It may seem that the question has an obvious answer, right? Who wouldn’t want to have a place they can call their own? But have you really turned those questions as your game plan?
Here are some factors why you would like to have a private house of your own:
1. You want independence
Many starting families face this kind of problem. Most Filipinos grew up in a system of extended family, where married daughters or sons and their spouse remain in their parents’ home, along with their unmarried adult siblings. And even after having their own baby, they’re still under the same roof as their parents’.
This Filipino culture, of being so tightly-knit, like they don’t want to get away from their parents’ care, contributes to why some young adults stay on their comfort zones and are not focused on having the goal of saving to acquire their own house. But after sometime, as your family grows, you will realize that you’ll need your personal space.
Can you imagine yourself still being scolded by your Mom for lying on your bed with your shoes on at the age of 30? Come on. Get yourself together!
2. Career Move
Hooray! You’ve got promoted! But guess what? Your workplace didn’t move; it’s still way, way far from where your parents’ house where you are going home to every night. Why not buyingyour own house? As our favourite superhero would say, “Great power comes with great responsibility” and greater chances of you getting tired and no more energy to travel farther. According to a study conducted by Zipmatch on March 2015 regarding "5 Milestones That Encourage Filipinos Living at Home to Leave their Parents", people tend to move out of the family home if their careers force them to move to another city. The core reason that could be derived from this is convenience. Rather than bear the long commute from your parent’s home to wherever your new job is located, you would rather just buy a home nearby.
3. Because investing in short term comfort is, yeah, a waste of time!
Be careful on how you spend. It might be the trend, but it’s not what you necessarily need.
In renting (for example, a condo) , your monthly payment might rise up every year due to what we call “inflation”. And also, buying your own property can also be considered as a good investment that you will thank yourself in the future. When you decide to move in to having your own house, you also open yourself into involving int a community. It gives you the benefit of having new friends that you will stay with on the next coming years.
4. Peaceful, Exclusive, and Secure
These are some of the reasons why people choose to buy gated communities nowadays. Buying one gives you the feeling of security when you sleep. Say hello to “praning days no more” when you buy the community you deserve. An exclusive subdivision with 24/7 roaming guards allows you to sleep peacefully at night.
5. Because it is the Ultimate Filipino Dream
Buying something that not anyone can afford is something to be proud of, right? Filipinos take pride when it comes to buying their own house from their own money, savouring the fruits of their labour. Buying a house give them bragging rights and the ultimate affirmation that they have been successful through their journey.
Vista Land and Lifescapes, Inc., the Philippine’s largest homebuilder and the real estate company with the widest geographic reach, transforms your aspirations into reality. Now, your dream home is within reach.
With Vista Land’s various brands catering to different market segments – Brittany, Crown Asia, Camella, Lumina, Vista Residences - now, you can choose the perfect home for you and your family. Start checking out the links below to know more about their projects:
For more information about Camella, call their hotline at (462-3395) or 0977.855.1658.
Are you often asked the most annoying questions like, “Why are you still single?”, “When are you going to get married?”, “Don’t you get envious whenever your friends get married?” and “How will you be able to buy a house if you’re single?”. These questions definitely hit the nerve all the time.
However, never let insecurities swallow you whole! Even though you are single; and you don’t have someone to share your home with or someone to help you with your mortgage payment, never think that you are not capable of getting a home of your own like couples do.
Being single is actually a best time to invest! Why? One, you still don’t have a baby that you need to feed. Two, in connection with the number one, your savings and your money won’t be allotted on expensive milk, vitamins, diapers, clothes and other baby stuff. Your money is only yours and yours only.
Hence, veer away from buying pricey clothes and shoes. Avoid going to bars just to socialize and get drunk. Start calculating your savings and your income! If you can make ends meet, then go ahead and invest on a home.
However, if you are a first time homebuyer, you might be asking, “What should I consider when buying a home?”
Definitely, affordability is on the top spot. What if you got sick or you lost your job? It will be difficult for you to pay the down payment and monthly amortization especially that you handle things on your own. Thus, you must get the best home that you can afford - a low-cost home (link to Lumina). It might be small and simple but it is comfortable and homey. It is also a great and most secure long-term investment.
However, to ensure property appreciation, your home should be located strategically in a place near your job, other commercial and business centers, schools, hospitals and places of worship. You should also consider the stability and longevity of your future home. It must be able to withstand unpredictable calamities and disasters.
But, hey! Let’s still keep our fingers crossed to the possibility that you will be able to change your status from ‘single’ to ‘in a relationship’; to even ‘engaged’ to ‘married’. When that magical moment comes, and you have decided to move in to a bigger home, don’t worry, your investment will not be put into waste because you can have your home rented.
