[David_LivinginTalisay]

Now is a good time to consider buying that House/Lot in your Asawa's name or a Condominium in your name, if you need a 'Home Loan' to help pay for such.

I am now considering if buying that 216 sq m Lot in Corona del Mar, off the Wife's sister (in my asawa's name) is the best thing to do, at this point in time?

What I have been considering, is buying a 'Condominium', in my own name, instead.

Buying NEW from the Developer, often gives attractive 0% Interest Terms over 12 months to as much as 5 Years in some cases. The cost of providing that ZERO Interest Loan, has been factored into the SELLING PRICE, you will no doubt be aware of.

This is why CASH BUYERS get DISCOUNT (6 to 10% Typically?) off that Contract Price.

So if you could get 10% off the Purchase Price, is taking this, and arranging Bank Financing, worth considering, if it effectively reduces the price, and/or makes the repayments easier over a longer TERM?

Well if it reduced the Contract Price, below Php2.5M by paying CASH, then you would then save a further 12% eVAT (as exempt for properties of Php2.5M and below).

It is currently a good time to consider taking out a Home Loan from one of the Banks, as no longer 10%pa and higher, as they were last year.

Most Banks now seem to be offering new reduced Special Promo Rates, starting in July 2010.


BPI Housing Loan Rates

........HOUSING LOAN
Tenor..................Interest Rates
1 year ................. 8.75% p.a.
2-3 years ............. 9.75%
4 years ................ 10.00%
5 years ................ 10.00%
6-10 years ........... 11.00%
11-15 years .......... 11.25%
16-20 years .......... 11.50%

BPI's Car Loans and Home Loans are the 'Bench Mark' to start with

So what Banks offer lower than BPI's 8.75% for a 1 Year Loan?


China Bank drops HomePlus loan rate to only 7.5% p.a.




In celebration of China Bank's 90th anniversary, the Bank is offering a promotional rate of only 7.5% per annum for its HomePlus Loan to make buying, building or renovating a home even more affordable.

The special HomePlus loan rate, reduced to a low 7.5% p.a., is fixed for the first year of payment term. From the second year onwards, the succeeding interest rates will be based on the prevailing market rate subject to annual re-pricing.

A China Bank HomePlus loan is for the purchase of a lot, a house and lot, a townhouse, or a condominium unit. It is also available for house construction, renovation, or to refinance an existing loan with another bank. To apply for a HomePlus loan or to get more information on the special rate, please call 885-5555 or fill out the online application form.

All applications received from July 12 to September 30, 2010 and subsequently approved are entitled to avail of the promo rates. All approved loans within the promo period must be availed on or before December 30, 2010.



HSBC Loans



Owning your dream home is a lot easier with HSBC Home Loan.

HSBC Home Loan gives you :

• Lowest interest rate at 6.99%
• Big savings on waived home loan fees and charges
• Easy Repayment Scheme
  You can pay Monthly or Fortnightly (every 14 days) with amortization calculation method options to do Straight-Line or Reducing Balance.

Lighten your loan with an HSBC Home Loan.

Ask us how today.

Avail of our free consultation on your mortgage requirements. Set up an appointment with a Home Loan Specialist today.

Promo Terms and Conditions apply.
Per DTI Permit No. 3986. Series of 2010.


Re: Want to buy 'Property' in the Philippines - good Home Loans on Offer



NB: HSBC may 'appear' to offer attractive Home Loan Rates, but if you actually speak to them, you can't avail of such Home Loan for 'Lot Only' for example (even if in your Pilipina's name, unless perhaps she has an HSBC Account in her own name?).
I will see if HSBC are willing to offer such Home Loan to a Foreigner HSBC customer, if they want to buy a Condominium from a Developer.
I am considering buying a Condotel Apartment in Ultima Residences Ramos Tower.

Several 'factors' for showing an interest in such, which includes

• 70% Discount off Club Ultima Membership
  Monthly Membership Dues, are under half what I paid for Fitness First Membership
  yet get FREE use of Gym, Pool etc and Voucher worth Php500.00
  
  
• Enroll Apartment into Leaseback Condotel Operation
  30 Days 'Free' use and 335 Days income, from Rental 'Pool'.
  Conservative 60% utilization, and 50% Nett from'pooled income, gives Php210,000 a year Nett income from 28 sq m apartment.
  (Such Apartment in Ramos Tower is about Php2M to buy, so almost 10%pa Nett income, after Management Fees and Tax etc deducted!)
  
  
• Foreigners can legitimately and legally own Condominium Subdivision HLURB Registered 'shares' of such Subdivision Corporation, provided no more than 40% Foreigner owned. (Basically if 40% already owned by Foreigners, they would not be allowed to sell you such Condo Apartment).
  
  
• SECURITY
  If for whatever reason, you wanted to separate from your Filipina Asawa, or return to UK for a period (Family or health crisis, or whatever), you could just shut up such Condo Apartment, and return anytime later (provided you had paid in full and all maintenance Fees etc, there is a very good chance, everything will be as you left it (not something that would happen if I left my stuff in my current house as it was,if returning to UK for CABG Surgery for 6+months). I could probably even ride my XT225 into the elevators and take it up to the apartment, and use it as a 'garage' also?

http://www.hsbc.com....s/lending-rates
Get the best rates in town with your HSBC Home Loan.

If your income is in foreign currency, HSBC's unique position as a global financial institution can give you access to loans in the world's major currencies, allowing you to peg your borrowing costs to your earnings.

Apart from Philippine Peso, take out a loan in

Australian Dollars*
Japanese Yen*
British Pounds*
New Zealand Dollars*
Canadian Dollars*

US Dollars
Hongkong Dollar*


* - Rates available upon request.


http://www.hsbc.com....p_snn_promo.pdf

This post has been edited by David_LivinginTalisay: 31 July 2010 - 12:55 AM

[aussiedon]

Its against the law for banks to lend money to Foreigners, only to corporations so I was told by the manager of a BPI branch

[Diver Douglas]

aussiedon, on 31 July 2010 - 01:07 AM, said:

Its against the law for banks to lend money to Foreigners, only to corporations so I was told by the manager of a BPI branch

Can you please ask the BPI manager to show the EXACT law that explains this in full.

Please post it for reference.

[Diver Douglas]

Quote

Buying NEW from the Developer, often gives attractive 0% Interest Terms over 12 months to as much as 5 Years in some cases. The cost of providing that ZERO Interest Loan, has been factored into the SELLING PRICE, you will no doubt be aware of.
This is why CASH BUYERS get DISCOUNT (6 to 10% Typically?) off that Contract Price.

