Buying in Antel Grand Villiage. Some general house buying questions

8POSTS

11 years ago

Hi, so my wife is set on buying one of these houses and was trying to get some information.
1. Does anyone know a US Bank who would do an overseas mortgage?
2. What taxes would i need to pay on a house in the Philippines?
3. Is there a certain insurance i would need to keep on the house according to law?

And yes, my wife is Filipina, and I know i cannot own property there.

Thanks
Scott

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clearindicision New member

8POSTS

11 years ago

Actually just found on of my own answers, but still would like some more information. here is some tax information if anyone needs it in the future: Property taxes in PH

munawar waheed Active member

48POSTS

11 years ago

OH DEAR!!! I only wish I that I had the same opportunity as you have to get advice on the net fro Expats ( when I decided to retire here)? DONT even think about it !!!!!!!!! and even then, you cannot get mortgage from your own home country, WHY?????? Because they want assurance that the money they lend you will earn then GUARANTEED interest and return . Also ,you have a regular monthly source of income.form which you can repay the mortgage and support the family comfortably . if you go bust they can repossess the property and at least recover their money by selling it off, Here they have NO CHANCE !!!! Moreover, ,on mortgage you dont OWN the property. The lender will hold the TITLE deeds till ALL the loan/mortgage has been paid off !!!!!! Think about it carefully my dear friend and dont get sucked into it emotionally and use the head with the GREY MATTER..GOOD LUCK!!!!!

Rancho2823 Guest

0POSTS

11 years ago

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Rancho2823 Guest

0POSTS

11 years ago

we have here in avilion gardens that foreigners can own a landed property its a townhouse located at better living paranaque city very near at NAIA airport, expressway/skyway and SM mall.. for more info just contact me.. thank you i hope i can help you sir:-)

munawar waheed Active member

48POSTS

11 years ago

Mr ,Rancho , I am sorry you are totally wrong! NO FOREIGNER CAN BUILD OR OWN A HOUSE on LAND Thats THE LAW OF THE LAND my friend !! A foreigner simply CANNOT OWN LAND. Even |IF" he is married to a Filipina ?? I couldn't even buy a CONDO in Ayala ( Makati) on the ground floor ! Being a foreigner, Prove me wrong!!

Rancho2823 Guest

0POSTS

11 years ago

sorry the information is incomplete. thank you for the correction.

well here in avilion townhomes foreigners can own a units because its a condominium certificate of title. its a one hectare with 65units 3-storey and 2-storey with amenities like swimming pool, gym, prayer room and playground, and each units having a 4cctv camera installed in critical parts of the house.. its located at the highest point in better living. come and visit us and you believe that is true..

Rancho2823 Guest

0POSTS

11 years ago

have you heard horizontal condominium? thats avilion townhome..

-JohnnyBravo- Active member

45POSTS

11 years ago

Easy man ! There is a lot of information on this topic that can be misunderstood. What we all need is a link to a CREDIBLE source for information on this. Anyone out there know of a place we can find out the facts??? I have been told 3-4 different versions concerning owning property, starting a business, visas, marriage, annulments, vehicles, shipping, moving costs, etc.

munawar waheed Active member

48POSTS

11 years ago

#10

You are quite right! Any foreigner can OWN a CONDO on ones own name."BUT" NOT on the GROUND FLOOR (ground Zero). Simply because he CANT OWN THE LAND on which the property is built on !! Clever heh???? More over ,as i owned a condo in Ayala ( Makati) ,Planca place, ( Very POSH AREA) The deal sounded excellent till after I had committed and had fully paid for it in cash. All the other so called "leisure" facilities which I was told was included in the purchase was blatantly denied ! Hence I had to PAY for everything through the nose ! Although I didnt live there and had it rented out. (Thats another story.)...regarding the HONEST agents to manage your property ? The agent ripped me off ,of the rent as I was not there. Telling me that it was not always occupied,but MEGA WORLD management told me otherwise, and proved through their records that it was occupied at ALL TIMES". Never the less i sold it and made quite a handsome profit from it. It was just a NAFFING HEADACHE. JUST BUY AND SELL ASAP if you want to make any money. then again "beware of the capital gains tax". The BIR, who will TAX you NOT on the gain or profit, but on the gross sale price ! So you are taxed on your own Capital + the profit you have made. capital Gains tax?? how does that work out somehow? They have you by the balls my friends. Dont scream and just smile that you are enjoying it ????? BUT its more FUN in the Philippines!!! hahahahahahaaha.

munawar waheed Active member

48POSTS

11 years ago

#11

In other words ,one still cant own land ,but can build and own the building and have the power of attorney to sell or sublet it .BUT the land is still on lease and owned by a FILIPINO and Not a FOREIGNER !!!

munawar waheed Active member

48POSTS

11 years ago

#12

Mr. Bravo, how many versions have you come across so far officially regarding your quest? Do bit of more research my friend and you will have some more VERSIONS . And ...each one will cost you more and more money. Every time!!!. Nothing works without Notarization. It is Notorious for making money even if a child has lost a school book. he cannot replace it or pay for the cost of it. IT HAS TO BE NOTARIZED and presented to the head master. FACT!!!!!

munawar waheed Active member

48POSTS

11 years ago

#13

When you have found the "CREDIBLE SOURCE' FOR INFO. PLEASE LET ME KNOW ???????? Till then I will stay in my pajamas and keep dreaming !!!

