What is Down payment (DP)?
· The (DP) is a percentage of the total Selling Price (TSP) plus the legal and
miscellaneous fees (LMF).
· It is payable over a prescribed period and does not bear interest.
What are the Different Down payment Term for In-house Financing?
Ready for Occupancy: 4-10 months to pay
Pre-selling Units: 24 months to pay
Can Buyer Request an Extended DP Term?
Yes for Ready for Occupancy units only. Example: From 4 mos. to 6 mos. only.
Not applicable for Pre-selling Units. Example: From 24 mos to 30 mos.
What is the Requirement for Requesting Extended DP term?
Letter of Request is to be made by the buyer requesting longer DP term. Approval
is 2 weeks.
When is the Start of the Down payment?
Profriends has only 2 due dates also called HIT DATE. Payment is due on the
5th or 20th of the month.
1. If you reserve on the 6th to 20th day of the month, the DP schedule will be
20TH of the following month.
2. If you reserve on the 21st to 5th day of the month, the DP schedule will be
5TH day of the following month.
Example:
1. Reservation Date: August 6 – 20, 2012. DP starts on Sept. 20, 2012.
2. Reservation Date: August 21 – Sept. 5, 2012. DP starts on Oct. 5, 2012.
Can the Down payment Due Date be Extended or Move to Later Date?
Yes. A request should be made subject to approval.
What are the Requirements if Buyer Wants to Extend DP Due Date?
1. Request Letter signed by Buyer indicating the new hit date.
2. The request letter must be attached to the BIS/RA during reservation time.
What Happens if Buyer Submitted the Request Few Days after
Reserving the Unit?
Buyer can still submit the request by email or thru offices with a fee of Php100.00.
What Happens if Buyer Submitted the Request 15 Days after
Reserving the Unit?
1. The original Hit Date schedule will be followed.
2. Buyer must pay on the original due date.
3. Any changes of Hit Date will take effect on the 2nd DP.
4. Buyer can only request once to extend Hit Date.
Is Down payment Transferrable to another Person or Unit?
Yes subject to approval. There will a transfer Fee of Php3, 000.00 payable upon
release of approval.
What are the Requirements for Transfer?
1. Letter – a request letter signed by Buyer (spouses) or Attorney -in-Fact.
2. BIS/RA – a new BIS/RA filled-up & signed by new Buyer.
3. Must attach complete set of required documents of the new Buyer.
What happens if Required Documents is not complete during Transfer Request?
New Buyer must submit a Promissory Note stating date when to submit the
lacking requirements.
How long is the Processing Time of Approval?
With Payments involved takes about 4-6 weeks.
Until when is the Transfer of down payment allowed?
Transfer of down payment is allowed before end of last down payment.
What is the DP Term once Buyer has transferred to a new unit?
Terms and condition of the old unit will apply.
Is the Price of the old Unit the same for Transfer of Ownership?
No. Latest price will be applied. There will be recompilation of DP.
Is there Discount if Buyer Pays the Down payment in Full?
Yes.
What is the Range of Discounts?
If Buyer pays 30 days from Reservation date - 7.5 %
If Buyer pays 60 days from Reservation date - 7.0 %
If Buyer pays 90 days from Reservation date - 6.5 %
If Buyer pays 120 days from Reservation date - 6.0 %
If Buyer pays 150 days from Reservation date - 5.5 %
If Buyer pays 180 days from Reservation date - 5.0 %
From What Amount is the Discount Computed?
Discounts will be computed base on down payment amount. Not on TCP.
When is the Counting Date of Discount?
Counting of Discount is from reservation date. Not on DP schedule.
What is the Computation of Discount base on the following Scenarios?
Scenario 1.
Buyer reserved a unit last May 4, 2012. The DP is 15 mos. Buyer has paid 2 mos. DP.
Now, he wants to pay the balance in full on August 20, 2012.
How much is the discount? 6% only. Why?
Because Buyer reserved May 4, 2012. August 20, 2012 is 3.5 months from
reservation date. Therefore, 3.5 months have passed before DP is paid in full.
4 mos has 6% discount.
What amount is entitled to discount?
Only the Total amount of the 13 months balances. The 2 months that’s been
paid is not entitled to discount because that is his monthly due.
Scenario 2.
Buyer reserved a unit last May 4, 2012. The DP is 15 mos. Buyer wants to
pay the DP in 2 payments only. First payment will be on 1st DP schedule.
And the second payment on the 3rd DP schedule.
Question 1: Are the 2 payments entitled to discount?
No. Only the last payment is entitled to discount. It’s the one
that represent the full payment.
And the discount wills 5.5%.
Why only one payment is entitle to discount?
Because Discount is computed only once. And discount is always based
on the last amount to pay.
What is the Computation of Discount if Buyer paid the DP in full and was given
a discount? Then He decided to pay the balance before one year ends.
Profriends only give discount once.
Profriends will compute the discount on full TCP payment base on Selling Price.
Then Profriends will deduct the discount given in DP payment.
The net amount will represent the discount in totality.
If Buyer pays the DP in full, will the house be constructed in advance?
No. House completion indicated in the Inventory will still be followed.
If the Buyer pays the whole TCP, can the house be constructed in advance?
No. House completion indicated in the Inventory will still be followed.
If the Buyer pays the whole TCP, Can Buyer request Early Construction?
No. House completion indicated in the Inventory will still be followed.
What will Buyer do after paying DP in full?
Wait until the house is constructed base on the inventory.
Can Buyer still pay additional amount after full DP payment?
Yes. Great advantage for Buyer. Amount to be loaned will be decreased. The result is
decreased monthly amortization. Take advantage of longer DP payment.
Can Buyer postpone payment of his 1st down payment?
Yes. A Promissory Letter is required to submit indicating the date of payment
with penalty.
Can Buyer postpone 2 DP payments?
Yes. Subject to approval. Must submit a Promissory Letter indicating the plan of
payment for the 2 DPs.
Is there an Interest for delayed DP payment?
No. Only penalty is charged to Buyers.
What is Penalty?
Penalty is the amount to pay for delayed payment. It is one tenth of one percent.
Example:
If Buyer’s monthly DP is Php7, 150.00/month, the penalty is Php7.15/day of delay.
Contact Us For Free Houses Tripping and Consultation
Our services, tripping, viewing and documentation assistance is for free.
The House Buying process is very easy- feel free to ask us.
Developer will process bank and in-house loans.
We guarantee you of our full assistance until such time you move-in.
Jose Glenn M. Asuque
Accredited Agent License #: 0013572
Cell Nos:
Sun +63932-860-8685
Smart +63919-948-6003
Globe +63927-386-6521
Email Address: http://www.filprimehomes@yahoo.com
