Lancaster New City Downpayment For Homes

How does our downpayment work?

  • Available for In-house and Bank Financing
  • Starting at 10% of Total Contract Price (TCP)
  • Duration from 4 months to 12 months

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What is a down payment?

When you choose to purchase any of our listed homes, a down payment (DP) is the money you give to secure the property. It consists of the percentage of Total Selling Price (TSP) and Legal & Miscellaneous fee (LMF). This type of payment comes with no interest. After your initial, reservation fee, the rest can come in as a payoff or installment over a specified period.

Lancaster New City Downpayment period

Our down payment option is available for two financing methods:

In-house Financing:

  • Ready to move-in homes: 4-6 months payment period.
  • Pre-selling units: 12 months payment period.

Bank Financing

  • Ready to move-in homes: 4-6 months payment period.
  • Pre-selling units: 8 months payment period.

How much do you need for a downpayment?

In-house Financing: 20% of the Total Contract Price (TCP).

Bank Financing: 10% of the Total Contract Price (TCP).

Start of Down payment

Your down payment begins after 30 days from your date of reservation.

Example

If your reservation date is July 23, 2019, your DP will begin on August 23, 2019.

Can down payment be transferred one to another?

Your down payment can move from your hand or one unit to another. This means you can change the residence you paid for or make someone else the owner. To do that, you have to ensure that you meet the following requirements:

  • Your transfer request is made within 120 days from the day of reservation.
  • The home you intend to switch to is under the same developer.
  • You have or are willing to pay for any new increase in the price of houses.
  • You have paid the transfer fee of PHP 10,000.00 after approval.
  • The transfer of house ownership is to your nearest relative.

What are the transfer requirements?

To get your transfer request to us, and to have a seamless operation, the following are what you should provide:

  • A request letter — Your request letter should be signed by you (the buyer) and express what you want.
  • New BIS/RA — The new purchaser of the house needs to fill-up and sign a new BIS/RA.
  • Complete document — the new buyer must attach their entire document as requested by us.
  • Affidavit – you have to submit a notarized Affidavit reflecting the personal relationship between you and the new buyer.

How long is the period of approval?

Your transfer request can take up to 3-6 weeks from the day of sending in your request.

Can full DP or Total Contract Price speed up house construction?

No. Regardless of how you respond to your new home payment options, the house completion will follow the duration presented in the Price List.

Will Amortization begin immediately if full payment is made?

No, it will only begin after your down payment period.

Can down payment and amortization be made at the same time?

No. You have to conclude your down payment first before amortization.

Any interest for delayed payment?

No. However, there is a penalty charged to the buyer.

What is the penalty for delayed payment?

1/10th of one percent.

Example:

If your DP is PHP 6,000/mo. Then your penalty will be PHP 6.0/day for each day of delay.

What are the modes of payment for DP?

  • Auto-debit arrangement (ADA)
  • Postdated checks

How to open an account if outside the Philippines

Get an Attorney-in-fact to open one for you.

Where to open a checking account

Visit any of your preferred banks to have that done.

What is the amount for Legal & Miscellaneous?

The LMF also known as the processing fee, cost the following:

  • In-house Financing — 4.5%
  • Bank Financing — 8%

What makes up the LMF or processing fees?

This payment caters to the following:

  • First-year coverage for Fire Insurance and Mortgage Redemption Insurance (MRI).
  • A blueprint of house plans
  • One year coverage for Real Property taxes
  • Transfer of title for Bank Financing
  • Dues for Home Owners Association (HOA) regarding preventive maintenance
  • Administrative response.

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Your New Life Is Within Reach
Let Us Help You Get There

Leave your details below to learn how we can help you. We will call you in a few minutes to answer your inquiry and to schedule your private viewing of your new home at Lancaster New City, FOR FREE.

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