So..... and if you decide to buy 12 months after the presale, you will NOT get to pick the choice floors , directions he window and door faces and unit number ! ! ! !

You will be left with the scraps that are already bought by the rest of the serious real estate investors.

I am sure the price of a condo after 12 months to as much as 5 years in some cases will be more than 6 to 10 % typically of the presale price.

[quote][6-10 years ........... 11.00% /quote]


All banks will give you 10.00 5 FIXED at the time and date I am posting this.

There is only 1 bank that I know of right now that will give a loans for condominium to foreigners. It is legal for foreigners to buy condos that the total project is owned 60 percent by Filipino and 40 percent owned by foreigners. So why would it be illegal to loan to a foreigner. ? ? ? ?

[aussiedon]

Diver Douglas, on 31 July 2010 - 04:39 AM, said:

aussiedon, on 31 July 2010 - 01:07 AM, said:

Its against the law for banks to lend money to Foreigners, only to corporations so I was told by the manager of a BPI branch

Can you please ask the BPI manager to show the EXACT law that explains this in full.

Please post it for reference.

If YOU go to a BPI bank or no doubt any other bank you will be told the same thing.
I mentioned this to another foreigner friend and he said he found this out a few years ago himself.
Even if the foreigner has assets here he can not use that asset as collateral for a loan or
act as a guarantor.

[SkyMan]

I called HSBC a while back, maybe 3 months ago about getting a loan and they were only doing loans for condos in NCR.

I have not heard of any law prohibiting foreigners from taking out a home loan but it's not easy to get one that's for sure. I've gotten every excuse under the sun. The last was the icing on the cake. The appraisal came in well below the actual value but I was willing to take a loan on that amount.

A few days later, "Sir, your loan was turned down because your land isn't worth that much."
You appraised it right? "Yes."
And the appraisal is to determine the value, right. "Yes"
But now you're saying it isn't worth the appraised amount? "Yes"
Do you know what an appraisal is? "Yes"
It's an independent evaluation of property and in fact this appraisal wasn't even independent because the appraiser works for you. "Yes"
So your own appraiser determined the value but now you're saying it isn't worth that much? "Yes"
Do you know how stupid you sound? "I'm sorry sir but that's the decision.


Oddly, some of things I like most about the land they consider detractors like "Oooh it's so far from the highway." But it's a good road all the way.

[robert51]

SkyMan, on 31 July 2010 - 12:02 PM, said:

I called HSBC a while back, maybe 3 months ago about getting a loan and they were only doing loans for condos in NCR.

I have not heard of any law prohibiting foreigners from taking out a home loan but it's not easy to get one that's for sure. I've gotten every excuse under the sun. The last was the icing on the cake. The appraisal came in well below the actual value but I was willing to take a loan on that amount.

A few days later, "Sir, your loan was turned down because your land isn't worth that much."
You appraised it right? "Yes."
And the appraisal is to determine the value, right. "Yes"
But now you're saying it isn't worth the appraised amount? "Yes"
Do you know what an appraisal is? "Yes"
It's an independent evaluation of property and in fact this appraisal wasn't even independent because the appraiser works for you. "Yes"
So your own appraiser determined the value but now you're saying it isn't worth that much? "Yes"
Do you know how stupid you sound? "I'm sorry sir but that's the decision.


Oddly, some of things I like most about the land they consider detractors like "Oooh it's so far from the highway." But it's a good road all the way.

one of the big questions is the land itself ....its either , stewardship, tax dec. or titled ....first one gives you the rights to use it for a set number of years usually 25 years at a time.... second is usually land that may be left by someone and the kids have not subdivided it so who owns what is in question my wife who has 6 brother and sisters has a 1/7 part of 3.28 hectors so until its subdivided her land is 1/7 of the whole the last one is easy ..Most banks will only loan on the last title clear title/// and when someone offers you an absolute deed of sale that does not mean it has title that means they are offering their rights to the property... in talisay stewardship land can be bought for approx 200 to 500 sq meter... tax dec... 1,500 to 2.500 per sq meter. titled what ever the market will bear

This post has been edited by robert51: 31 July 2010 - 10:49 AM

[David_LivinginTalisay]

Quote

Owning your dream home is a lot easier with HSBC Home Loan.

HSBC Home Loan gives you :

• Lowest interest rate at 6.99%
• Big savings on waived home loan fees and charges
• Easy Repayment Scheme
  You can pay Monthly or Fortnightly (every 14 days) with amortization calculation method options to do Straight-Line or Reducing Balance.

Lighten your loan with an HSBC Home Loan.

Ask us how today.

Avail of our free consultation on your mortgage requirements. Set up an appointment with a Home Loan Specialist today.

This TOPIC is about Mortgage Rates/Home Loans, rather than going OFF TOPIC and discussing CONDOMINIUMS themselves
(as there already a THREAD for that Topic)


Well I have booked an appointment with a HSBC Home Loan Specialist today, and will let you know what I find out?

Certainly, there were seemingly no 'rejections' put up, when I answered questions on the Amount of the Loan for buying a Condominium, off a Developer, here in Cebu City.

I am actually interested in finding out if I can fund at least part of a Home Loan in GBP, since I am now having to get my UK Annuity from Legal & General, paid into my HSBC GBP Account here.

Certainly not worth putting GBP into a Term Deposit with HSBC to get 0.08%pa Nett return, so better to get a GBP Home Loan for just 5.1 to 5.6%pa if at all possible?

HSBC Term Deposit Rates

HSBC PhilippinesTerm Deposit Rates for PHP (August 2010)
12 Months Fixed %pa (Gross) (Nett)
25,000.00 - 999,999.99..............1.9000.... 1.52%pa
1,000,000.00 - 4,999,999.99.......2.0000 .... 1.6%pa
5,000,000.00 - 10,000,000.00..... 2.1000... 1.68%pa

Term Deposit Rates for GBP (August 2010)
12 Months Fixed %pa (Gross) (Nett)
£2,500.00 - 9,999.99 .......... 0.1000 0.08%pa
£10,000.00 - 49,999.99...... 0.1000 0.08%pa
£50,000.00 - 140,706.89.... 0.1000 0.08%pa
Simply amazing, that you can have £140,000.00 in a GBP Term Deposit for 12 Months, here in the Philippines,
And it will have grown to £141,112.80 at the end of that 12 Month Term (after Withholding Tax of 20% deducted).

Now that I am having to get my Legal & General Annuity paid into my HSBC Philippines GBP Account (as they closed my UK A/C), it is not worth putting it into a Term Deposit for sure, as INFLATION in the Philippines running @ 5-6%pa currently!

Wonder if I could get a HSBC Home Loan in GBP?