So woman, if I were you, I will take that big leap! There is nothing more satisfying than getting a home with your own savings and hard-earned money. Never let your friends or anyone, single you out again from the “homebuyers’ society”. Prove to them that you are more than just a pretty face; you are smart, responsible and competent!
Yes, you’ve heard it right – Camella is taking it to the next level! Aiming for our homebuyers to have the best living experience, we took the initiative to implement upgrades on various house specs. Below are the list of things you need to know on each house improvement:
These changes aim to have a great impact in each Camella family’s everyday routine. Specifically, the upgrades in the kitchen will hopefully make Moms have a more enjoyable time when cooking. Dads can now spend and maximize their valuable time outdoors. For the living room and bathroom upgrades, it will surely benefit the welfare of the whole family.
Our goal by upgrading these house specs is mainly focused on building people’s dream homes while providing their daily lives with more ease, comfort and convenience. Camella wants to give what people truly deserve – better quality homes, which technically means an upgrade in our homebuyers’ lives.
This is Camella taking housing a notch higher. This is Camella taking it to the next level.
Interested in buying your new home in Camella? Contact us at 0936 628 8418 or 0977 855 1658. For more details, check out www.raapremiererproperties.com or visit the nearest Camella office in your area. Keep up with the latest Camella information, news, events and announcements by following us on Facebook,Twitter, and Instagram.
“The only person you should try to be better than is the person you were yesterday. -Matty Mullins
It’s a permanent goodbye for 2017! Was it a year of a “job well done” or a “better luck next time”? Nevertheless, your 2018 remains spotless!
Whether the past year was a whirlwind of turmoil or life-changing events, you must have earned a couple of life lessons along the way. Ready to put your newly-acquired wisdom to good use? This new year, let’s chase after better things and strive for self-improvement!
Let our newly-compiled list below guide you as you go about the process of changing yourself for the better, improved you. You might even want to include some in your long tradition of New Year’s resolution!
1. Your habits.
This might not be on top of your list, and that’s where you first go wrong. Small adjustments in your daily habits will lead to drastic changes.
*Don't make procrastination a habit.
Procrastination is a disease that plagues the younger generations, especially students. Based on statistics, procrastination affects over 20% of the population. Researchers even suggest that 40% of people have experienced financial loss due to procrastination.
How to combat the disease? Practical solutions like creating a to-do-list with strict deadlines will do. But, most importantly, make discipline your sword, willpower your armor, and it’s a battle you can surely win!
*Eating habits and exercise.
The road to fitness is arguably one that’s full of bumps, hurdles and temptations. And we can understand why. Hitting the gym is always an option. But, if you’re tight on money or strained for time, opt for other tactics or antics!
Install workout apps on your phone, note down the foods you eat, drink LOTS of water, get a weight loss buddy, zumba your way to fitness, speed up your metabolism, and just DO MORE than you’ve ever done before.
2. Your skills.
Thinking of widening your horizons? LinkedIn as cited by Esquire Magazine highly recommends these three skills for you to develop: computer programming, digital skills and critical thinking. What with all the advancements in technology, the first two make a lot of sense. Surprisingly, 46% of employees consider critical thinking as the soft skill that's most essential to achieving success in the workplace, which is apparently missing in many candidates and employees.
3. Your relationships.
Healthy relationships are essential for a happier, balanced and content life. Being with the people you love not only reduces stress, but gives you a sense of fulfillment as well. Research shows that strong, healthy relationships help us avoid depression and live longer.
A healthy relationship is not the absence of conflicts, but overcoming these conflicts together. Trust, respect and commitment go a long way toward building this kind of connection.
This coming 2018, reflect and improve your social relationships by practicing gratitude and learning the art of compromising. And when problems arise, make it a point to resolve the issue in person, and not through text messages. Text messages lack sincerity and empathy, and may not properly convey your tone of voice.
4. Your career.
Either you’re climbing your way up the corporate ladder, or eyeing for a new business expansion, the real key is to never stop learning.
Attend seminars, buy self-help books or audiobooks, or take up graduate studies. Other convenient ways for the busy people include enrolling in open universities or taking up short courses through online education. Regardless of the method, what counts is that you effectively fuel your passion for learning!
5. Your finances.
If you want to start 2018 on a positive note, clearing yourself of debts is a good start. Follow up by either putting more money in the bank or venturing into long term investments. Before dream cars and dream destinations, your dream home should come to reality first!
OFWs, starting families, even young professionals can now confidently invest in their dream homes with the country’s leading housing developer--Camella. Camella offers a wide selection of affordable houses and flexible financing scheme to cater to the middle class Filipino families.
