land

[chico2663]

in the usa i can put part of the money down on an acre and get a loan for the rest from a bank. Can the same be the said for property in leyte? Yes I know it would be in fiance name. Just asking

[scott h]

52 minutes ago, chico2663 said:

Just asking

chico....have no personal experience in this, but here is my take just based on observation. Financing is readily available when dealing with large development cooperation's like subdivisions or condo projects. It would be another thing all together if you are dealing with a single land owner, my impression is they like cash up front. If the title is clean with no family members lurking in the shadows it should be possible to get a finance loan from a bank, assuming that your fiancés credit is clean and she/you can show sufficient income to justify a loan.

Just my thoughts

[chico2663]

thanks most likely i will get stuck paying for it. Just  didn't want to come out of my pocket all at one time

[mogo51]

3 hours ago, scott h said:

chico....have no personal experience in this, but here is my take just based on observation. Financing is readily available when dealing with large development cooperation's like subdivisions or condo projects. It would be another thing all together if you are dealing with a single land owner, my impression is they like cash up front. If the title is clean with no family members lurking in the shadows it should be possible to get a finance loan from a bank, assuming that your fiancés credit is clean and she/you can show sufficient income to justify a loan.

Just my thoughts

My thoughts exactly Scott.  I had a discussion with  my bank manager recently along these lines, more as a question than an inquiry.  He told me I would have l little trouble securing a loan if I wished (but I don't), it as always revolves around your ability to pay.

[virginprune]

4 hours ago, chico2663 said:

thanks most likely i will get stuck paying for it. Just  didn't want to come out of my pocket all at one time

I paid cash for my plot but all the other buyers arranged staggered payments with seller, including a foreigner. Maybe worth broaching that option with the vendor, very popular way to buy down my way.

[Jack Peterson]

1 minute ago, virginprune said:

I paid cash for my plot but all the other buyers arranged staggered payments with seller, including a foreigner. Maybe worth broaching that option with the vendor, very popular way to buy down my way.

 Same here My Friend a fairly large Down Payment then a Monthly repayment but in the End we/I got Fed up and just paid the outstanding balance, Reason being is that my Lovely let the date run over 3/4 times and incurred a % addition  for late payment, this I think is Normal (Well here it seems to be) 

[BrettGC]

Banks/finance companies in Phils must make a killing on late payments etc thanks to the Pinoy relaxed attitude to well, everything.

[Snowy79]

Whilst looking into a loan I'd also seek advice about getting a lease on the land which will be in your partners name and also special power of attorney. Look on it as loan protection. 

[Gary D]

10 hours ago, Snowy79 said:

Whilst looking into a loan I'd also seek advice about getting a lease on the land which will be in your partners name and also special power of attorney. Look on it as loan protection. 

I wouldn't dream of buying anything in a fiancee or gf name, even with a lease. But that's just cautious me.