Home Appraisal

[jefbuan]

OT mga sir,recently we apply for home loan,a build and sell contractor sell a unit for 3M.we pay already DP for 300k but Security Bank approved loan amount was only 2.4M..Does it mean na yung appraised value lang ng unit ay 2.4M? overpriced ba yung unit namin?TIA

[viper888]

Try computing the value of the house:
(Lot area x lot value per sq) + (house area x 25000) + profit(10-30%)
The 25000 is just the typical construction cost per sq of a house. It can be as low as 20,000 to 40,000 depending on finishes and design.


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[Luap]

Thats typical for banks kasi ang loanable amount is 80% of the appraised value

[jefbuan]

you are right sir,,Bank agent told me that the unit appraised value is 3M,loanable amount is 80% which is 2.4M.kelangan ko pa pala mag add ng 300K sa contrator..thanks

[machine.pistol]

Try PSBank, they have a solution to your situation.

[yebo]

tama, 10% lang kasi yung 300k mo kaya need mo pa mag-add ng another 300k for DP. pag bank kasi minimum 20% DP.

kung pagibig member ka baka pwede mo i-loan sa pagibig fund yung 300k.

[99moves]

Try PSBank, they have a solution to your situation.

if you don't mind, what's their solution?

[kishAn]

OT mga sir,recently we apply for home loan,a build and sell contractor sell a unit for 3M.we pay already DP for 300k but Security Bank approved loan amount was only 2.4M..Does it mean na yung appraised value lang ng unit ay 2.4M? overpriced ba yung unit namin?TIA

appraised value is 3M. loan collateral ratio * 80% loanable amount is 2.4M. sakto lang

[kishAn]

if you don't mind, what's their solution?

not really a solution but probably another option. pwede sigurong mas mataas ang appraise value pero pwede din hindi. no harm in trying, you just need to pay the appraisal fee which is P3,500

[jodski]

80% lang talaga i cover ng bank based on appraised value, kaya usually ang required downpayment is 20% sa developer.

Some developers are doing a promo na 10% dp then the remaining 10% is via post dated checks payable in one year. You can inquire this with contractor.

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