As if to say ‘we are likewise looking forward to a better year,’ Camella recently announced a good news for homebuyers—the gift of better homes through house improvements. Camella will be improving certain house specs to provide new homebuyers a better, leveled up experience. To know more about this, click here.
Whatever our goal this 2018, it’s always better—maybe even best—to recalibrate ourselves first little by little. This way, we can be assured that our eyes aren’t just fixed on the bigger pictures, but also on the small details that make up those big ones.
Interested in buying your new home in Camella? Contact us at 0977 855 1658 or 0936 628 84185. For more details, check www.raapremiereproperties.com or visit the nearest Camella office in your area. Keep up with the latest Camella information, news, events and announcements by following us on Facebook,Twitter, and Instagram.
Image Sources: Fitness First Magazine, Pinterest, Teach Hub, Swarthmore College, Trello, Talking Cents, Entrepreneur
Know your home-buying options with this guide to housing loans offered by Philippine banks
This updated article was originally published in July 12, 2016.
For most working-class Filipinos, buying a house is the pinnacle of years of hard work and dedication. However, not everyone can pay for their dream home outright, and saving enough cash to pay for a property in full takes a great deal of time.
This is why many buyers resort to housing loans, and fortunately, as the Philippine economy continues to grow and the need for residential space increases, many banks and financial institutions in the country now offer a variety of programs with flexible terms that make purchasing property easier for those on a budget.
If you are a first-time homebuyer, the number of options available can be overwhelming, and it is important to remember that buying a home not only involves your life savings, but it also your foreseeable financial future.
Almost all leading banks in the Philippines offer housing loans worth considering. Therefore, it is important to be best informed of each to choose the right one, which Lamudi has made a little easier by collecting basic housing loan details that the providers has made available online.
But First, What Exactly Is a Housing Loan?
A housing loan is financing option utilized for the purchase of a vacant lot, a house and lot, a townhouse unit, an apartment, or a condominium unit, or for funding a house construction or renovation. This can also be used to refinance already existing housing loans or to reimburse acquisition costs. There are currently two types of housing loans.
1. Conventional Housing Loan
This type of housing loan allows borrowers to make fixed payments for a specified period of time. In the Philippines, this period is commonly 20 years for a minimum housing loan of Php500,000.
2. Flexible Housing Loan
This type of housing loan is one that is connected to a current banking account, with the owner able to decrease the interest rate charges by way of depositing payments, as well as beginning principal repayment at any time.
Housing Loan Eligibility
Of course, before you can get a loan, you have to go through the needed approval process. Each bank has its own processes, which are generally based on the following criteria.
Generally, most banks require that home loan borrowers be at least 21 years old, with the maximum age at 65. However, as mentioned, there are a number of small differences between financial institutions. Union Bank, for example, is favorable to you if you happen to be an older borrower, as the limit is 70 years old, not the standard 65. Sterling Bank of Asia, on the other hand, only allows for a maximum borrower age of 60, you may still apply if are above this age if doing so with a co-maker.
All banks require borrowers to be duly employed as they apply for a housing loan, often for at least 2 years. If you are self-employed or run a business instead, you would still be considered for approval, and would likely just have to submit more information regarding your taxes, income, and profits, as well as business permits and other related documents.
This can get very specific depending on which bank you apply to. For example, if you earn income via transportation, EastWest Bank would require you to submit copies of your Certificate of Receipt (CR) and Official Receipt (OR) from the Land Transportation Office, as well as your Land Transportation Franchising and Regulatory Board franchise documents.
Like with any loan at any financial institution, banks also require borrowers to earn a specified minimum monthly income to ensure their borrowers’ capacity to pay. Depending on which bank you borrow from, this could be your individual earnings, but is often the gross monthly income of your household.
China Bank, like most banks, generally requires a minimum monthly gross income of Php50,000 if you are a resident of Metro Manila or Metro Cebu. If you live and work outside of these locations, the minimum monthly gross income for you to be eligible for a China Bank housing loan is Php30,000. Metrobank, on the other hand, requires a minimum monthly income of Php30,000 regardless of the applicant’s place of residence.
All Filipino citizens are eligible to borrow housing loans from banks in the Philippines, but foreign borrowers, or Filipinos who are no longer citizens of the country, would have to look into financial institutions that can lend to international clientele. Among those known to cater to both foreign nationals and Filipino citizens are the Philippine Bank of Communications (PBCom), the Philippine National Bank (PNB), and Rizal Commercial Banking Corp. (RCBC).
