Know your monthly payments using a Mortgage Calculator

Loans (Photo credit: zingbot)

When buying a house through a loan, may it be thru PAG-IBIG, GSIS or SSS, it is imperative that the borrower is aware of  mortgage details.
Such as annual interest, downpayment, and number of years to pay. This is because a slight change in the interest or any other detail will cause a great effect on your monthly obligations or payments.

For your assistance, I have attached an excel file mortgage calculator. Just download the file and then input the following details:

1. Loan Amount - total amount to loaned

2. Annual interest rate - loan interest

3. Term Length - length of years-to-pay

4. First payment date

5. compound period and payment frequency - in the philippines, it is usually "monthly"

Example below:

My total loan amount is Php1,600,000.00 with interest rate of 4% and to be paid within 25 years. 

From the diagram below, we can see that my monthly payment is Php 8,445.39.

This mortgage calculator is very easy-to-use plus it helps us foresee our monthly payments and since it's only in excel you won't need any complicated installation process. Plus you can compute your mortgage payments offline. You won't need to access the internet just to compute. Instead just open the file and enter the details.

To download mortgage calculator. Click here.

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BPI List of Foreclosed Properties Q2 2012

It's been a while since I posted in this blog. And for now, I would like to share the Buena Mano Q2-2012 Greater Metro Manila Area (GMMA) Catalog. Click on the link below for a complete copy. Just always remember to perform your due diligence first.



Buena Mano q2 2012 Greater Metro Manila Area Catalog



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6th Philippine Housing Fair 2011

I have just received this information from my favorite blogger Mr. Jay Castillo of www.foreclosurephilippines.com. HUDCC Chairperson and Vice President Jejomar C. Binay proudly announces the Philippine Housing Fair for year 2011 which will be held Mega Trade Hall 1 of the SM Megamall in Mandaluyong City, Philippines from September 30 to October 2, 2011. The 6th Philippine Housing Fair aims to help the Filipino people to acquire a property of their own at a very reasonable price.

BDO Foreclosed Properties For Sale as of September 3, 2011

City/Municipality: LAS PIÑAS
Location: Lot 2-D Orchard Homes, Brgy. Pulang Lupa 1, Las Piñas City
Area (sqm): 2,492
Selling Price: PhP 7,476,000.00

City/Municipality: LAS PIÑAS
Location: No. 5525 Victor Emmanuelle St. Italia 500, BF Resort Vill., Las Piñas City (under lease)
Area (sqm): LA-780 FA-604
Selling Price: PhP13,144,700.00

source: http://www.bdo.com.ph/Propertyforsale/

UnionBank foreclosed properties auction on August 27, 2011

The Unionbank Special Auction is on August 27, 2011, Saturday, at the 29th Floor UnionBank Plaza, Meralco Avenue corner Onyx Road, Ortigas Center, Pasig City, Philippines.  The auction will start at 9:00am. Below is the two foreclosed property in Las Pinas City under Unionbank.

Location: Lot 13-A-3 J. Facundo St. Vista Grande, BF Resort Subdivision Brgy. Talon Dos Las Pinas City
Description: Townhouse
Area (sqm): LA90 FA143
Selling Price: PhP 2, 800, 000

Location: Lot 1 Blk 2 Pina corner Kasoy Streets, Verdant Acres Subdivision
Pamplona, Las Pinas City, NCR
Description: House and Lot
Area (sqm): LA292 FA143
Selling Price: PhP 2,400,000








Source: http://www.unionbankph.com/index.php?option=com_content&view=article&id=1864&Itemid=389&aid=4&tid=0

Foreclosed Las Piñas Properties under PSBANK

City/Municipality: LAS PIÑAS
Location: Lot 22 Blk. 9 Unit 22 Road Lot
18 Keinsington Gardens Royal South Talon
5 Las Piñas City
Description: Res'l Townhouse w/ Attic
Area (sqm): LA - 58.50 / FA - 95
Selling Price: PhP 2,185,000.00

City/Municipality:  LAS PIÑAS
Location:  Lot 11 Blk 8 Charming and
Smiling BF Homes Almanza, Brgy.
Almanza, Las Pinas, Metro Manila
Description: House and Lot
Area (sqm): LA: 295/ FA: 124.50
Selling Price:  1,945,034.19

City/Municipality: LAS PIÑAS
Location:  Lot 12 Blk 8 Charming and
Smiling BF Homes Almanza, Brgy.
Almanza, Las Pinas, Metro Manila
Description: Vacant Lot
Area (sqm): LA: 295
Selling Price: 1,770,000.00

City/Municipality: LAS PIÑAS
Location:  Lot 10 Blk 4 A. De Guia Cor. E.
Macapagal BF Resort, Brgy. Talon Dos,
Las Pinas, Metro Manila
Description:  House and Lot
Area (sqm): LA: 265 / FA:  171
Selling Price: 2,761,502.10

City/Municipality: LAS PIÑAS
Location: Lot 9 and 10 Blk. 2 Kings St.,
Vaa Homes III, Brgy. Pulang Lupa Dos,
Las Piñas, Metro Manila
Description: House and Lot
Area (sqm): TLA - 289 / FA - 166
Selling Price: PhP 2,061,249.97

