kat 0 Posted March 25, 2008 Share Posted March 25, 2008 I am a dual citizen now and carry both a US and Philippine passport. I would like to purchase a house in the Philippines and run a business. Do I have to be in the philippines to sign bank papers to open an account? Can I sign papers at the consulate office here notarizing the copies? And no I do not want to get the loan here because I do not want the loan to be on my credit report. Please help. I would hate to spend the money and time just to fly home and sign some papers. thanks in advance, Kat Link to post Share on other sites
caloy 74 Posted March 25, 2008 Share Posted March 25, 2008 (edited) Consult a lawyer. I think you can sort of issue a special power of attorney to handle your affairs here in the Philippines. Banks are quiet stringent in loans. I work for a real estate developer. We usually accept transactions from overseas. We usually send our forms and ask the client to sign it and submit some requirements. Our in house payment schemes just asks for post dated checks. Bank loans will require more since they will have to do some credit investigation and background check. Edited March 25, 2008 by caloy Link to post Share on other sites
Daisy 444 Posted March 25, 2008 Share Posted March 25, 2008 (edited) I am a dual citizen now and carry both a US and Philippine passport. I would like to purchase a house in the Philippines and run a business. Do I have to be in the philippines to sign bank papers to open an account? Can I sign papers at the consulate office here notarizing the copies? And no I do not want to get the loan here because I do not want the loan to be on my credit report. Please help. I would hate to spend the money and time just to fly home and sign some papers. thanks in advance, Kat As far as Cagayan de Oro City is concerned, one have to be physically present when opening an account. They won't even allow if you don't have 2 or 3 pcs 1x1 photo much less not being around. however please try to open online by http://www.bpiexpressonline.com hope this will work for you. Edited March 25, 2008 by Daisy Link to post Share on other sites
Alan S 4,607 Posted March 25, 2008 Share Posted March 25, 2008 I think you will find home loan interest rates far higher than you are used to. I know a couple of people who have borrowed in the UK (where rates are much higher than in the US) as it is far cheaper that Philippine rates. That may be a consideration. Link to post Share on other sites
ckfm 717 Posted March 26, 2008 Share Posted March 26, 2008 A home loan won't change your credit score. The problem is that no bank in the world will give you a home loan on a property in the Philippines except IN the Philippines. Link to post Share on other sites
David_LivinginTalisay 1,115 Posted March 26, 2008 Share Posted March 26, 2008 (edited) I think you will find home loan interest rates far higher than you are used to. That may be true, as many banks here in the Philippines (BDO, BPI, EastWest Bank etc) offering typically 8.75% Fixed rate Interest, up to 5 Years, and 10.99% for 10-15 Years, as you can see from their web sites:- http://www.bdo.com.ph/Personal_Banking/Con...ate=loan5,0,pB2 Competitive Rates Budget and project your expenses, knowing your rate and payments will stay the same. You have an option to fix interest rates up to 10 years based on prevailing home loan rate. Edited March 26, 2008 by David_LivinginTalisay Link to post Share on other sites
Alan S 4,607 Posted March 26, 2008 Share Posted March 26, 2008 David, you are assuming that someone HAS the cash to invest in your programme. Whilst I can understand your desire to promote what you offer, it doesnt apply to some people, and investing is far different to borrowing. Link to post Share on other sites
David_LivinginTalisay 1,115 Posted March 26, 2008 Share Posted March 26, 2008 David, you are assuming that someone HAS the cash to invest in your programme. Whilst I can understand your desire to promote what you offer, it doesnt apply to some people, and investing is far different to borrowing. Alan, I dont quite understand your line of thought? To buy a Car, or make improvements to a house, or even build a house, or buy a house/lot requires CASH, or you take out a LOAN if you dont have enough CASH, other than perhaps for the downpayment? I bought a brand new Hyundai 'Matrix' 1.5 Crdi VGT about 33 months ago costing Php700K. I did not take the CASH out of the Bank to cover this, instead I put Php1M into Rural bank Time Deposits, paying 20%pa (php16,666.67pm) Tax Free. It was actually a 6 Year 'Hybrid' CTD with 20% Advance Interest. That took care of the 20% Down Payment, LTO Fees, and Comprehensive Insurance etc. I took out a 4 Year Auto Loan from EastWest Bank. The Amortization repaments are Php15,300pm approx, so easily