Loans With E G Real Estate As Security

[Thomas]

(I want to do several things including build a rather big house, get access of some hectares of land and start business and family  :)

and I want to do all long before I become 90 :mocking:

so I'm checking finansing possibilities.    If other own something officialy, then that person will have the loan to, so I don't end up having only the loan left  :)

 

I know of Pag-Ibig, which offer loans for decent interests after being member a while,

BUT they only give loans for houses IN CITIES, and I want to live rural, so that's not an option for me.

 

And I have seen ads from banks offering loans with interests around 10 % per YEAR* -  not per month as some Filipin loans are  :)  - BUT I have heared rumours it's more or less impossible to get such if not being close friend to the bank manager.

Is it true? How hard is it to get loans with interest around 10 % per year with RURAL real estate as security, do you know if any foreigner/filipina married to foreigner have got such?  Rural so OTHER than Pag-Ibig.

 

*Yes, I know 10 % is very expensive in our home countries for loans with real estate as security, but I doubt I can loan in Sweden with a Filipin real estate as security  :)      10% per year is cheap with Filipin messure, where the most common loans have 120-480 % interests...

[billygoat993]

Thomas do you have PNB or Allied Bank there? My wife will recommend u for a loan there . Interest is 6% i think this year. Your collateral can be the phil real estate property. Where is your location?

[Thomas]

Thomas do you have PNB or Allied Bank there? My wife will recommend u for a loan there . Interest is 6% i think this year. Your collateral can be the phil real estate property. Where is your location?

Thank you.

Do you mean in Phils?

I'm still in Sweden, haven't moved yet, waiting for my injury to heal enough, so I do preparing researches checking what options there are, and make preliminary planning during I have to wait. The rest of my body is ready to move   :)

 

I haven't decided yet where to settle, but probably somewhere in Central or West Visayas. It was decided NE Bohol, but my gf missbehaved, so I skiped her, so now I'm more flexible concerning where.

 

I hope you mean 6 % per year. I have noticed in Phils many say interest per month, so it don't sound so much  :)     (The lowest interest per year I have found earlier was 7.5 per year, but that was special offer.)

Edited February 7, 2014 by Thomas

[billygoat993]

Per year 6%. Lowest 5.5% per year. Yes in where u will retire. Wife knows the VP so maybe he can help u. House cost us a Lot lol. House only around 24m but its bec of the finish and fixtures. Actually we end up chesper thsn any other contractors including the Sibonga site Jerry. Get well soon.

[Thomas]

Per year 6%. Lowest 5.5% per year. Yes in where u will retire. Wife knows the VP so maybe he can help u. House cost us a Lot lol. House only around 24m but its bec of the finish and fixtures. Actually we end up chesper thsn any other contractors including the Sibonga site Jerry. Get well soon.

Interesting interest (for being Philippines. In Sweden it's 2,7-4 %.)

 

24 mill   I don't have that much for house building :boohoo:     :)

 

Thank you.

[intrepid]

Thomas do you have PNB or Allied Bank there? My wife will recommend u for a loan there . Interest is 6% i think this year. Your collateral can be the phil real estate property. Where is your location?

Billygoat,

I have some questions about residental bank loan in Laguna.   I don't want to hijack this thread so I will send you a PM.

danny

[billygoat993]

@Thomas you can build a house here from 15k/sq m garage and patio will be charge half. It will have gi roof and a modest fixture. Not bad actually but I wanted something similar to my house in Canada size wise so house got bigger til I realized that now we are 40's but soon we wont be able to go up the stairs lol. Did Atty Jojo trplied to you alreacy I can give his other email and personal number he has viber so its just free. Hope he can help you.

[Thomas]

 

Thomas do you have PNB or Allied Bank there? My wife will recommend u for a loan there . Interest is 6% i think this year. Your collateral can be the phil real estate property. Where is your location?

Billygoat,

I have some questions about residental bank loan in Laguna.   I don't want to hijack this thread so I will send you a PM.

danny

The topic is about residental loans (although I forgot to write "Real" in "Real estate")

 

(Edit by DaveH  :  Added "Real" to title.  Hope that is how you want it to read)

 

and NOT only for me  :)   so you don't hijack it.

But there are more loan options for houses, which are in cities. (I want a house rural with no neighbours myself, which make it harder to get loans, because some loans have as demand it's in a city/town. Pag-Ibig has such demand but seem easy to get (for foreigners too?) but has "delay" by it demand membership for a while, before they allow loaning. Similar with SSS.)

 

@Thomas you can build a house here from 15k/sq m garage and patio will be charge half. It will have gi roof and a modest fixture. Not bad actually but I wanted something similar to my house in Canada size wise so house got bigger til I realized that now we are 40's but soon we wont be able to go up the stairs lol. Did Atty Jojo trplied to you alreacy I can give his other email and personal number he has viber so its just free. Hope he can help you.

I bother much about function, but (almost) nothing about look. My house will need to be rather big too, because I will need some space for my business (office part) and I'm "spoiled" now I have 135m2 living space plus 80 m2 storing space for myself, so I better add some space to that so wife and kids get some space too  :)

I think of stairs too, but of safety reasons I think of building kind of "2 storey" house with the main living space at second level, with garage and store under that, so I will only need to walk in stairs when arriving and leaving.

 

No he hadn't answer yet, when I checked yesterday. Thank you. It's no hurry, so far I'm just checking what options there are. Further contact can wait until I have arrived to Phils.

Edited February 9, 2014 by Dave Hounddriver

[jpbago]

I am not sure if it is so with all loans but with car loans, there is no reduction in interest if you pay the loan off early. If you get a 4 year loan and pay it off in 2 years, you have to pay the full amount as if the loan went for 4 years.

[Thomas]

I am not sure if it is so with all loans but with car loans, there is no reduction in interest if you pay the loan off early. If you get a 4 year loan and pay it off in 2 years, you have to pay the full amount as if the loan went for 4 years.

Well. It's common with stupidity/much missing needed knowledge in business in Phils. BUT perhaps many are that stupid paying back in advance WITHOUT incentive to do so. OR perhaps they think it's to big risk they waste the money if they keep them   :)   

IF paying in advance without incentive, then they even pay MORE than they would do if they wait (because of the inflation.)

 

If the lenders instead would give e g half of the interest as incentive, then EVERYONE would WINN by the lenders could lend out same money years earlier...