City/Municipality: LAS PIÑAS
Location: Lot 20 Blk 5 Main St. cor
Fleurdeliz St., Donaville, BF Resort, Brgy.
Talon Dos, Las Pinas
Description: House and Lot
Area (sqm): LA – 214 / FA - 284
Selling Price: PhP 3,743,577.95


Source: http://www.psbank.com.ph/psbank/global//UserFiles/File/REM%20Pricelist%202011%2007%2029_MManila.pdf

How to Purchase from HGC Acquired Assets Sold on Retail Basis

1. Select a property from the published list of available properties for sale.

2. Prospective buyer should fill-up an Offer to Purchase Form (OPF) and Buyer's Information Sheet (BIS).

3. A Bid Security (BS) shall be required in the form of cash, personal or manager’s check and shall be paid upon submission of the sealed bids to the Asset Management and Disposition Group (AMDG). The amount of BS shall be based on the sales package of the property.

SALES PACKAGE	BID SECURITY
Up to P400,000.00	P5,000.00
P400,001.00 to 2.0M	P10,000.00
More than P2.0M	P15,000.00

The prospective buyer should secure a Payment Acceptance Order (PAO) from the AMDG before remitting the BS payment to the Cashier.

The BS shall form part of the downpayment once the offer to purchase is approved. In case the offer is disapproved, the BS shall be refunded to the prospective buyer. On the other hand, should the buyer withdraw her approved offer to purchase, the BS shall be forfeited. 

4. Drop the OPF, BIS and PAO covering the payment of BS together with the following documents in a sealed envelope in the bid box located at the AMDG Office, 4th Floor Jade Bldg., #335 Sen. Gil Puyat Ave., Makati City:

For Individuals:

1. Photocopy of Community Tax Certificate or Passport or Driver’s License
2. One 2” X 2” I.D. picture
3. Proof of Income (Latest IT stamped received by BIR, Certificate of Employment and Compensation, Certified copy of latest payslip)
4. Photocopy of Company I.D.

For Companies/Corporations:

5. SEC registration, Articles of Incorporation, Business Permit
6. Audited financial statement for the last two (2) years
7. Board Resolution and Secretary's Certificate

5. The buyer may attend the opening of bids being held every Monday at 3:00 PM at the AMDG Office.

6. Evaluation of bids will be undertaken by the AMDG

7. HGC will notify the prospective buyer of the approval/disapproval of his/her Offer to Purchase.

8. Upon receipt of the HGC's Letter of Approval, the buyer should comply with the terms of approval, which includes among others the remittance of the downpayment and execution of the sales document (Contract to Sell, Deed of Absolute Sale) within 7 days from receipt of HGC’s letter.

MODE OF PAYMENT

1. Cash Sale and Discount

The total selling price may be paid in cash and buyers shall be entitled to discounts, as shown below:

Payment Period	Discount Rate
Spot Cash (Within 5 days from receipt of HGC’s notice of approval)	15%
Within 30 days from receipt of HGC’s notice of approval	10%
Within 60 days from receipt of HGC’s notice of approval	6%
Within 90 days from receipt of HGC’s notice of approval	3%

2. Installment

The buyer may avail of HGC’s In-House Financing Program with the following terms:

• Minimum downpayment is 10% of the Contract Price
• Remaining balance may be paid up to a maximum of 30 years at the following rates:

SALES PACKAGE	INTEREST RATE PER ANNUM ( if paid on due date)	INTEREST RATE PER ANNUM ( if paid before due date)
Up to P 400,000.00	6%	5%
P 400,001.00 to P2.0M	9%	8%
More than P2.0M	12%	11%

o    Full payment of the total contract price in twelve (12) equal monthly amortizations, at no interest, is allowed subject to a minimum equity of 10% of the total contract price which should be paid upon signing of the sales document.

3. Take-Out by Bank/Financial Institution

The buyer may apply for a housing loan from a bank or any financial institution to settle the balance of the purchase value provided a downpayment equivalent to 10% of the contract price shall be paid to HGC.

4. Rent-To-Own

HGC’s acquired assets may be leased to qualified applicants who shall enter into a Contract of Lease with Option to Purchase (CLOP) subject to the following:

• The CLOP shall be for a maximum period of five (5) years However, the LESSEE can pre-terminate the lease at anytime before the end of the 5th year of the contract and exercise his option to purchase the property in cash or thru a housing loan from any financial institution;
• The purchase price and monthly rental fee for the property shall be determined and set by HGC before execution of the CLOP;
• Initial cash out: 2 months advance and 1 month deposit (rental fee) ; and,
• Payments made (net of penalties) by the Lessee during the term of the lease shall be applied as downpayment for the purchase of property as follows.

Year	Percentage of Application
1	100%
2	90%
3	80%
4	70%
5	60%

• In case the payment credited from the monthly rentals is below the required downpayment , the difference shall be paid by the Lessee in cash.

 Source: http://www.hgc.gov.ph/howtobuy.html