Buying Condo here in Makati

Firezilla wrote:

Hi

Was wondering any EXPAT like me here purchased a condo in Makati? Since my condo unit near to the due date of turn over, my sales agent requested me to do a bank financing for the remaining of 70%. What surprise me is , non of the bank are giving loan to me as expat.

Before I purchased / invested a property here I checked with bank at that time ( 1 year ) ago , bank still give out loan to expat.The bank officer told me recently, it's just due to some incident happened , last year. Many of the bank decided not to give out loan to Expat. So I have no choice but to get an in house loan for 10 years.

What surprise me , the in house loan seems like a ripped ooff , the interest rate seems up to the sky like more than 15% p.a for 10 years loan. I was wondering anyone here use Maceda Law to pull the plug? Im thinking this is way too much and as an Expat no other bank is giving me loan this give me no other options and I do not know why property developer / sales agent here still keep encouraging to expat to invest into buy condo unit , it's ridiculous.

I have a acquaintance  recently that fell into this, 2 year They call it "Rent to Own", problem is after 2 years, she was unable to get the bank loan due to her erratic salary.

There was nothing she could do, she ended up selling the unit for like 100K peso and lost over a half million total.

This is not the first time I heard of this, even local Filipinos have fallen for this "trap".

I think I have been approached by this every chance agents get since living here in my condo unit, mostly they talk to my missus and ask her to tell me rent to buy is better.

As for the loan % PA, seem like norm here, it's also 10 years.

if You intend to go at this from a legal avenue, be warned. They have a lot more lawyers and money than you, they are prepared for this and I honestly IMHO (in my humble opinion) think this is their business tactic, and you being a foreigner leaves you at a disadvantage. The former I stick with, the latter I don't have experience so maybe other members can chime in.

The reason dev / agents target expats is because they know you have the money to buy unit/units as a lot of expats here  are either retired or have some spending power.

My only suggestion is maybe you can sell it ASAP, but giving the current crisis, a lot of people are releasing property right now as Cash > Assets, Regardless of outcome, I wish you luck.

Firezilla wrote:

Hi

Was wondering any EXPAT like me here purchased a condo in Makati? Since my condo unit near to the due date of turn over, my sales agent requested me to do a bank financing for the remaining of 70%. What surprise me is , non of the bank are giving loan to me as expat.

Read the small print if you get a loan from the builder, especially regarding refinancing when you can find a better rate.

Now in the states a 30 year fixed rate 3.08%, . . . . .15 year fixed rate 2.51%.  With 25% down even lower.

For others looking for a house or condo just check out the foreclosure's of BDO online. Probably can be bought below market value and I'm sure BDO would be happy to get it off their books by giving special consideration to the purchaser.

Now in the states a 30 year fixed rate 3.08%, . . . . .15 year fixed rate 2.51%.  With 25% down even lower.

Oh ya my friend , agree usually the rate is much reasonable coming from bank. But for here even I goo around and check the rate , it's so HIGH like more than 6.xx for 5 years at least , 20-25 is 11%. Maybe there a lack of control here in PH , I don't know mmm ..

Thanks , as for the matter above I've made an appointment with a legal lawyer here. But most probably will push through using Maceda Law , because I have been pay with instalments for almost more than 2 years now