Sunday, July 27, 2014

Financing Options For Home Buyers

The bank and PAG-IBIG are the first to come to mind when it comes to home loan options but these aren’t the only ways to finance your home purchase.

To be eligible for a loan, SSS members need to be younger than 60 upon application and need to have continuously contributed for 36 months and 24 contributions.

1. In-house financing

Ask your developers about in-house financing schemes. They may offer even better deals if you attend an open-house event or have already made previous purchases through a broker. This process requires less financing and paperwork, and may get you the loan you need. Best of all, you only have to answer to your developer.

2. SSS

There is more to SSS than health and salary loans. The SSS also provides loans to help with building a home or buying new or existing property, especially socialized and low-cost housing. To be eligible for a loan, SSS members need to be younger than 60 upon application and need to have continuously contributed for 36 months and 24 contributions.

3. Other bank financing options

While it is back to the banks, getting the right promo at the right time may make all the difference in securing home financing. Make sure to ask the right questions. Don't be afraid to negotiate as well, you could actually get more out of your loan with a few more questions and a lot of persistence. 


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