Rate Fixing....Promo...PHP......USD......GBP......HKD
Quarterly.........N/A...... 9.00%....4.60%...5.10%...4.75%
1 year............6.99%.....9.25%....5.21%...5.50%...5.00%

Repayment to a GBP Home Loan, only 5.1%pa (Quarterly Repricing) USD Home Loan is only 4.6%pa (Quarterly Repricing) currently, compared to 9.0%pa for PHP Home Loan (Quarterly Repricing),
but better to take Peso Promo Home Loan as only 6.99%pa !

This post has been edited by David_LivinginTalisay: 31 July 2010 - 12:10 PM

[SkyMan]

robert51, on 30 July 2010 - 09:44 PM, said:

SkyMan, on 31 July 2010 - 12:02 PM, said:

I called HSBC a while back, maybe 3 months ago about getting a loan and they were only doing loans for condos in NCR.

I have not heard of any law prohibiting foreigners from taking out a home loan but it's not easy to get one that's for sure. I've gotten every excuse under the sun. The last was the icing on the cake. The appraisal came in well below the actual value but I was willing to take a loan on that amount.

A few days later, "Sir, your loan was turned down because your land isn't worth that much."
You appraised it right? "Yes."
And the appraisal is to determine the value, right. "Yes"
But now you're saying it isn't worth the appraised amount? "Yes"
Do you know what an appraisal is? "Yes"
It's an independent evaluation of property and in fact this appraisal wasn't even independent because the appraiser works for you. "Yes"
So your own appraiser determined the value but now you're saying it isn't worth that much? "Yes"
Do you know how stupid you sound? "I'm sorry sir but that's the decision.


Oddly, some of things I like most about the land they consider detractors like "Oooh it's so far from the highway." But it's a good road all the way.

one of the big questions is the land itself ....its either , stewardship, tax dec. or titled ....first one gives you the rights to use it for a set number of years usually 25 years at a time.... second is usually land that may be left by someone and the kids have not subdivided it so who owns what is in question my wife who has 6 brother and sisters has a 1/7 part of 3.28 hectors so until its subdivided her land is 1/7 of the whole the last one is easy ..Most banks will only loan on the last title clear title/// and when someone offers you an absolute deed of sale that does not mean it has title that means they are offering their rights to the property... in talisay stewardship land can be bought for approx 200 to 500 sq meter... tax dec... 1,500 to 2.500 per sq meter. titled what ever the market will bear

Of course the land has a title. There is no way I'd be fool enough to buy something without a title.

[caloy]

I think BDO is more receptive. The projects of the company that I am connected, gets full appraisal with no appraisal fee. We had a seminar about loans with both BPI and BDO, for BPI they do not give out loans to foreigners but they could to their wives or Filipinos living abroad provided that someone living in the Philippines has to co-sign the loan.
BDO is more receptive but would probably ask for a lot of requirements for proof income and identification.

[David_LivinginTalisay]

Greetings from Chinabank!

We are pleased to offer you our HOMEPLUS LOAN facility,
you can avail of our:


· Low interest rates wherein you can go fixedor variable
· Flexible terms?of up to 25 years
· High loanable amount?up to 70% of theproperty's Appraised Value
· Allowable partial or full payment prior tomaturity without pre-termination charges
· Low application fee?P1,500.00 only

Below is asummary of the features of HOMEPLUS LOAN for your reference which include interest rates and application requirements.

INTEREST RATES
|--------------------------------------|
| INTEREST RATE& FIXING OPTIONS........|
|--------------------------------------|
| Fixed for the first year only 7.50%..|
|--------------------------------------|
| Fixed for 2-3 years...........8.2%...|
|--------------------------------------|
| Fixed for 4-5 years...........8.75%..|
|--------------------------------------|
| Fixed for 6-10 years.........9.75%...|
|--------------------------------------|
| Fixed for 11-15 years........10.50%..|
|--------------------------------------|
| Fixed for 16-20 years........11.00%..|
|--------------------------------------|

APPLICATION REQUIREMENTS

For Employed Individuals

· Completely filled-up HomePlus ApplicationForm
· 2 valid government issued Ids (2 for eachspouse if married)
· Marriage Contract (if married)
· Income Tax Return (both spouses, ifapplicable)
· Certificate of Employment stating length ofservice & monthly compensation package (both spouses, if applicable)
· Deposit Statements of Accounts (latest 6months)

For Self-Employed Individuals

· Duly filled-up HomePlus Application Form
· 2 valid government issued Ids (2 for eachspouse if married)
· Marriage Contract (if married)
· Latest Income Tax Return (for the Business)
· Audited Financial Statements (for 2 years)
· Certificate of Registration of Business Name(DTI/SEC)
· Business Profile (for Sole Proprietorship) /Articles of Incorporation(for corporations)
· Complete list of Major Suppliers and Clientswith contact person and nos.

For Individuals Working Abroad
· Duly filled-up HomePlus Application Form
· 2 valid government issued Ids (2 for eachspouse if married)
· Marriage Contract (if married)
· Special Power of Attorney (CBC Format Only)
*shall be notarized if executed here in the Philippines or
authenticated by the Philippine Consul if executed abroad)
· Payslips/Remittance Slips (last 6 months)
· Certificate / Contract of Employment/ POEAContract
· Income Tax Return (if applicable)

NOTE: All of the Above- mentioned documents (except for HomePlus Application Form, Ids and Marriage Contract) must be duly authenticated by the Philippine Consulate Office

Collateral Documents
· Transfer / Condominium Certificate of Title-Owners Duplicate Copy*
· Tax Declaration on Land*
· Tax Declaration on Building*
· Contract to Sell / Reservation Agreement*
· Bill of Materials (for House Construction)*
· Building Specifications (for HouseConstruction)*
· Building Plans/ floor plan (for houseconstruction)*

* aphotocopy of the above-mentioned documents will do.

For inquiriesand applications, simply call the undersigned at 885-5389.
You may also visit us at the 3rd Floor, ChinaBank Building, 8745 Paseo de Roxas corner Villar Street, Makati City or a China Bank branch nearest you.

It is our privilege to be of service to you.

Aimee P.Delegencia
Consumer Banking Group
China Banking Corporation
Tel. No. (632) 885-5330; 8193139

(See attached file: APPLICATION FORM - INDIVIDUAL(NEW).xls)

This post has been edited by David_LivinginTalisay: 02 August 2010 - 09:55 PM

[David_LivinginTalisay]

Well my HSBC 6.99% Home Loan Promo, got 'Pre-Approved' but seems they did not pay attention to what Property and which Developer I was interested in, until I had filled out their Application Form, signed and handed it in.

