IN HOUSE FINANCING / CTS 2018
All New Reservation in all housing projects of 8990 Housing Development Corp. here in Cebu will pass on or will be taken out to In-house Financing Program / CTS 2018 in order for 8990 to achieve Fast Turn over of housing units to our buyers without waiting for Loan Take out from any Financing institutions like Pag Ibig Fund / Banks. Inhouse interest Rate is 9.5% per annum for the first 5 years subject for one
(1) time Repricing on the 6th year ( Diminishing Balance).
Also our In-house Financing Programs creates an opportunity for the buyer to have a lesser Downpayment and cash exposure, No Overlapping of Equity and Monthly Amortization, Lesser Documentary Requirements, Less Hassle for the buyer and Fast Turn Over of the Unit.
Further, our Inhouse Financing Program has an option for the buyer to Migrate to Pag Ibig Fund Housing Loan Program at the instance of the buyer.
PAG IBIG MIGRATION PROCESS
All Deca Reservations Should pass or undergo the CTS 2018 Payment Scheme /Inhouse Financing of 8990 Housing Development Corp. With an option to Migrate to Pag Ibig Fund at the INSTANCE of the buyer.
Process for Pag Ibig Financing Migration:
1. Upon Turn Over of the Unit Buyer may choose to personally process their application for Pre approval of Housing Loan to Pag Ibig fund/HDMF thru personal application. This can be done anytime at the option of the buyer.
2. Submits all the documentary requirements to Pag Ibig Fund and pays for the Processing fee more or less php 1,500.00
3. Buyer will then write a letter request for approval to 8990 HDC for their intention for Migration of their Housing Loan to Pag Ibig Fund.
4. Once approve, Pag Ibig Fund will issue a Notice of Approval (NOA).
5. Buyer will bring the NOA to 8990 Housing Development Corp. (Deca Office)
6. 8990 HDC will then inform the buyer about the process and prepare the documents for processing of conversion of Title to the name of the Buyer and submit it to BIR for the issuance of Certificate Authorizing Registration (CAR) Buyer will shoulder all the actual cost.
7. After issuance of CAR all documents will be submitted to Registry of Deeds for the issuance of New Title under the name of the Buyer and process the same the annotation for Real Estate Mortgage (REM) to Pag Ibig Fund. Buyer again will pay the actual cost to the office of the Registry of Deeds.
8.All these process will MORE or LESS cost at 3% to 6% percent of the Total Contract Price (Estimated only) For new accounts or sales starting 2018.
9. Since government agencies are not beyond our control so the whole process may take longer.
10. Prior to Loan Take Out by Pag Ibig Fund or Unless 8990 HDC receive payments of the loan value or loanable amount buyer must continue paying their monthly amortization under CTS Gold Financing of 8990 HDC / Inhouse Financing.
11. In case of loan Difference buyer has to pay it to 8990 HDC. On the other hand in case of extra payment made by the buyer due to continuous payment of monthly amortization 8990 HDC will also refund it to the buyer.
12. Take note Approval of Housing Loan application in Pag Ibig Fund/ HDMF is very fast that may takes only 2 weeks to 1 month BUT the process of conversion of Title under REM is tedious and long due to bureaucracy and thousands of title are on process.
13. It takes perseverance and patience but once approved it is beneficial to the buyer since interest rate at HDMF is only 6.3% interest per annum.
14 For Bank Loan Financing the same way around all Reservations/ Sales will pass thru with CTS 2018/ Inhouse Financing of 8990 Housing Development Corp. But buyer may migrate to Bank Financing at their instance so they will be the one to personally apply to any Bank of their choice and for them to negotiate with the Bank to give them a Loan Bank guarantee that is renewable for atleast for 5 times in order to address our challenge in the long process of conversion of Title that passes thru with the BIR and Registry of Deeds
Resource: 8990 Latest Update