⌛ Acquiring property loans

Howdy! I'm a newbie here and I am gonna be returning pretty soon to Dumaguete where my wife is from. We have dual citizenship and are both natural born citizens of the Philippines. I am still gonna work in the US for 6 months every year to generate some decent income.

I was wondering what are the rules of acquiring a bank loan for a multi-million dollar ( approx. 12 million ) beachfront property in Dumaguete?

 

Welcome to the forum of your wife's hometown, Ludabi.
Why not directly contacting some banks with question.
There are quit some differences between banks and your wife knows the various banks in her home town, I guess
12 Million US dollar beachfront property :Bah....??...maybe ?

 

the bank will look your income, job,business, or assets as your guarantee that you are capable for a loan of 12 million pesos.

 

12 million beachfront property in dumaguete? is there such a thing? :D

 

Most banks want a secure loan guarantied by another property of the same value as your loan. If you want to loan 12 million pesos, you should have a property worth 12 million or more as a guaranty. Current interest rate per annum is 18%.

 

18%!!! wow, i was wondering if you guys thought 12 million was way to much or not nearly enough? i have no idea.

 

12 million us dollars, you could buy an island for that,
are you serious, or do you mean 12 million pesos :D

 

ok you got me its Melvin.:o right

 

Are you serious Jim ? And he wants to buy Ba....hura ?
I heard it's for sale indeed, but 12 million US dollar is quite a price :D
They bought it for half a million dollar years ago.
Melvin with his twinklehopper ?

 

I think he meant in pesos