That is when they decided to tell me that FTRDC is not an 'Accredited Developer' with HSBC, so they wont offer such Loan for any properties of FTRDC.

They said find another developer that is Accredited (but failed to provide a LIST of whom they have accredited!).

I can also confirm that ChinaBank who are offering just 7.5% HomePlus Loan and just P1,500 Fees, are also not accredited with FTRDC.

David_LivinginTalisay, on 31 July 2010 - 12:03 PM, said:

Quote

Owning your dream home is a lot easier with HSBC Home Loan.

HSBC Home Loan gives you :

• Lowest interest rate at 6.99%
• Big savings on waived home loan fees and charges
• Easy Repayment Scheme
  You can pay Monthly or Fortnightly (every 14 days) with amortization calculation method options to do Straight-Line or Reducing Balance.

Lighten your loan with an HSBC Home Loan.

Ask us how today.

Avail of our free consultation on your mortgage requirements. Set up an appointment with a Home Loan Specialist today.

This TOPIC is about Mortgage Rates/Home Loans, rather than going OFF TOPIC and discussing CONDOMINIUMS themselves
(as there already a THREAD for that Topic)


Well I have booked an appointment with a HSBC Home Loan Specialist today, and will let you know what I find out?

Certainly, there were seemingly no 'rejections' put up, when I answered questions on the Amount of the Loan for buying a Condominium, off a Developer, here in Cebu City.

Wonder if I could get a HSBC Home Loan in GBP?

Rate Fixing....Promo...PHP......USD......GBP......HKD
Quarterly.........N/A...... 9.00%....4.60%...5.10%...4.75%
1 year............6.99%.....9.25%....5.21%...5.50%...5.00%
Repayment to a GBP Home Loan, only 5.1%pa (Quarterly Repricing) USD Home Loan is only 4.6%pa (Quarterly Repricing) currently, compared to 9.0%pa for PHP Home Loan (Quarterly Repricing),
but better to take Peso Promo Home Loan as only 6.99%pa !

[David_LivinginTalisay]

aussiedon, on 31 July 2010 - 01:07 AM, said:

Its against the law for banks to lend money to Foreigners, only to corporations so I was told by the manager of a BPI branch

HSBC would not consider their 6.99% Home Loan Promo for Fuente Triangle Realty Development Corp (FTRDC). as they are not an 'Accredited Developer'.


BPI are an Accredited Developer for Fuente Triangle Realty Development Corp (FTRDC), for but wont lend for Pre-Sale Condominium.
When I asked about 'Fuente Tower', in that case, the BPI Bank Officer, then told me, only if Joint purchase with my wife and she was the Main Buyer, with me as Co-Buyer.

So I asked "what about Foreigners being able to own condominiums"? He agreed that was correct, but would need to be CASH Purchase or avail of the Instalments offered by the Developer or their in-house Financing.



So my Question now is "Where is this Ruling that a Bank are not allowed to lend money to foreigners, to buy Condominiums"?


Perhaps it is just a 'BPI' internal 'Ruling'?

PNB seem to offer Bank Loans to Foreigners, to buy Condominiums in the Philippines, BUT the loan is for those NOT in the Philippines but abroad, where there are PNB Banks!



http://asialuxurypro...hilippines.html


Property Mortgage for foreigners in The Philippines

It is possible for foreigners to obtain a loan to purchase a condominium in ThePhilippines.

Own a Philippine Home Loan (OPHL) is a financing program unique to PNB. It allows Filipinos and non-Filipinos residing and working abroad an easy way to purchase residential real estate in the Philippines.
Purpose:
* Purchase of Lot, House & Lot, Condominium, Townhouse or Rowhouse
* House Construction or Home Improvement
* Refinancing of a Philippine Peso home mortgage loan
* Reimbursement of Acquisition or Construction Cost
Eligible Borrowers:
* Filipinos residing and working abroad who have maintained their Filipino citizenship
* Natural-born Filipinos residing and working abroad who have lost their Filipino citizenship (limited to a maximum lot area of 1,000 sq.m. only)
* Foreigners or nationals of foreign countries but limited to the acquisition of condominium units only where the majority is owned by Filipino Citizens or the foreign ownership in the Condominium Corporation should not exceed 40% as required by Philippine Law.
Loanable Amount:
* Loans for lot purchase with proposed/ongoing construction/newly-built house, townhouse or rowhouse and condominium unit will be up to 80% of verified selling price of the property or as per Reservation Agreement/Contract to Sell entered into between the borrower and the seller/real estate developer if theproperty is acquired from a PNB-accredited project of a PNB-accredited developer or 80% of the appraised value (AV) for non-accredited projects.
* Loans for house construction will be up to a maximum of 80% of the AV of thelot and house to be constructed. For house improvement, it will be up to a maximum of 80% of the AV of the lot and of the bill of materials of the house to be improved/renovated.
* Loans for the purchase of lot and existing improvements which are no longer brand new (i.e. house, townhouse or rowhouse and condominium unit) will be up to a maximum of 80% of the AV of the real estate property to be acquired.
* Loans for lot purchase will be up to a maximum of 60% of the verified selling price of the property or as per Reservation Agreement/Contract to Sell entered into between the borrower and the seller/real estate developer if the property is acquired from a PNB-accredited project of a PNB-accredited developer or 60%of the AV for non-accredited projects.
* Loans for refinancing/take-out will be up to a maximum of 80% of the AV of theproperty to be financed or the outstanding principal balance, whichever is lower.
Collateral:
The loan shall be secured by any of the following:
* Real estate mortgage (REM) on the property being financed
* Standby Letter of Credit (SLC) if the host country’s rules and regulations do not allow a REM on the property to be financed. The SLC shall: (i) expire one month after maturity of the loan, (ii) be issued by PNB Head Office, (iii) be secured by the real estate mortgage on the property to be financed, and, (iv) be as prescribed by the PNB Legal Group
* Hold-out on deposit maintained with the Bank. The hold-out shall fully cover the outstanding principal and interest for a year and shall be backed by an unregistered REM which will be registered immediately in case of default or a clean exposure.