covered by the Monthly Interest payments. This Message Post was about a Home Loan! OK so whilst a Home Loan might be for more Money, the principle is the same. If you can place funds into an investment earning considerably more thgan the Interest on the Loan, according to my Math, you come out a winner? Sure 'investing' is different from 'borrowing', but I have just demonstated how such investment can cover the cost of borrowing, AND give one a lot more besides? This does not apply to some people because they dont have a head for math or just simply dont like being in Debt, even if the Math prove it to be advantageous. I am currently investing a LOT of my own funds into this PNBB2 product! I regret not having discovered it 33 months ago or I would have used it to finance my Auto Loan, rather than the Hybrid6 Time Deposit? If it can work for a Car Loan, it can work for a Home Loan as well. I am promoting a CONCEPT here, rather than a Product! I dont work for any Bank offering such Housing Loans, yet quoted the webpage of one of them to show what Interest Rates are available on 5/10/15 year Housing Loans. Sorry, I thought I was addressing the Question posted, not necessarily promiting any particular product.. Sure I showed how the use of such investment like the PNBB2 can work better than such Time Deposits like I used for my Car loan. Sorry my CONCEPT seemed lost on you, and not applicable to you, and perhaps others? Cheers, David Whittall Link to post Share on other sites
Alan S 4,607 Posted March 26, 2008 Share Posted March 26, 2008 David, I thought my point was quite clear. You say that you bought a car and DID NOT TAKE THE CASH OUT OF THE BANK. Fine. That shows that you had the cash in the bank to start with. If you only had, say P150k, enough for the deposit but no more, you would have had to take whatever was on offer from a bank or finance company, and accept the interest rate, or go without your new car. The same applies to a loan for a house. If you are in the position to pay cash, it may not always be the best way to fund it, as you say. However, if all you have is the deposit and nothing more, your choices are limited. Link to post Share on other sites
JohninCebu 0 Posted March 26, 2008 Share Posted March 26, 2008 Is this the same Celso de los Angeles who bought Legacy group in 1997? Taken from the iReport, issue 3, September 2005 ....When de Castro was named head of the Housing and Urban Development Coordinating Council (HUDCC) and given the Housing portfolio after becoming vice president last year, he brought with him his friend Celso de los Angeles. In September 2004, de los Angeles was appointed chairman of the National Home Mortgage Corporation (NHMFC), the agency that provides community mortgage programs to urban poor groups. De los Angeles didn Link to post Share on other sites
Alan S 4,607 Posted March 26, 2008 Share Posted March 26, 2008 I have spoken to several people who have invested with Legacy and all have been happy. From what I have found, I dont believe that the risk is any greater than any other similar organisation. It is certainly a good deal for those who can take advantage of it, even though the amounts one can invest are low compared to what one is used to in the West. Link to post Share on other sites
twostrokes 37 Posted March 26, 2008 Share Posted March 26, 2008 I have spoken to several people who have invested with Legacy and all have been happy.From what I have found, I dont believe that the risk is any greater than any other similar organisation. It is certainly a good deal for those who can take advantage of it, even though the amounts one can invest are low compared to what one is used to in the West. It does sound interesting..May be a way to place an investment and let the interest support the parents for their last years....At least it would be better than just shelling out the cash each month....Hmmmmm!!! might just have to get more info on tiis.. jim Link to post Share on other sites
twostrokes 37 Posted March 26, 2008 Share Posted March 26, 2008 David, One question, if money was sent (dollars) and of course converted to pesos, then invested, when time to get principal out, is there any problem getting the money back to dollars and out of the country??\ Jim Link to post Share on other sites
Mike S 1 Posted March 26, 2008 Share Posted March 26, 2008 Please get this back on topic about home loans ....... David already has a thread dealing with the Legacy issue ..... there is no sense having 2 threads with the same information Thanks Link to post Share on other sites
kat 0 Posted March 31, 2008 Author Share Posted March 31, 2008 Thank you everybody for the info. Will keep everything in mind for my research. Link to post Share on other sites
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