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FAQs

DISCOUNTS


Discounts When Buying a Home at Lancaster New City Cavite

Is there a discount if you pay full Downpayment?

  • Yes. There is discount if house is pre-selling (house is for construction).
  • No. There is no discount if house is ready for occupancy (RFO).

 

What are the discount rates if you pay full Downpayment?

  • 7.5 % discount if paid within 30 days from reservation date
  • 7.0 % discount if paid within 60 days from reservation date
  • 6.5 % discount if paid within 90 days from reservation date
  • 6.0 % discount if paid within 120 days from reservation date
  • 5.5 % discount if paid within 150 days from reservation date
  • 5.0 % discount if paid within 180 days from reservation date

 

Discount rates if you pay the Total Contract Price in full

Below are the discount rates base on Total Selling Price: (Selling Price less Reservation Fee & Payments)

  • 10 % discount if paid within 7 days from Reservation date
  • 9.5 % discount if paid within 30 days from Reservation date
  • 9.0 % discount if paid within 60 days from Reservation date
  • 8.5 % discount if paid within 90 days from Reservation date
  • 8.0 % discount if paid within 120 days from Reservation date
  • 7.5% discount if paid within 150 days from Reservation date
  • 7.0% discount if paid within 180 days from Reservation date
  • 6.5% discount if paid within 210 days from Reservation date
  • 6.0% discount if paid within 240 days from Reservation date
  • 5.5% discount if paid within 270 days from Reservation date
  • 5.0% discount if paid within 300 days from Reservation date
  • 4.5% discount if paid within 330 days from Reservation date
  • 4.0% discount if paid within 360 days from Reservation date

 

 

BUYING GUIDE AND PROCEDURES


Buying Guide and Procedure

  1. Contact a Business Consultant to schedule a site tripping.

First thing you will need to do is to find out more information about the property you wanted to buy. You can reach one of our property consultants through email, call, text or chat us online. If interested and wanted to see the actual site to help you make a better decision, then ask your business consultants for a schedule of site tripping

  1. Discuss the price, terms of payment and select your preferred available unit.

After viewing the actual site and model unit, have a sit down discussion with your business consultants on price, terms of payments. Ask for a sample computation and request for a map to see the actual location of the available unit being presented to you.

  1. If interested to reserve a unit, pay the Reservation Fee.

If already satisfied with the explanation and already decided to get a unit, all you have to do is sign the Buyer’s Information Sheet and Reservation Agreement and pay the reservation fee at the cashier inside the sales office. After payment, the unit is already reserved to you and the booking officer will give you the requirements that you needed to submit. Your first monthly payment will start 30-45 days after

 

Important Reminders:

  • We have limited availability specially for corner or end unit
  • Corner and end lots have bigger areas, so price is higher by 10% or more.
  • Every block has different prices. Price is a little higher for lots facing east, main road and near entrance.
  • Ready for Occupancy houses have different payment scheme and the price is higher compare to pre-selling properties.
  • Reservation fee is non-refundable.

FINANCING


Types of Housing Loan Financing at Lancaster New City Cavite

What is a Financing?

Financing is getting a loan from a bank or from a developer to purchase your home, then paying back the loan in a set time period for a set monthly fee called amortization. Most financing comes at a cost to the person accepting the loan, usually defined as an interest rate.

 

What are the accepted financing Schemes in Lancaster Estates?

  • In-house Financing
  • Bank Financing
  • HDMI Financing

 

What is an In-house Financing?

This type of loan is not as knotty as bank financing. It is more convenient because not many documents are asked by the developer. Usually, the developer will just look for personal identity documents.

On the downside, in-house financing usually has higher interest rate than in the bank. The interest rate will most likely depend on the developer’s assessment.

Nowadays, in-house financing is preferred by some people in the Philippines. Not only that it is hassle free, as there is NO bank approval is required, but also for the reason that some people who have bad credit history can still be granted loan.

What is Bank Financing?

Bank financing means the loan is taken out from the bank. Often require the submission of numerous documents.

Bank financing is mostly preferred by those who have good credit record or history and has regular work because it has lower interest rate compare to In-house financing.