Source: The Philippine National Bank Los Angeles, USA

http://www.pnb.com.p...t/view/203/393/

Own a Philippine Home Loan

• Singapore
• <a href="http://www.pnb.com.ph/content/view/203/393/#Japan" style="text-decoration: none; font-weight: normal; border-top-style: none; border-right-style: none; border-bottom-style: none; border-left-style: none; border-width: initial; border-color: initial; margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; padding-top: 0px; padding-right: 0px; padding-bottom: 10px; padding-left: 0px; display: inline; font: normal normal normal 11px/16px Verdana, Arial, Helvetica, sans-serif; list-style-type: none; list-style-position: initial; list-style-image: initial; color: rgb(5, 52, 105); ">Japan
• Los Angeles
• New York
• United Kingdom

http://www.pnbeurope...files/1ophl.htm


Own a Philippine Home Loan Program

This allows both Filipinos and non-Filipinos residing and working abroad to purchase residential units in the Philippines.
Properties that can be acquired under the program are:

• acquisition/purchase of lot
• house and lot
• condominium
• townhouse or row house
• house construction/improvement
• re-financing/take-out from other financial institutions in the Philippines

How are the eligible borrowers?

• Filipinos living abroad who have maintained their Filipino citizenship
• Natural-born Filipinos living abroad who have lost their Filipino citizenship (limited to a maximum lot area of 5,000sqm)
• Foreigners/Non-Filipinos (limited to the acquisition of condominium units only where the common areas are owned by the Condominium Corporation,i.e. alien interest in such corporation should not exceed 40% as required by Philippine law)

What is maximum loanable amount one could take?

The maximum loanable amount under this program is US$500,000 (or its equivalent in other foreign exchange currencies). Depending on the purpose, the minimum loanable amounts shall be as follows:

Loan Purpose

Minimum Loanable Amount

Purchase of lot

£10,000

Purchase of house and lot, townhouse, condominium or row house, and for house construction

£20,000

For house improvement

£10,000

Re-financing/Take-out

Subject to minimum loanable limits of project to be financed or their equivalent in other foreign exchange currencies

The loanable amount shall be the lowest of:

• the borrower's paying capacity; or
• the borrower's actual need; or
• cost of the project to be financed subject to the following limits

Loan Purpose

Loanable Limit

purchase of lot with proposed/ongoing construction/Newly-built house, condominium, townhouse or row house and condominium unit

60% if property is acquired from a PNB-accredited project of PNB-accredited developer; or 60% average value for non-accredited projects

This post has been edited by David_LivinginTalisay: 18 August 2010 - 07:00 PM

[robert51]

David_LivinginTalisay, on 18 August 2010 - 10:33 PM, said:

aussiedon, on 31 July 2010 - 01:07 AM, said:

Its against the law for banks to lend money to Foreigners, only to corporations so I was told by the manager of a BPI branch

HSBC would not consider their 6.99% Home Loan Promo for Fuente Triangle Realty Development Corp (FTRDC). as they are not an 'Accredited Developer'.


BPI are an Accredited Developer for Fuente Triangle Realty Development Corp (FTRDC), for but wont lend for Pre-Sale Condominium.
When I asked about 'Fuente Tower', in that case, the BPI Bank Officer, then told me, only if Joint purchase with my wife and she was the Main Buyer, with me as Co-Buyer.

So I asked "what about Foreigners being able to own condominiums"? He agreed that was correct, but would need to be CASH Purchase or avail of the Instalments offered by the Developer or their in-house Financing.



So my Question now is "Where is this Ruling that a Bank are not allowed to lend money to foreigners, to buy Condominiums"?

Where is the ruling that a BANK has to lend money to a foreigner .... i dont blame them a foreigner can always just leave town any time he wants , Just think David i am a foreigner what if you were working at the bank and i asked to borrow 5 million peso what is to stop me from just leaving without paying ? maybe the bank does not think the business plan is workable and some will walk on the units especially if they have very little in... This rental scheme has been tried in Vegas , Reno , most beaches and lots of people bail on the units... and then there is the Golden rule the one with the money makes the rules.

This post has been edited by robert51: 18 August 2010 - 06:49 PM

[David_LivinginTalisay]

robert51, on 18 August 2010 - 06:42 PM, said:

David_LivinginTalisay, on 18 August 2010 - 10:33 PM, said:

aussiedon, on 31 July 2010 - 01:07 AM, said:

Its against the law for banks to lend money to Foreigners, only to corporations so I was told by the manager of a BPI branch

HSBC would not consider their 6.99% Home Loan Promo for Fuente Triangle Realty Development Corp (FTRDC). as they are not an 'Accredited Developer'.


BPI are an Accredited Developer for Fuente Triangle Realty Development Corp (FTRDC), for but wont lend for Pre-Sale Condominium.
When I asked about 'Fuente Tower', in that case, the BPI Bank Officer, then told me, only if Joint purchase with my wife and she was the Main Buyer, with me as Co-Buyer.

So I asked "what about Foreigners being able to own condominiums"? He agreed that was correct, but would need to be CASH Purchase or avail of the Instalments offered by the Developer or their in-house Financing.



So my Question now is "Where is this Ruling that a Bank are not allowed to lend money to foreigners, to buy Condominiums"?

Where is the ruling that a BANK has to lend money to a foreigner .... i dont blame them a foreigner can always just leave town any time he wants , Just think David i am a foreigner what if you were working at the bank and i asked to borrow 5 million peso what is to stop me from just leaving without paying ? maybe the bank does not think the business plan is workable and some will walk on the units especially if they have very little in... This rental scheme has been tried in Vegas , Reno , most beaches and lots of people bail on the units... and then there is the Golden rule the one with the money makes the rules.

Are you SERIOUS with what you posted, or just displaying some ignorance on Bank Home Loans?

I suggest you check out the bit about 'Collateral' that Banks insist on for Car Loans as well as Home Loans.

In the case of Car Loan (that I have experience of), one is required to sign a 'Chattel Mortgage'.
This effectivelly means the Bank 'owns' the car until the loan fully repaid, and if you DEFAULT on the Car Loan repayments, subject to some Rules (that come in on certain % already paid), they could sell the vehicle to recover their money.

I am sure it is the same for Home Loan, and a Real Estate Mortgage taken out.

Some Banks (like HSBC) will also insist on Mortgage Redemtion Insurance (MRI), where the Insurance Company pays out if you drop dead before paying off the Mortgage in Full.

Collateral:
The loan shall be secured by any of the following:
* Real estate mortgage (REM) on the property being financed
* Standby Letter of Credit (SLC) if the host country’s rules and regulations do not allow a REM on the property to be financed. The SLC shall: (i) expire one month after maturity of the loan, (ii) be issued by PNB Head Office, (iii) be secured by the real estate mortgage on the property to be financed, and, (iv) be as prescribed by the PNB Legal Group
* Hold-out on deposit maintained with the Bank. The hold-out shall fully cover the outstanding principal and interest for a year and shall be backed by an unregistered REM which will be registered immediately in case of default or a clean exposure.

