Frequently Asked Questions

Frequently Asked Questions


Frequently Asked Questions

ABOUT THE RESERVATION


1. What is Reservation?

  • The Reservation Fee closes the sale (on a first-come, first-served basis) and holds the unit for the buyer. Also called booking or transaction
  • It forms part of the downpayment (DP).
  • It is non-refundable in case the account is cancelled.

2. How Can Buyer Reserve A Unit?
Buyer must fill up a Buyer’s Information Sheet (BIS) and a Reservation Agreement (RA) then pay the Reservation Fee at any Profriends’ offices – Main, Imus & Site Offices.

3. 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 _____________________

4. What is a Buyer’s Information Sheet (BIS)?
It is a 1-page form that contains list of all information of the Buyer. All information must be stated.

5. Is Reservation Fee Transferrable to another person or unit?
Yes, to first degree relatives only and is subject to approval. And a Transfer Fee of Php3,000.00 payable upon release of approval.

6. What are the Requirements for Transfer?

  • Letter – a request letter signed by Buyer (spouses) or Atty-in-Fact.
  • BIS/RA – a new BIS/RA filled-up & signed by new Buyer.

7. How Long is the Processing Time of Approval?

  • No Payment Involved – between 1 to 2 weeks.
  • With Payments Involved – between 3-4 weeks.

8. How many days is the Reservation Fee valid?
Reservation is valid until first DP schedule.

9. When does it Expire?

  • Reservation expires after the 1st DP schedule.
  • To avoid expiry, Buyer must submit Promissory Note indicating date of payment.

ABOUT DOWNPAYMENT


1. What is Downpayment (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.

2. What are the Downpayment Term for Inhouse Financing?

  • Ready for Occupancy: 4-12 months to pay
  • Pre-selling Units: 24 months to pay

3. What are the Downpayment Term for Bank Financing?

  • Ready for Occupancy: 4-6 months to pay
  • Pre-selling Units: 10% – 12 months to pay
  • Pre-Selling Units: 12% – 15 months to pay

4. Can Buyer Request an Extended DP Term?

  • Yes for Ready for Occupancy units only. Example: From 4 mos. to 6 mos. only.
  • No for Pre-Selling Units.

5. When is the Start of the Downpayment?

  • Profriends has only 2 due dates also called HIT DATE. Payment is due on the 5th or 20th of the month.
  • If you reserve on the 6th to 20th day of the month, the DP date will be 20th day of the following month.
  • If you reserve on the 21st to 5th day of the next month, the DP date will be 5th day of the following month.

Example:

  • Reservation Date: August 6 – 20, 2012. DP starts on Sept. 20, 2012.
  • Reservation Date: August 21 – Sept. 5, 2012. DP starts on Oct. 5, 2012.

6. What are the Requirements if Buyer Wants to Extend DP Due Date?

  • Request Letter signed by Buyer indicating the new hit date date.
  • The request letter must be attached to the BIS/RA during reservation time.

7. Can Buyer have option to choose what month to pay the downpayment?

  • No. Buyer must follow the DP schedule indicated in the printed Buyer’s Information Sheet (BIS).
  • Delays are allowed subject to approval and penalty.

8. Is Downpayment Transferrable to Another Person or Unit?

Yes, to first degree relatives only and is subject to approval. A transfer fee of Php3,000.00 is charged payable upon release of approval.

9. What are the Requirements for Transfer?

  • Letter – a request letter signed by Buyer (spouses) or Atty-in-Fact.
  • BIS/RA – a new BIS/RA filled-up & signed by new Buyer.
  • Must attach complete set of required documents of the new Buyer.

10. How Long is the Processing Time of Approval?
With Payments Involved – estimated between 4-8weeks.

11. Until When is the Transfer of Owner/Unit Allowed?

Bank & Inhouse Financing – within 120 days from Reservation date.

12. Can Buyer still transfer ownership during amortization period?
No.

13. Can Buyer still transfer unit during amortization period?
No.

14. What will be the Terms & Condition for Transfer of Unit in Inhouse Financing?

  • Terms and condition apply.
  • Meaning, amortization will continue and will not be stopped even if there is no house yet.
  • Latest or prevailing price will apply.

15. Is there an interest for delayed DP payment?

Only penalty is charged to Buyers.

16. 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.
  • If Buyer’s monthly DP is Php10,133.00/month, the penalty is Php10.13/day of delay.

17. What are the requirements to open a Checking Account?

  1. 3 pcs. 1×1 ID
  2. 2 Valid ID (Passport/SSS/GSIS/Philhealth/Voters ID).
  3. TIN / SSS
  4. Profriends Referral Letter
  5. Php5,000.00 (for opening account and maintaining balance)
  6. Php175.00 (for the cost of checkbook booklet)

18. What Happens if Buyer refuse to issue Post Dated Cheque?

This may cause the following:

1. Delay in processing of housing loan.
2. Bank might decline or disapprove your loan seeing your payment pattern.

19. What are Important Reminders on Downpayment (DP)?

1. Non-payable of the first DP automatically cancels the reservation and all payments made are forfeited.
2. Penalty for delayed payment:1/10th of 1% per day of delay.

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

–  4.5% of the Total Selling Price (TSP) – Inhouse Financing
– 8% of the Total Selling Price (TSP) – Bank Financing

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  in the Buyers name – (applicable Bank Financing)

 

Reminder: Above terms and conditions may change without prior notice.

 frequenly asked question

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