 

What are the accredited Banks?

  • BDO
  • UCPB
  • Security Bank
  • Eastwest Bank
  • BPI
  • PNB

 

Who will process the In-house and Bank Loan?

The Developer – Profriends. Just submit all the requirements.

 

When is the start of processing your Bank Loan?

Usually towards the end of your downpayment term.

 

How long is the processing of your Bank Loan?

About 2-3 months since loan documents will be submitted in bulk to the bank. Assuming all requirements are fully submitted.

 

What happens if your loan is not approved by the Bank?

Profriends will re-submit your loan application with other accredited banks.

 

Can you apply directly with your own Bank?

Yes, subject to approval and a Pre-termination fee. You’ll be under IN-HOUSE financing scheme while your loan is in process with your bank. This is only applicable to houses sold at Lancaster Villages and Lancaster Residences. Direct bank loan is NOT applicable to newly opened phases.

RESERVATION


Reservation

What are the steps and procedure in reserving a house?

  • Fill up completely and sign a Buyer’s Information Sheet and Reservation Agreement form. A representative may sign in Buyer’s behalf.
  • Submit them to Profriends’ Reservation Officer for verification.
  • Onced approved, pay the reservation fee to the Cashier.
  • Receive and bring home all loan documents given by the Reservation Officer.
  • Be sure you read and understood the terms and condition in the Contract to Sell.
  • Congratulations! The house is now duly reserved in your name.

 

What is a Reservation Fee?

  • The Reservation Fee closes the sale on a first-come, first-served basis.
  • Reservation payment will hold the house for you.
  • No payment – No reservation.
  • It forms part of the downpayment (DP).
  • It is non-refundable in case the account is cancelled.

 

How much is the Reservation Fee?

Alice – Php 7,500.00
Catherine, Diana, Thea, & Anica – Php 10,000.00
Sophie, Margaret, Gabrielle, Alexandra, Adelle, Mabelle, Candice, Chessa & Briana – Php 20,000.00

 

When does the reservation payment expire?

Your reservation payment is valid for 30 -45 days.

 

How can you reserve a unit?

You must fill up a form – Buyer’s Information Sheet (BIS) and a Reservation Agreement (RA) then pay the reservation fee at any Profriends’ offices – Main, Imus & Site Offices.

 

What is Reservation Agreement (RA)?

The Reservation Agreement (RA) is a 7-page form that identifies the property you will purchase and its specifications. For example: Project, Block and Lot No., Lot Area , House Type, Floor Area and Schedule of Payment

Also stated in the Reservation Agreement that reservation payment is not refundable.

 

What are the grounds for cancellation of the Reservation Agreement?

  • Failure to appear in person for loan counseling.
  • Failure to pay the first DP, in which case the Reservation fee (RF) is forfeited.
  • To avoid forfeiture, you must submit/email a Promisory Letter stating the date of payment.
  • Failure to remit any three (3) consecutive monthly installments or amortizations;
  • Failure to submit within the prescribed period any of the documents that may be required by Pro friends or the financing institution;
  • Willful misrepresentation or falsification of any document submitted;
  • Voluntary withdrawal from the Reservation Agreement (RA) for any reason whatsoever.

 

Can you pay the downpayment immediately during reservation?

  • Yes.

DOWNPAYMENT


Information About Downpayment

What is a downpayment (DP)?

 

  • The Downpayment (DP) is a percentage of the Total Contract Price (TCP) over a prescribed period and does not bear interest.

 

How long is the downpayment term for Inhouse & Bank Financing?

 

In-house Financing:
Ready for Occupancy: 6-12 months to pay
Pre-selling Units: 12-24 months to pay

Bank Financing:
Ready for Occupancy: 6-12 months to pay
Preselling Units: 24 months to pay

 

How much is the required downpayment?

 

In-house Financing: 30% of Total Contract Price
Bank Financing: 10-12% of Total Contract Price

 

When is the start of your down payment?

 

30 days upon reservation.

 

Is downpayment transferrable to another person or unit?