Source: The Philippine National Bank Los Angeles, USA

Do a 'Google' on Philippine Real Estate Mortgage (REM) to Foreigners for Condo purchase

This is one of the Search results:-


http://www.psbank.co...d=1190076742834







PSBank Home Loan


CollateralFirst Real Estate Mortgage (REM) over an acceptable owner-occupied residential propertyProcessing Time Notification of credit decision in 5 banking days via SMS.

So perhaps you would not be allowed to RENT out with PSBank Home Loan !

Minimum Qualifications of Borrower

• Filipino Individuals or Foreigners with 3 years residency in the Philippines (foreigners qualify if loan purpose is acquisition of a Condominium Unit)
• Residential real estate property for collateral
• Gross monthly income of at least PhP30,000
• If employed, must have a tenure of 2 years
• If engaged in business, must be operating profitably for the last 2 years
• Age of borrower from 21 years and not to exceed 65 years at the time of loan maturity

List of accredited insurance companies

Insurance Requirements

• For all types of loans:
-Credit Life Insurance (CLI) for the full amount of the loan
• For construction loans:
-Contractor's All-Risk Insurance
• For house and lot, townhouse or duplex:
-Fire insurance coverage from accredited insurance companies for 100% of the appraised value of the improvements
• For condominiums:
-Endorsement to PSBank of Master Fire/ Earthquake Insurance
- Policy of Condominium Corporation or
- separate policy from accredited insurance companies

Buy don't worry about me Robert, I am buying a Unit in Ramos Tower with FTRDC with their Interest free 30/40/30 Plan over 18 Months.
I have 70% of these repayments, covered by ROI.



So come visit in December 2011, and look at my Christmas Present, to see if my Condo Unit is completed then, as that is the anticipated Hand-Over Date.
The final payment is made in January 2012 regardless.

[Diego Locks]

I agree, with the help of the government and Home and Development Mutual Fund (HDMF) members can now avail a housing loan with very minimal interest. Ordinary employees and workers can now avail ta decent home for their family with a very low monthly amortization to HDMF. I think these previous years many availed it that real estate became in demand.

[robert51]

Are you SERIOUS with what you posted, or just displaying some ignorance on Bank Home Loans?






are you serious what track record do YOU have to pay back the loan I see what your doing trying to use THEIR money to buy a condo in the hope that YOU can make money renting it..... I would not loan a penny to anyone on this type of so called investment... you want to play the lottery do it with your own money ...Just because your a foreigner you think that means anything to the bank? Are you putting 35 to 50% down if not too the bank its a looser plan they get all the risk and you of course you have your reputation on the line... hummmm This condo thing is just another way to get money from people yet the management controls the unit... and the problem is you want to bank to assume your position,,, good luck/// you know your always looking for the next big score the easy money and that is not what bothers me in the least its your way of always telling anyone who dont agree with you how stupid they are... //// and david just because you and the builder THINK THE PROPERTY IS WORTH THE AMOUNT THEY ARE ASKING DOES NOT MAKE IT SO...

This post has been edited by robert51: 18 August 2010 - 09:47 PM

[robert51]

Diego Locks, on 19 August 2010 - 12:17 AM, said:

I agree, with the help of the government and Home and Development Mutual Fund (HDMF) members can now avail a housing loan with very minimal interest. Ordinary employees and workers can now avail ta decent home for their family with a very low monthly amortization to HDMF. I think these previous years many availed it that real estate became in demand.

your right that is what this country needs more loans... 2 year car loan is now the 6 year loan and the house well forget 5 years lets jump to 30 or make it an even 40 years you buy a house when your 25 and finally finish paying for it when your 65 just in time to enjoy 10 years if your lucky of no house payments which is great as your to old to work... The only one who makes money in loans is the banks..

[musicman666]

im sorry that i couldnt trawl through the whole of this thread.... but i have a home loan with union bank at about 11 percent ..which i personally think is taking the piss on a world market point of view.... does anyone think i could convert over or lever my present lender into these low rates that are being discussed?

[David_LivinginTalisay]

musicman666, on 19 August 2010 - 02:42 AM, said:

im sorry that i couldnt trawl through the whole of this thread.... but i have a home loan with union bank at about 11 percent ..which i personally think is taking the piss on a world market point of view.... does anyone think i could convert over or lever my present lender into these low rates that are being discussed?

You need to read the Terms & Conditions of that Home Loan with UnionBank, with regard to any Early Redemption Penalties


If there are no penalties for paying off your loan early, or an acceptable amount to pay, compared to the Interest saved by switching to a new Home Loan with another Bank, offering a much Lower Interest Rate (HSBC 6.99%, ChinaBank 7.5% etc)

Quote

Refinance a Home
When interest rates are low, refinancing your mortgage1 could reduce your monthly home payments and free up cash to pay higher-interest debts or other expenses.Refinancing Benefits
Refinancing a mortgage is simply taking out a new mortgage that pays off the old mortgage. When interest rates drop lower than your current mortgage rate, take advantage of Union Bank's flexible terms, and you may be able to:

• Secure a lower rate than your current mortgage
• Build up equity more quickly by converting to a loan with a shorter term
• Change from an Adjustable Rate Mortgage (ARM) to a fixed rate loan, which offers a predictable payment for the life of the loan
• Convert to an ARM with a lower interest rate and features such as a better rate and payment caps
• Consolidate higher-interest debt, like credit card or department store balances, with your existing home mortgage into a new lower-rate mortgage

The problems I came across are:-

• Proof of Income. Banks generally do not know how to deal with someone who is not employed and lives off Annuity income and income from investments.
  However Banks that you have an Account with, and know from your Bank Statements, that you do have regular income, that averages over Php30-50,000 a month, should be able to approve such loan. Take copies of those Statements to other Banks when seeking Home Loan Approval.
  
  
• Accredited Developers. Do determine at an early stage, if the Bank requires the Developer to be 'Accredited'. This may be due to the Banks wanting to know if the Prices being Quoted are true Market Rates, so they can be sure of reasonable chance to secure their funds if the buyer defaults on the repayments? Some Banks will not lend funds for 'Pre-Sale' where construction has not even started, let alone taking 2 years or more to complete. Some will only lend for completed construction. According to something I was told, the HLURB are putting a stop to such pre-selling and will only issue a Permit to Sell, when construction has actually started?
  
