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⌛ Acquiring property loans

Discussion in '☋ General Chat ☋' started by Ludabi, Mar 6, 2008.

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  1. Ludabi

    Ludabi DI New Member

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    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?
     
    Ludabi, Mar 6, 2008
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  2. jellyfish

    jellyfish DI Forum Patron

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    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 ?
     
    jellyfish, Mar 7, 2008
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  3. daffs

    daffs DI Forum Adept

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    the bank will look your income, job,business, or assets as your guarantee that you are capable for a loan of 12 million pesos.
     
    daffs, Mar 7, 2008
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  4. spectre

    spectre DI Member

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    12 million beachfront property in dumaguete? is there such a thing? :D
     
    spectre, Mar 7, 2008
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  5. Gold Surfer

    Gold Surfer DI Junior Member

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    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%.
     
    Gold Surfer, Mar 7, 2008
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  6. wildbill0

    wildbill0 DI New Member

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    18%!!! wow, i was wondering if you guys thought 12 million was way to much or not nearly enough? i have no idea.
     
    wildbill0, Mar 7, 2008
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  7. jimeve

    jimeve DI Forum Luminary Highly Rated Poster Showcase Reviewer Veteran Army

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    12 million us dollars, you could buy an island for that,
    are you serious, or do you mean 12 million pesos :D
     
    jimeve, Mar 8, 2008
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  8. jimeve

    jimeve DI Forum Luminary Highly Rated Poster Showcase Reviewer Veteran Army

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    ok you got me its Melvin.:o right
     
    jimeve, Mar 8, 2008
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  9. jellyfish

    jellyfish DI Forum Patron

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    Are you serious Jim ? And he wants to buy Ba....hura ? :smile:
    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 ?
     
    jellyfish, Mar 8, 2008
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  10. Gold Surfer

    Gold Surfer DI Junior Member

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    I think he meant in pesos :smile:
     
    Gold Surfer, Mar 9, 2008
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