 

Yes, subject to approval:

  • Transfer is only allowed within 120 days from reservation date.
  • Transfer is allowed to nearest relatives only.
  • Transfer is allowed to another project provided same developer.
  • When there’s new price increase, it may apply during transfer.
  • A transfer fee of Php 3,000.00 is charged upon release of approval.

 

What are the requirements for transfer?

 

  • Letter – a request letter signed by Buyer (spouses).
  • BIS/RA – a new BIS/RA filled-up & signed by new Buyer.
  • Must attach complete set of required documents of the new Buyer.
  • Notarized Affidavit of Personal relationship (for transfer on ownership).

 

How long is the processing time of approval?

 

Between 3 to 6 weeks.

 

When is the start of your amortization?

 

After your downpayment term.

Will you pay be downpayment and amortization at the same time?

 

No. Amortization will only start after you fully pay the downpayment.

 

How much is the penalty?

 

Penalty is the amount to pay for delayed payment. It is 1/10th of one percent.

Example:
If your monthly DP is Php7,150.00/mo., your penalty is Php7.15/day of delay.
If your monthly DP is Php10,133.00/mo., your penalty is Php10.13/day of delay.

 

What are required payments for the DP?

 

Cash is acceptable for the first DP but PDCs are required for the succeeding payments.

 

If you are Out-of-the-Country, who will open a Checking Account?

 

You must assign an Atty-in-Fact to open a checking account in your behalf.

 

How much is the Legal & Miscellaneous Fees?

 

Bank Financing – 12%

In-house Financing – 4.5%

 

What are Legal & Miscellaneous fees (LMF) or Processing Fees?

 

LMF or Processing Fees covers payment for the following:

  • Premiums for the first year coverage-mortgage redemption insurance(MRI) & fire insurance
  • Real property taxes for one year
  • Blue print of house plans (one set)
  • Home owners association (HOA) dues for preventive maintenance
  • Administrative expenses
  • Title Transfer – for Bank Financing

QUALIFICATIONS


Qualifications When Buying a House in Lancaster New City

Why Buy a Home at Profriends

 

  • No required salary bracket to get a loan. Now you can buy your dream house without worrying if your salary is within the required bracket.

 

What are the qualification to apply for a bank home loan?

 

  • Must be Filipino citizen.
  • If Buyer is a Filipino Immigrant, must have a Dual Citizenship.
  • Must be 18 yrs. – 50 yrs. Must not be more than 50 yrs. old.
  • Must be presently working for at least 2 years in the company
  • Have regular source of income. Income of spouse/children can also be added.
  • No problem with your marital status.
  • Not separated with your wife / husband.
  • If separated, must have separation papers.
  • No pending legal cases.
  • No cancelled credit cards.
  • No credit card on amnesty.
  • No unpaid loan account.

 

What is the Maximum Term of Bank Loan

 

  • For Metrobank
    • Locally Employed: 20 yrs..
    • OFW: 20 yrs
  • For BDO/UCPB
    • Locally Employed: 20 yrs.
    • For OFW: 20 yrs.

Mode of Payment

 

  • Postdated Checks or Automatic Debit Arrangement from Bank account

DOCUMENTATION REQUIREMENTS


Documentation Requirements

Required Documents for Bank Financing

  • 3 pcs. 1×1 pictures
  • Photocopy of 2 government issued ID with pictures (SSS, Passport, Driver’s License, Postal ID and or Voter’s ID)
  • Income Tax Return (ITR) for locally employed
  • Tax Identification Number (TIN)
  • Community Tax Certificate (CTC) for the current year
  • Marriage Contract (if Married) or legal separation papers (with certificate of finality from the court) if applicable
  • Latest proof of billing
  • For OFW, photocopy of latest passport
    • Job Contract/ COEC
    • Stamp of arrival and departure
    • 3 months payslip
    • AIF sheet

 

Required Documents for In-House Financing

  • 3 pcs. 1×1 pictures
  • Photocopy of 2 government issued ID with pictures (SSS, Passport, Driver’s License, Postal ID and or Voter’s ID)
  • Income Tax Return (ITR) for locally employed
  • Tax Identification Number (TIN)
  • Marriage Contract (if Married) or legal separation papers (with certificate of finality from the court) if applicable
  • Proof of Billing