  
• Ownership. Some Banks (ie BPI for example) will not lend funds to a foreigner, who wants to buy a Condo in their own name. They may require it to be as a Co-Owner, where your Filipino spouse, is the one making the Home Loan Application
  
  
• Developers 'in-house finance'. Many Developers offering Pre-Selling, generally offer attractive Terms like Zero Interest Financing, over anything from 1 months to as much as 4 Years.
  This is generally because they did not secure enough pre-launch offers, and need to make it attractive to encourage enough buyers to make a commitment, so they can be assured the project construction can be paid for. As the development becomes more advanced, the Terms on remaining units will not be so 'generous' and indeed the purchase price tends to be higher that those who bought in over a year earlier (or more). Apart from the lack of choice on available units, the apparent increase in price is offset by the time to completion will be lower. This means one could have been generating income off other, higher paying investments for longer, before having to pay for the Condo or whatever, and sooner to make money from renting the property if that is you intention also. For example if I enter the Condo I am buying into the Condotel Program of the Crown Regency/Ultima Residences, then it makes no difference to Mountain View or Sea View, or what Floor it is on. The amount one gets paid from the Rental Pool is determined largely by the Floor Area. A 28 sq m 'Studio' Condotel gets 1.0 share of Rental Pool, regardless of direction/floor it seems. A larger 51 sq m Condotel Unit (costing 1.5 x the price), would get 2.0 share of the Rental Pool, so would have been a better buy from income viewpoint, had I been able to easily afford the repayments (which I could not, without an approved Home Loan).

So best to check with the Bank at an early stage of the Home Loan Inquiry if your income is acceptable to cover the proposed purchase over the desired term. Check if the Bank needs the developer to be accredited and the one you propose buying from is already approved. Determine if the Bank will lend funds, where construction not likely to be completed for 1 -2 years? Determine if the Bank will offer a Home Loan, for a condominium, purchased under your own name (subject to 40% max to foreigners, limitation).

In the end I have gone ahead and bought this 27.5 sq m Condotel in Ultima Residences- Ramos Towers for about Php2M from the Developer Fuente Triangle Realty Development Corp (FTRDC). Using their Zero Interest financing, I have to pay 30% Down Payment (over 3 months, less the Php50,000 Reservation Fee), then 40% over 14 months Amortization Installments. The final 30% is paid on Turnover of the completed Unit (expected date - December 2011).

If I could have paid CASH, then it would have been 10% Discount so only Php1.8M, which is why I was trying to secure the 6.99% HSBC Home Loan Promo, to make such CASH offer, using the Home Loan Funds for 80% of the amount. This got squashed as Fuente Triangle Realty Development Corp (FTRDC) was not an Accredited Developer with HSBC.


China Bank also not Accredited, so not possible to use their current 7.5% Home Loan Plus for FTRDC properties either. BPI wont lend funds for me to buy such Condo in my own name, and thay also say Ramos Tower is not 'complete enough' either (with only 8 out of 30 Floors constructed currently) I was told.

People like Robert51 can scoff all they like, but come December 2011, or January 2012 when I have paid the last installment, and have already decided to sign over for Condotel Program, it will generate income (Estimate of Rental Pool having only 60% Ocupancy os Nett ROI of 9.7%pa).

Actually it will be more like 8.5%pa, ROI as I should factor in the cost of furnishing and equipping (Php15K/sq m = Php412,500!) to Crown Regency Standard for Condotel. This however does not reflect the hopefully increased value of the Condotel Unit as a completed and income generating asset. However I could just not sign up to the Condotel Program and 'Trade-in' for something bigger and better and sorted out a Home Loan in plenty of time, beforehand.

David & Salome Whittall

This post has been edited by David_LivinginTalisay: 19 August 2010 - 11:34 AM

[robert51]

People like Robert51 can scoff all they like, but come December 2011, or January 2012 when I have paid the last installment, and have already decided to sign over for Condotel Program, it will generate income (Estimate of Rental Pool having only 60% Ocupancy os Nett ROI of 9.7%pa).







|David one question have you ever owned a unit under this program????? What makes you think the unit will be full all the time ... oh the salesmen told you? Check out this program in vegas and reno most of the projects are in chapter 11 and most are being sued by the condo owners... and david i dont care if you own the whole building and make lots of money ,,,, my biggest worry right now is what color to paint my house...

This post has been edited by robert51: 19 August 2010 - 12:06 PM

[Bet_Busta]

Diego Locks, on 18 August 2010 - 09:17 PM, said:

I agree, with the help of the government and Home and Development Mutual Fund (HDMF) members can now avail a housing loan with very minimal interest. Ordinary employees and workers can now avail ta decent home for their family with a very low monthly amortization to HDMF. I think these previous years many availed it that real estate became in demand.

Buying a house thru loan, specially from Pag-ibig is a lot better than being a renter forever. In a few years the monthly amortization will be lower than the renting rate plus the fact that you will own the house later.

When one earns more, he can always increase his monthly payment to shorten the term. The interest of Pag-ibig is based on the remaining balance.

A case study: Casa Nuestra, Bankal, Lapu-lapu.

In the early 90’s, during the development of Camilla, a group of Timex employees approached Camilla directly to get a better deal. They were asking that at least, they will not to pass thru a broker to reduce cost. Camilla ignored them so they formed a cooperative.

For P5,000 one can get a reservation, P4,000 will be returned if he backs out ( penalty for disruption). With a few people signing up they looked for a lot and found a 2 ha. lot in Bankal (on the corner going to Mahayahay) sold for 6M. Considering roads, drainage, playground, multi-purpose building, water system, etc. they figured out selling price will be P800/sq. m. Back then the nearby Camilla was selling at P1,300/sq.m.

At that time, I was also trying to organize my co-employees for the same scheme. There were about 20 of us interested. We approached the Timex group to give us pointers on how to do it. They were very kind to teach us…over a few bottles of beer and barbequed chicken feet.

Timex wasn’t able to get the desired number of participants, so they approached us to join forces. Since we were late participants, we hve to pay P850/sq.m. Of the 20 interested, 10 of us signed in with only 2 who pushed thru. These brought the number of participants to appximately 60.

With only P300T money, the group approach HMDF. They took the money and bought the lot for us. Panagtambayayong was commissioned as contractor and all loan proceeds will go directly to HMDF.

To make the story short, Casa Nuestra now stand as a gated subdivision with most houses renovated as the earning capacity of individuals increased. There are unsold lots turned over to HMDF.

I took a 120 sq.m. lot with a 52 sq.m. house for about P50T, a P225T loan, 12% interest, P3000 monthly payment for 15 years. I finished payment in 12 years by paying more some months and paid on time to earn some bonus payments.

The newly opened Deca Homes nearby sells between 4 to 6T per sq. m.

