Davao Real Estate Blog

Good news to all real estate investors who are planning to invest in Crown Communities Projects! A new payment scheme is being introduced requiring NO DOWN PAYMENT. And that means Straight Monthly Payment up to a maximum of 10 years. If you are qualified, all you have to pay outright is the reservation fee, which is also part of the payment and will be deducted from the total purchase price. (You can also do a quick and inexpensive pre-qualification test all by yourself.)

Here are the terms and corresponding interest rates for In-House Straight Monthly payment:

• 3 years at 6% per annum fixed
• 5 years at 10% per annum fixed
• 8 years at 14% per annum fixed
• 10 years at 15% per annum fixed

Also, don’t forget that INTEREST FREE payment is also available for a maximum of 2 years.

Can you determine the monthly amortization given this figures and total price of the real estate? Yes you can! Using the home loan calculator provided from this website, simply enter the price, ZERO for the down payment, plus term and interest rate shown above, and then click. There you go, the schedule of monthly amortization. In case you miss it, click the home loan calculator.

Other updates:

1. Increase of Reservation Fee for Toscana House and Lot Packages from PhP 10,000 to PhP 15,000. Remember: reservation fee will be deducted from the purchase price.
2. Interim Bank Financing for a maximum of one year is available for those whose loan application are pending from the bank. Interest rate is 11% per annum based on loan term.

Here are the payment schemes for the Luxuria Home Series at the The Positano Subdivision.

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Filipinos who are married to foreigners and wanted to buy properties here in the Philippines must be aware that their foreigner spouse cannot own a land. The land title must be in the name of the Filipino spouse and the foreigner will be required to execute an Affidavit of Waiver. Shown below is an example of such a document.

REPUBLIC OF THE PHILIPPINES )
———————————– )
———————————– )S.S

AFFIDAVIT OF WAIVER

I, _________________________________, ________________ citizen, of legal age, resident of _________________________________________________________ after having sworn to in accordance with the law, hereby depose and state:

1. THAT I am legally married to ____________________________________________, of legal age, Filipino Citizen, with the same residence address.

2. THAT during our marital union, we acquired by purchase real estate property from ___________________________________ particularly described as Block _____ Lot _____ at __________________________ located at__________________________.

3. THAT being a foreigner ( ________________ citizen ) as stated above, I do hereby waive whatever rights I have over the above mentioned real estate property.

AFFIANT FURTHER SAYETH NONE IN WITNESS WHEREOF, I have hereunto affixed my signature, this ___ day of ____________, 2007 in the PHILPPINES.

___________________________ Affiant

SUBSCRIBED AND SWORN to before me, this ______ day of _______________________, 2007, in the _____________________________ Affiant exhibiting to me his/her Residence Certificate No. ___________________ issued at _______________________________ on __________________.

NOTARY PUBLIC

Doc. No. ___________

Page No. ___________

Book No. __________

Series No. __________

The Positano Subdivision is the latest high-end development in Davao City. It is accessible via the Broadcast Avenue (in Shrine Hills) and the Ma-a Road. It opened last April 30, 2007 selling the mountain-peak residential lots overlooking the Davao City and the Davao Gulf.

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Teresita is the next smaller house offering of Uraya Land at the Villa de Mercedes Subdivision.

It has a total floor area of 214.03 sqm, both at the ground floor and the second floor. It is to be built on a lot with a minimum area of 200 sqm.

Below, you will see the House Plan and Sample Financing Computation for the Teresita Model

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