How can a foreigner finance a condo in Philippines

[mogo51]

4 minutes ago, chris49 said:

Dave. You might find the amount of financing available to a Filipino, unless they have a higher income, to be quite low. So one problem might be getting a Filipino who qualifies for the amount of loan you are aiming for.

Pagibig helps poorer people finance low cost housing.

That thought crossed my mind, passing the loans test by your SO might be a problem.

[Dave Hounddriver]

6 minutes ago, chris49 said:

Pagibig helps poorer people finance low cost housing.

Yep, thats me 

Quote

A qualified Pag-IBIG member shall be allowed to borrow an amount up to a maximum of Six Million Pesos (Php 6,000,000.00)

That 6 million is WAAAAAY more than I could ever afford.  I understand that most Filipinos would not qualify for that either but I am looking at the same price ranges as lower middle class Filipinos.

[mogo51]

2 minutes ago, Dave Hounddriver said:

Yes you can buy something in your wife's name and just put up a down payment then make the payments, but she has to quality for the mortgage OR pull a stunt like I am talkng about and get her to assume one.  But you still own nothing EXCEPT you can walk away with only money already spent as your maximum loss exposurIe.

The purpose of a condo, in my opinion, is to limit loss if you feel there is a chance of relationship failure.  If you are 60 years old with a sweet young thing and only living together, then you are at her mercy if she owns everything.  But those of you who have been with your spouses for years and have very low expectations of marriage failure can just buy outright in her name

I know there has been plenty of discussion about this Dave and most of us are as confident as we can be that all will be well.  but as Forrest Gump once said, ;life is like a box of chocolates, you never know what you are going to get'

I do not believe in a 'sure thimg' and I have been know to have a bet in my life. Many have gone up that Road Dave and many have succeeded, but a lot have 'lost'.  I wonder how many of them believed all was 

'rosy' in the garden?

 

 

 

[i am bob]

http://www.pagibigfund.gov.ph/benpromembership.aspx

Concerning membership:

All employees who are or ought to be covered by the Social Security System (SSS),  provided that actual membership in the SSS shall not be a condition precedent to the mandatory coverage in the Fund. It shall include, but are not limited to:

(last bullet point on this list)

An expatriate who is not more than sixty (60) years old and is compulsorily covered by the Social Security System (SSS), regardless of citizenship, nature and duration of employment, and the manner by which the compensation is paid. In the absence of an explicit exemption from SSS coverage, the said expatriate, upon assumption of office, shall be covered by the Fund. 
An expatriate shall refer to a citizen of another country who is living and working in the Philippines.

So...  unless you are legally working?  Nope...

[mogo51]

Game , Set & Match Bob, that sorts it.  

Still it was a good discussion point.  

[Dave Hounddriver]

4 hours ago, i am bob said:

 unless you are legally working?  Nope..

 

3 hours ago, mogo51 said:

Game , Set & Match Bob

I don't see it that way guys.  As I read the page I linked to about ASSUMING the mortgage I see nothing about being a member.  The page says the mortgage is assumable and does not give any qualifying parameters.  But it does say to consult a lawyer so if anyone were seriously interested in assuming a pagibig mortgage then you should surely do that (and report back to us of course  )

[Maxheadspace]

On 3/28/2016 at 8:18 AM, Dave Hounddriver said:

The purpose of a condo, in my opinion, is to limit loss if you feel there is a chance of relationship failure.  If you are 60 years old with a sweet young thing and only living together, then you are at her mercy if she owns everything.  But those of you who have been with your spouses for years and have very low expectations of marriage failure can just buy outright in her name

After a lot of thought about buying real estate in the Philippines, albeit through my wife, I've come to the conclusion that I think I would rather lease.  If I retire in the Philippines, as I am planning, the main benefit of owning is inheritance for my wife's children.  I can't really think of any other benefit, as I don't expect I will be looking to sell it for a profit in my old age.  I guess if you anticipate relationship failure I think she would be more worried about losing the mortgage payments.  She wouldn't own it until it's paid off.  So if that's a concern it's probably best to have a very long mortgage that pays off when you're 90!  :)

Max

P.S., As you point out, Dave, if you're married and secure there's less to worry about.  Plus, it's almost impossible to succeed with a contested divorce in the Philippines, so the house will always be marital property.