Mr.Audi New member

4POSTS

11 years ago

#14

@ Munawar Waheed,
You sound very angry and I am sorry that bad things happened to you.
That makes me wonder,why did you choose to move to the Philippines and still stay there after all that happened?

Rancho2823 Guest

0POSTS

11 years ago

#15

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munawar waheed Active member

48POSTS

11 years ago

#16

I am NOT angry at all my friend, Just very disappointed and disillusioned . Thinking, this being a staunch Christian country would be humble, hospitable and welcoming ??? MMMMmmmmmmmmmmmmmmmmm. Lovely country, nice people and welcome you with open arms provided you are the one to "cough up". to feed tha whole clan and the Barangay.
I am still here because I wanted this to be my home ,by building a luxurious and comfortable for the rest of my life. IT hasent happened nor it will, due to the treatment we receive here.with contempt and possible meal ticket and service providers etc etc
. Even at the immigration ?

Rancho2823 Guest

0POSTS

11 years ago

#17

clearindicision wrote:
Hi, so my wife is set on buying one of these houses and was trying to get some information.
1. Does anyone know a US Bank who would do an overseas mortgage?
2. What taxes would i need to pay on a house in the Philippines?
3. Is there a certain insurance i would need to keep on the house according to law?

And yes, my wife is Filipina, and I know i cannot own property there.

Thanks
Scott

For Question 1:
Are you still in the US? Go to various bank branches and ask if they would loan you money for property that's located in the Philippines. Personally, I don't think US banks would lend you money for that purpose. Banks want to earn money from you. Sure, you might be prudent at paying your monthly mortgage premiums and they would earn interest. But what if you stop paying. If the property is here, it will be at a great expense for them to get it back and sell it, if it is at all possible.

You can get a mortgage here through local banks. But you have to be employed or own a profitable business, earn a certain level of income, and should have been staying here and earning money continuously for a certain period (maybe 3 years or more) to be approved for a loan.

Question #3:
If you have fully paid for the property, it is up to you whether you'd want to shell out some money for home insurance to protect your investment, or just not get one and leave it up to fate that your house will not burn down. But if you do get approved for a loan by a local bank, the bank will require you to get insurance.

Rancho2823 Guest

0POSTS

11 years ago

#18

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Rancho2823 Guest

0POSTS

11 years ago

#19

Hi Scott, for your questions:

1. Overseas mortgage can't be done. You can also do so with local banks.
2. The tax that you will pay is the real estate tax. You will start paying that once the house is fully turned over to you.
3. The usual is Mortgage Redemption Insurance (MRI) and fire insurance.

These are just general items but I hope this helps.

clearindicision wrote:
Hi, so my wife is set on buying one of these houses and was trying to get some information.
1. Does anyone know a US Bank who would do an overseas mortgage?
2. What taxes would i need to pay on a house in the Philippines?
3. Is there a certain insurance i would need to keep on the house according to law?

And yes, my wife is Filipina, and I know i cannot own property there.

Thanks
Scott

Rancho2823 Guest

0POSTS

11 years ago

#20

I saw the website for the developer of the house you're planning to buy. These houses look good in pictures. Advertisers would of course take the best angle of the house. What you might not see is that, in some of these houses, one side is a firewall. Most cities require that houses be set back by at least 2 meters. If you can't or won't do that, you will be required to build a firewall.

Firewalls are made of concrete. They can get really hot, especially if it has a western exposure, or afternoon sun. And the heat can linger up to mid evening. If you do go to the site to check out the houses, the agent will probably show you a house that has a better sun exposure, or show you the house with the western exposure in the morning.

Do you know if this type of development / subdivision is where the buyer first puts up the money before the house is built? Is the house ready to move in, or is it a pre-selling? What materials will they use? How much would it cost to upgrade or use better materials?

Don't get suckered in by agents who give a long list of the nice "amenities" in the subdivision, while veering away from giving details of the house or the deal. Ask a lot of questions first before you set your mind into buying one of these houses.

Okieboy Serial expat

659POSTS

11 years ago

#21

do not buy a new home, you can find homes for sale all over for a lot less than new, a lot of people buy than have a change of plans, i have friends living in subdivisions there are homes that have not sold in years sitting empty, your wife can get a loan using your income thru the housing program in the Philippines, check it out and a Condo way over priced, i built a 80 sq meter home for less than $15,000 USD a little over P600,000 but i don't recommend building your self unless you have construction experience , and know how Filipino's work, and you have to be there every day, buy all the materials your self.

Okieboy Serial expat

659POSTS

11 years ago

#22

I think they can get a better deal, Expats look around don't jump into anything without thinking

Hive Ph Member

1POSTS

11 years ago

#23

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trottier1 Member

13POSTS

10 years ago

#24

Usually a wife does not know about the first thing about buying a house or real estate in this country. Why is she so determined to buy a house???? You really have to ask yourself what you getting into???

If you can ,, rent first b 4 jumping into a den of noisy neighbors here, There is no consumer protection laws here, No police to help you with rude people.
Offer her any excuse possible to avoid buying property,, Rent first ,, then see how things go,
I assume you are abroad?
Right now I have a noisy church and a wanna be frank sinatra on a koroke at the same time!!!
Lots of foreigners have been burnt in this country
Al

trottier1 Member

13POSTS

10 years ago

#25

Real estate has many extra taxes and fees when you register to the land titles office. I hate to be a spoil sport,, but this is the honest truth.
My wife and I have bought many properties and made lots of mistakes in buying them. Mistakes cost money.
al