⌛ Buying installment houses

Hello ,,
i have been renting a house in Dumaguete for the past Two Years , and i want have house of my own so is it possible for foreigner like me to get house and pay installment giving the fact that my wife is house wife and im working in Saudi Arabia ,, any one got an idea
Thank you

 

Two points.

A: As a foreigner you cannot own land. You can technically own the bricks and mortar.

B: Any financing you may find is most likely going to be at outrageous interest rates.

You may find it better in the long run to just rent.

Larry

 

Larry is correct about the land. i do not know about the financing. Perhaps you could get some cash financing in your home country and use the money to buy the property. Of course it will need to be in your wife's name. Your name should be listed as her spouse on the paperwork.

For example on the papers for the property we purchased it reads with my wife's name first and includes "married to ..(your name here).." following her name.

I hope that made sense.

 

yes Sir it does make sense . im going to be in dumagete in September 15 i want meet any of the forginers who are members of this forum and hang out

 

What is your nationality? Some Philippine banks have US branches that will make US$ loans backed by Philippine collateral at US interest rates. Only draw-back is that none that I have seen offer fixed-rates (i.e., the rates can go up over time).

 

How much is your budget for down payment and monthly payments?

Ron

 

im from saudi arabia as far as down payment 50,000 and 10,000 monthly

 

Sorry Crazy My house is too big and expensive assuming that is peso's. I do know of a few houses for sale, and will ask around and let you know if I come up with anything.

Ron

 

I think you will have a difficult time finding those terms unless you are looking at a very basic house. Down payments are usually 20% here. So, at P50,000 that would only give you a principal amount of P250,000...which not going to buy you much of a house...

 

Yes very correct, It's very difficult these days to even rent a nice house for P10,000.
Ron