Housing Loan Terms, Amounts, and Interest Rates
An important factor to consider when choosing the best housing loan is the interest rate, and in choosing the best rate, the devil is in the details. Housing loan interest rates in the Philippines are highly influenced by the key rates of the Banko Sentral ng Pilipinas (BSP), which is currently at around 7.45 percent. Each bank has different terms, but most tend to offer a fixed interest rate in the first year, and the following years are subject to re-pricing.
Apart from the one-year fixed rate, you as an applicant can apply for multiple years at a fixed rate. The benefit to this is that it protects your loan from market fluctuations (such as economic shocks) that may cause your interest rate to shoot up, which in turn may cause your monthly amortization to become higher. However, should there be any significant dip in prevailing interest rates, your loan cannot benefit from it during the fixed period.
Banks tend to heavily promote their interest rates, as a low rate is indeed very favorable to borrowers. For example, a loan of Php1.4 million is borrowed to pay for a property worth Php1.5 million. With a Php100,000 down-payment in place, a loan tenor of 10 years, and a fixed rate of 10 percent, the monthly amortization roughly amounts to Php18,500 per month. Under the same terms but with a fixed rate of 9 percent, the monthly amortization becomes Php17,735 per month. This means that Php9,180 is saved per year or Php91,800 for the entire 10-year term when taking the lower rate.
These calculated figures, of course, are only estimates. Banks and other financing institutions have their respective factor rates and processes of calculating the monthly amortization, so the actual figures may vary. To get a good idea of what it could be, the following are the rates among banks that have openly marketed the exact interest they currently offer online.
Maximum Loan Terms
Minimum Loan Amount
Maximum Loan Amount
*Rates as of September 2017. These are indicative figures only and actual interest rates will be the prevailing rates during the time of loan availment.
AUB, Asia United Bank; BDO, Banco de Oro; BPI, Bank of the Philippine Islands; CB, China Bank; CBS, China Bank Savings; CTB, China Trust Bank; EWB, East West Bank; HSBC, HSBC Philippines; LBP, Land Bank of the Philippines; MaB, Maybank; MeB, Metrobank; PBCom, Philippine Bank of Communications; PNB, Philippine National Bank; RCBC, Rizal Commercial Banking Corp.; RB, Robinsons Bank; SB, Security Bank; SBA, Sterling Bank of Asia; UB, Union Bank; VB, Veterans Bank.
Are the Lowest Interest Rates the Best Interest Rates?
If considering only this factor, then yes. However, when factoring in the loan amount and the loan terms, then the right loan cannot be based solely on a low interest rate. You would also have to factor in how much you need to borrow, your current financial status, and your financial capacity to pay regularly for the foreseeable future.
It is important to remember that a longer loan tenor means lower monthly amortization, which is favorable for borrowers with limited monthly budget. This also means, however, that the life of the loan will be a longer, and the total interest charged for the duration will also be higher. Also, some banks have more stringent qualifications than others, so based on your eligibility, one lender might be more favorable than another.
Proof of Requirements – Locally Employed
BPI and PNB have additional requirements for self-employed borrowers, which depends on their line of work. PNB also requires additional documents from overseas Filipino workers (OFW) depending on the country where they are employed. On the other hand, Metrobank requires self-employed applicants to submit bank statements that include a BOO Certification of “No Overdraft” charges. It also requires a COE and ITR and pay slips to be submitted by applicants who are locally employed.
Proof of Requirements – Self-employed
Meanwhile, Security Bank requires one of either COE, ITR, 3 months’ worth of pay slips, or bank statements, but then requires at least six months of consecutive pay slips to credit commission. For self-employed applicants, Security Bank requires one of the following documents: financial statements, bank statements, or lease/rental contract.
Collateral Requirements – For Property Purchases Only
Given that a huge amount of money is normally involved in home purchases, it is understandable that banks are very thorough when it comes to housing loan applications and the list of requirements they ask for. Apart from the aforementioned requirements, there is also the following to consider with each lending institution.
These fees and taxes
vary with each bank, and their corresponding rates are subject to change without prior notice. In addition, while a great deal of effort has been exerted in putting together this guide, the information presented here were sourced from the banks’ official websites and there are other details, requirements, and qualifications that may only be disclosed upon your personal inquiry with a loan officer.
Sources: aub.com.ph, bdo.com, bpiexpressonline.com, cbs.com.ph, chinabank.ph, ctbcbank.com.ph, eastwestbanker.com, hsbc.com.ph, landbank.com, maybank.om.ph, metrobank.com.ph, pbcom.com.ph, pnb.com.ph, rcbcsavings.com, robinsonsbank.com.ph, securitybank.com, sterlingbankasia.com, unionbankph.com, veteransbank.com.ph
Main image via Deposit Photos