 

**Additional Requirement for OFW

  • All the initial Requirements
  • Job Contract
  • Photocopy of Passport
  • Special Power of Attorney (To be provided)
  • Valid ID of Attorney-in-fact
  • Residence Certificate of Attorney-in-fact

MOVE-IN PROCESS


Step by Step Guide in Move-in Process

Occupancy and Possession

 

  • Profriends will issue a Notice of House Inspection with Clearance For Inspection (NHI w/CFI) stating the date the unit shall be ready for inspection and/or occupancy.
  • You will be given 60 days from receipt of NHI w/ CFI within which to inspect the unit. If you fail to inspect the unit within this period, it shall be deemed accepted in good condition.
  • Any loss or damage to the unit after it is deemed accepted or after Profriends issues an Authority To Move-In (ATMI) shall no longer be the responsibility of Profriends.

 

Please note:

 

  • Incomplete submission of documents, No Certificate of Inspection (CFI) is issued.
  • Incomplete submission of documents, No Move-in is allowed.

 

During Inspection

 

  • You will list down all parts of the house you think needs retouch, repair or clearing.
  • You will be asked to come back after few weeks for the second inspection.
  • Once you see the unit is okey and acceptable, you may sign the acceptance certificate.
  • Bring this certificate to the main office and go back to Engineering Office at site to get the key.

 

Improvements / Alteration

 

  • You shall be allowed to make any alteration or additional construction to the unit only after final house acceptance.
  • You shall be required to submit the proposed building plans for any improvement or alteration , and pay a deposit fee which will serve as a construction bond, to be refunded after modification is complete and all deductions for damages (if any) have been made.
  • Profriends reserves the right to make modifications on the plans and specifications during the course of construction. These may include:
    • Subdivision and housing components in any part of the project that may be required under national or local government laws and regulations;
    • Modifications necessary for the enhancement of the entire project.

     

Membership in the HOA

 

  • Upon acceptance of the unit or once you have taken possession of the unit, you automatically becomes a member of the Homeowners association (HOA) and is required to pay the monthly dues.

 

Possession shall mean any one of the following:

 

  • Unit is deemed accepted
  • House keys have been turned over to buyer
  • Actual move in has taken place
  • Alterations or improvements on the unit have been implemented.

OTHER POLICIES


Other Policies

Conditions of Sale

  • Non-refundable reservation fee ranges from P7,500 – P30,000
  • Amount paid formalizes the reservation of a housing unit in the project and forms part of the equity
  • First come, first served basis

 

Transfer of Location/Ownership

  • Transfer fee will be charged depending on the financing scheme.
  • Retain prevailing selling price and terms at point of transfer (allowed only for upgrading or same selling price)
  • Covers transfer of rights and change of unit or financing scheme
  • Original Schedule of Payment will be followed
  • Account is current and updated (no transfer on delinquent accounts)

 

Occupancy and Possession

  • Pro-Friends will issue a Notice of Completion to the buyer stating the date the unit shall be ready for occupancy
  • The buyer is given 60 days to inspect the unit before acceptance.
  • If the buyer fails to inspect the unit within this period, it shall be deemed accepted in good condition.
  • Any loss or damage to the unit after it is deemed accepted or after Pro-friends issues an Authority to Move In shall no longer be the responsibility of the company.

 

Improvements and Alteration

  • The buyer shall be allowed to make any alteration or additional construction to the unit after house acceptance.
  • The buyer shall be required to submit the proposed building plans for any improvement and alteration, and pay a deposit fee which will serve as a construction bond, to be refunded after modification is complete and all deductions for damages (if any) have been made.
  • Pro-Friends reserve the right to make modifications on the plans and specifications during the course of construction.

 

Membership on the Home Owners Association

Upon acceptance of the unit or once the buyer has taken possession of the unit, the buyer automatically becomes a member of the Home Owners Association (HOA) and is required to pay the monthly dues. Possession may mean the following:

  • Unit is deemed accepted
  • Key was already turned over to the buyer
  • Actual move in has taken place
  • Alterations or improvements on the unit have been implemented