Friday, June 29, 2007 Crown Communities identifies aspects of homebuying
THE availability of funds is a primary factor that influences a person’s decision to purchase a home, and to make things clearer as to the costs involved, Crown Communities has identified three major aspects in home buying. These three aspects are reservation fee, down payment and the remaining balance.
Most developers require the payment of a reservation fee. This marks the person’s sincerity in purchasing a home. Usually reservation fees are non-refundable but with Crown Communities, some projects offer reservation fees as deductible from the total contract price in spot cash payments.
Reservation fees range from P5,000 to P40,000 depending on the property’s total contract price.
Once the reservation fee is paid, homebuyers are required to pay a down payment that is usually 20 percent of the total contract price and may be payable in spot cash or in monthly terms up to 12 months.
After which, the homebuyer may pay the remaining 80 percent of the total contract price through loans. The loanable amount is paid in terms and there are several options available to the homebuyer. Monthly amortizations vary depending on the payment terms and interest rates can either be fixed or varied also depending on type of loan used. Current interest rates ranging from 14 to 19 percent depending on the financing term used, payment scheme and payment duration.
One may get their housing loans from in-house financing with Crown Communities; through their favorite bank; or through the Pag-Ibig Fund.
Crown Communities offers huge discounts on spotcash payments. Deferred cash payments can be from 12 to 24 months zero interest. Spotcash payments can enjoy spotcash discounts up to 15 percent.
