buy? What are the procedures in buying?
Guaranteed free of charge, there is no service fee if we assist you when you buy Condominium / House and Lot / Vacant Lot thru REASPH
Step 1 - Inquire
It's free to ask thru text/call/chat if you are qualified to buy thru bank or in house financing. Get an understanding of its payment, terms and required income.
Step 2 - Site Visit
Schedule free tripping or site visit to the Project. REASPH Broker’s in charge will plan ahead of time the available unit/slot/block and lot for you
Step 3: Reservation
Fill up reservation form and pay the reservation fee. Your payment guarantees the unit is yours for 30 days. Payment must be thru developer, ask the REASPH broker for assistance
Step 4 - Down Payment Period
Pay your 1st down payment within 30 days after you reserve. Follow the monthly payment schedule given to you during reservation.
Step 5: Loan Process & Requirements
The developer will process your loan during down payment period. Therefore, it is important that all required documents are submitted within 60 days. There are no bank and hidden charges, no move-in fees. The developer will process your loan with the Bank.
Step 6: House Inspection
After full down payment is paid and loan takeout by the bank, you will receive notification for the house inspection and schedule.
Step 7: House Turnover & Move-In
After inspection process, you can now accept the house and bring-in your things and belongings.
Step 8: Client-Referral Rebates System
This one is coming from REASPH and will be given for you as buyers and/or referrals. All transactions made with REASPH will automatically have Appliances Package / 65” LED TV / Sofa Set / Split-type Aircon / Rebates. Ask the brokers in-charge how
What Are The Choices Of Payment?
You can buy thru this different payment scheme:
- Bank Financing – is when you will loan the loanable amount (80%-90% of TCP thru accredited banks of the developer. You can move-in upon loan release / take-out
- In-house Financing – is when you will loan the loanable amount (80% of TCP) from the developer. You will move-in upon full payment of down payment and 3 months amortization + issuance of post-dated cheques covering the full amortization period
- Spot Cash – is when you pay the whole amount of the Total Contract Price. No interest and less requirements needed plus you get big discounts if you use this kind of payment. You will move-in upon house/unit completion
- Deferred Payments – is when you pay the whole amount of Total Contract Price in XX monthly installment without interest
Bank Financing Requirements:
For Locally Employed / OFW / Self Employed / Online Worker
- At Least 23 years old and not more than 50 years old
- Filipino citizen or Filipino immigrant
- Been working for 2 years
- Legally married. If separated, present divorce or annulment papers
- No unpaid credit card years ago
- No pending legal cases
- Additional requirements for Bank Financing (to be submitted within 60 days upon reservation)
- Loan Application Form (Complete set will be given upon Reservation or Counseling
- Other eligibilities:
- Age upon Loan Maturity
- 65 years – locally employed
- 60 years – OFW
- OFW applicants must not be employed in any “war-torn country” included in the bank’s listings
- Prompt payments throughout the loan seasoning period
- Bank pre-approval process includes checking with the Credit Management Association of the Philippines (CMAP), to determine whether there are unpaid loans, credit card bills, and other negative transactions. If the client did not pass the pre-approval process, the application will be automatically converted to in-house financing. However, the loan application with the bank may still be considered, provided that the client can show loan or credit payments.
What are the Required Documents?
Housing Loan Requirements for Single or Married Locally Employed or OFW Buyers:
- 3pcs 1x1 ID Picture
- Photocopy of 2 Valid ID’s with specimen signatures
- Certificate of No Marriage (Cenomar – if single)
- Certificate of Employment
- Birth Certificate (if single) Marriage Contract (if married)
- Tax Identification Number (TIN)
- Latest Proof of Billing
- 3 Months Pay Slip
- Income Tax Return (ITR) – for locally employed only. Not Required if OFW
- Postdated Checks
- If OFW – Job Contract
- If widowed – Photocopy of Death Certificate of the deceased spouse
- If married to a foreigner spouse – waiver of rights (all pages should be signed and notarized)
Additional Requirements to be submitted within 60 days upon reservation
Employed (Locally Employed, OFWs) or Self-employed (Sole Proprietorship, Professionals)
- Standard Requirements
- Post Dated Checks (Down Payment, Monthly Amortization, Guaranteed Check)
- Additional if Sole Proprietorship
- Business Permits and Licenses for the current year
- Photocopy of Business ITR / Audit FS for the past two years
- Photocopy of Certification of Registration issued by DTI
- Copy of Lease Contract and Title for Rental / Lease Income
- Additional for OFWs
- Original Crew Contract and Exit Pass with POEA or Employment contract duly authenticated by Philippine Consulate
- Proof of Monthly Remittances
- Photocopy of unexpired passport with date of Departure (with 3 specimen signature)
- AIF: One Original copy of duly notarized / consularized Special Power of Attorney (Pertinent data on SPA form are: Name of Principal Borrower, Name of AIF, Project Name with Block and Lot.)
How much interest rate?
- Bank Financing interest rate is 6-8% per year (prevailing bank rates will apply upon loan take-out). Loan term is up to 15 years for OFW and 20 yrs. for locally employed. Loan term will depend on Buyer’s age, work position and capacity to pay.
- In case Buyer's loan application is not approved by the bank for whatever reason, In-house financing will automatically apply.
About Discounts and Promos?
- There is discount if you pay Full Down Payment or the Total Contract Price (most of the projects)
- However, RASPH will automatically give to our buyers and/or referrals thru CRR System, just ask us how
What are the Bank and In-house Processing Fees or Legal and Miscellaneous fees (LMF)?
- Processing Fees (PF) or Legal and Miscellaneous fees (LMF) are payment for the ff:
- Premiums for the first year coverage of mortgage redemption insurance (MRI) and fire insurance.
- Homeowners association (HOA) dues for preventive maintenance
- Administrative expenses
- Blue print of house plans (one set)
- Real Property Taxes for one year (for bank and in-house financing)
- Title Transfer Cost (Bank Financing only)
How much is the Processing Fees / Miscellaneous Fees?
- For Bank financing, it is usually 8% base on the Selling Price because Title Transfer cost and bank charges are included
- For in-house financing, it is usually 4.5% base on the selling prices because title and bank transfer charges are not included
Why are the prices different in other website / sellers?
- House and Lot price will not be the same, as it varies and depends on lot orientation
- Prices of end unit, corner lot, along main road and near amenities are higher than inner lot.
- Prices are subject to change without prior notice that is why it is important to ask REASPH so then the licensed real estate broker will give you up to date accurate computation
Salary Requirement / Net Disposable Income (NDI) for Bank Financing
- NDI is the maximum amount that can be amortized by the client. Monthly amortization amount must be equal or lesser than the NDI or Salary Requirement amount.
- NDI can be determined by this basic formula: NDI = Gross Monthly Income x 0.30 (Credit ratio may vary depending on employment)
- Client may declare their Monthly Basic Income + Monthly Allowances + 13th Month Pay divided 12months / Commission (6months average pay-out, 30% of the average only)