[Markham]

robert51, on 19 August 2010 - 12:04 PM, said:

Quote

People like Robert51 can scoff all they like, but come December 2011, or January 2012 when I have paid the last installment, and have already decided to sign over for Condotel Program, it will generate income (Estimate of Rental Pool having only 60% Ocupancy os Nett ROI of 9.7%pa).

|David one question have you ever owned a unit under this program????? What makes you think the unit will be full all the time ... oh the salesmen told you? Check out this program in vegas and reno most of the projects are in chapter 11 and most are being sued by the condo owners... and david i dont care if you own the whole building and make lots of money ,,,, my biggest worry right now is what color to paint my house...

I can't help but agreeing with you on this one, Robert. Condotel schemes such as the one David has signed-up for are really quite similar to all those (mis-sold) time-share schemes unwary foreigners are lured into whilst holidaying in Spain. They all promise high-occupancy and therefore a good rate of return but often people don't read the small print until it's much too late and find themselves having to pay management fees themselves because their units weren't occupied sufficiently. And I'm not entirely sure who would want to rent such a place and cook, eat, live and sleep all in one room no bigger than that of a half-decent hotel. At least with the hotel you'd get room service and a maid to tidy the place and change the towels daily and not have the problem of cooking odours.





Mark

This post has been edited by Markham: 20 August 2010 - 03:37 AM

[David_LivinginTalisay]

Markham, on 20 August 2010 - 03:36 AM, said:

robert51, on 19 August 2010 - 12:04 PM, said:

Quote

People like Robert51 can scoff all they like, but come December 2011, or January 2012 when I have paid the last installment, and have already decided to sign over for Condotel Program, it will generate income (Estimate of Rental Pool having only 60% Ocupancy os Nett ROI of 9.7%pa).

|David one question have you ever owned a unit under this program????? What makes you think the unit will be full all the time ... oh the salesmen told you? Check out this program in vegas and reno most of the projects are in chapter 11 and most are being sued by the condo owners... and david i dont care if you own the whole building and make lots of money ,,,, my biggest worry right now is what color to paint my house...

I can't help but agreeing with you on this one, Robert. Condotel schemes such as the one David has signed-up for are really quite similar to all those (mis-sold) time-share schemes unwary foreigners are lured into whilst holidaying in Spain. They all promise high-occupancy and therefore a good rate of return but often people don't read the small print until it's much too late and find themselves having to pay management fees themselves because their units weren't occupied sufficiently. And I'm not entirely sure who would want to rent such a place and cook, eat, live and sleep all in one room no bigger than that of a half-decent hotel. At least with the hotel you'd get room service and a maid to tidy the place and change the towels daily and not have the problem of cooking odours.



Mark

Mark,

I have a Question for you.

Q: "What is the Topic of THIS 'Thread'?"

A: "Home Loans getting cheaper in RP"


Seems your reply has gone 'Off Topic', as you are now discussing 'Condotel' not 'Home Loans'/Mortgages!

I thought you as a Moderator, you would/should pull it back 'On-Topic' rather than drag it further off like 'Robert51' wants to?

'Start' a new 'Thread' if you want to discus the Merits or Disadvantages of 'Condo Hotels', but do look up the Wikipedia definition first.

Quote

Condo hotel
From Wikipedia, the free encyclopedia

A condo hotel, also known as a hotel-condo or a Condotel, is a building used as both a condominium and a hotel.

Condo hotels are typically high-rise buildings developed and operated as luxury hotels, usually in major cities and resorts.^[1] These hotels have condominium units which allow someone to own a full-service vacation home. When they aren't using this home, they can leverage the marketing and management done by the hotel chain to rent and manage the condo unit as it would any other hotel room.^[2]

[David_LivinginTalisay]

Markham, on 20 August 2010 - 03:36 AM, said:

robert51, on 19 August 2010 - 12:04 PM, said:

Quote

People like Robert51 can scoff all they like, but come December 2011, or January 2012 when I have paid the last installment, and have already decided to sign over for Condotel Program, it will generate income (Estimate of Rental Pool having only 60% Ocupancy os Nett ROI of 9.7%pa).

|David one question have you ever owned a unit under this program????? What makes you think the unit will be full all the time ... oh the salesmen told you? Check out this program in vegas and reno most of the projects are in chapter 11 and most are being sued by the condo owners... and david i dont care if you own the whole building and make lots of money ,,,, my biggest worry right now is what color to paint my house...

I can't help but agreeing with you on this one, Robert. Condotel schemes such as the one David has signed-up for are really quite similar to all those (mis-sold) time-share schemes unwary foreigners are lured into whilst holidaying in Spain. They all promise high-occupancy and therefore a good rate of return but often people don't read the small print until it's much too late and find themselves having to pay management fees themselves because their units weren't occupied sufficiently. And I'm not entirely sure who would want to rent such a place and cook, eat, live and sleep all in one room no bigger than that of a half-decent hotel. At least with the hotel you'd get room service and a maid to tidy the place and change the towels daily and not have the problem of cooking odours.

Mark

Mark,

I have a Question for you.

Q: "What is the Topic of THIS 'Thread'?"

A: "Home Loans getting cheaper in RP"


Seems your reply has gone 'Off Topic', as you are now discussing 'Condotel' not 'Home Loans'/Mortgages!

I thought you as a Moderator, you would/should pull it back 'On-Topic' rather than drag it further off like 'Robert51' wants to?

'Start' a new 'Thread' if you want to discus the Merits or Disadvantages of 'Condo Hotels', but do look up the Wikipedia definition first.


Also do NOT jump to wrong conclusions - read what was posted first.

You posted "Condotel schemes such as the one David has signed-up"

'Ramos Tower' is under construction, and has reached Floor 8. The unit I am buying is on Floor 15, and Ramos Tower is to be 30 Floors with estimated Turnover as now being December 2011.


I have NOT signed up to the Crown Regency/Ultima Residences Condotel Program. It does not exist yet for Ramos Tower, and I am undecided as to joining it or not. The decision will come about 6 months before the Turnover date.

I will start a new Thread on Condo Hotel Programs at that time. if that is OK, so members here can help me decide.


This is not the TOPIC to discuss it in, as you ought to know Mark, as a Moderator.


If you want to do some homework before then, ready to add some negative viewpoints to the new Thread, then read
Ramos Condotel Proposal kit

Quote

Condo hotel
From Wikipedia, the free encyclopedia

A condo hotel, also known as a hotel-condo or a Condotel, is a building used as both a condominium and a hotel.
Condo hotels are typically high-rise buildings developed and operated as luxury hotels, usually in major cities and resorts.^[1] These hotels have condominium units which allow someone to own a full-service vacation home. When they aren't using this home, they can leverage the marketing and management done by the hotel chain to rent and manage the condo unit as it would any other hotel room.^[2]

This post has been edited by David_LivinginTalisay: 20 August 2010 - 09:17 AM