About Downpayment in Lancaster New City Cavite

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What is a downpayment (DP)?

A down payment is an amount of money paid to the Lancaster New City Cavite developer once you decided to buy the house. It has no interest. You can pay in spot cash or installment basis and always deducted from the total contract price.

How long is the downpayment term for Inhouse & Bank Financing?

In-house Financing:
Ready for Occupancy: 4-6 months to pay
Pre-selling Units: 12 months to pay

Bank Financing:
Ready for Occupancy: 4-6 months to pay
Preselling Houses: 8 months to pay

How much is the required downpayment?

In-house Financing: 20% of Total Contract Price
Bank Financing: 7% of Total Contract Price

When is the start of your down payment?

Downpayment starts 30 days after you reserve the house.

Example:
1. Reservation Date: August 6 – 20, 2012. DP starts on Sept. 20, 2012.
2. Reservation Date: August 21 – Sept. 5, 2012. DP starts on Oct. 5, 2012.

Is downpayment transferrable to another person or unit?

Yes, subject to approval:
  • Transfer is only allowed within 120 days from reservation date.
  • Transfer is allowed to nearest relatives only.
  • Transfer is allowed to another project provided same developer.
  • When there’s new price increase, it may apply during transfer.
  • A transfer fee of Php 3,000.00 is charged upon release of approval.

What are the requirements for transfer?

  • Letter – a request letter signed by Buyer (spouses).
  • BIS/RA – a new BIS/RA filled-up & signed by new Buyer.
  • Must attach complete set of required documents of the new Buyer.
  • Notarized Affidavit of Personal relationship (for transfer on ownership).

How long is the processing time of approval?

Between 3 to 6 weeks.

If you pay full DP or Total Contract Price, will the house be constructed in advance?

No. House completion indicated in the Price list will still be followed.

If you pay in full, will amortization starts immediately?

No. It will not start right away.

When is the start of your amortization?

After your downpayment term.

Will you pay the downpayment and amortization at the same time?

No. Amortization will only start after you fully pay the downpayment.

Is there an interest for delayed payment?

No. Only penalty is charged to Buyers.

How much is the penalty?

Penalty is the amount to pay for delayed payment. It is 1/10th of one percent.

Example:
If your monthly DP is Php7,150.00/mo., your penalty is Php7.15/day of delay.
If your monthly DP is Php10,133.00/mo., your penalty is Php10.13/day of delay.

What are required payments for the DP?

Postdated checks.

If you are Out-of-the-Country, who will open a Checking Account?

You must assign an Atty-in-Fact to open a checking account in your behalf.

Where can you open a Checking Account?

You can only open a checking account with our accredited Banks:

Accredited Bank 1. Planters Development Bank – Imus Branch beside Profriends Office. Requirements:
  • 3 pcs. 1×1 ID
  • 2 Valid ID (Passport/SSS/GSIS/Philhealth/Voters ID).
  • TIN No. and SSS No.
  • Referral Letter from Profriends
  • Proof of Billing of who will open the account
  • Php5,000.00 (for opening account and maintaining balance)
  • Php175.00 (for the cost of checkbook booklet)
  • Copy of Buyer’s Information Sheet
Bank No.2. Maybank – Emilio Aguinaldo, Imus, Cavite Requirements:
  • 3 pcs. 1×1 ID
  • 1 Valid ID (Passport/SSS/GSIS/Philhealth/Voters ID)
  • Latest Proof of Billing or Baranggay Clearance
  • Copy of Buyer’s Information Sheet
  • Php2,000.00 (for opening account and maintaining balance)
  • Php175.00 (for the cost of checkbook booklet)

How much is the Legal & Misc. Fees (Processing Fees)

Bank Financing – 8% In-house Financing – 4.5%

What are Legal & Miscellaneous fees (LMF) or Processing Fees?

LMF or Processing Fees covers payment for the following:
  • Premiums for the first year coverage-mortgage redemption insurance(MRI) & fire insurance
  • Real property taxes for one year
  • Blue print of house plans (one set)
  • Home owners association (HOA) dues for preventive maintenance
  • Administrative expenses
  • Title Transfer – for Bank Financing


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Topic: Downpayment

See also: House For Sale

Know more about:
Discount
Buying Procedure
Financing
Reservation
Qualifications
Requirements
Move-in Process