Frequently Asked Questions
- What is Reservation Fee? - Reservation Fee is payment made by the client to gain exclusive rights to buy a Camella Homes property, under certain conditions and at an agreed price. It is deductible to the Downpayment and will hold the unit under the client's name for 30 days or until the first downpayment is made.
- Modes of Payment for Reservation Fee - CASH and CHEQUE payments.
- Is Reservation Fee refundable? - NO. Reservation Fee is strictly NON-REFUNDABLE.
- Is Reservation Fee transferable? - NO. In case of transfer or downgrade to other Camella Homes project, Reservation Fee will be forfeited. Only succeeding downpayment payments can be transferred.
- How much is the Reservation Fee? - Reservation fee differs for each house model and varies on each project. Please refer to each house model sample computation for the reservation fee.
- Cancellation of Reservation Fee - Grounds for cancellation of Reservation Fee are (1) Non-payment of First Downpayment and (2) Non-compliance with personal and documentary requirements within the given deadline of submission.
DOWNPAYMENT / EQUITY
- What is Dowpayment / Equity? - Downpayment (also called Equity) is a fixed amount from the Total Contract Price (TCP) that needs to be paid by the client if financed thru Bank or In-house Financing. Downpayment can be paid on monthly installment at zero interest rate.
- Modes of Payment for Monthly Dowpayment - Monthly Downpayment shall be paid strictly thru Post Dated Cheques in favor of Household Development Corporation (the developer of Camella Homes). Non-submission of PDC for downpayment shall also correspond to non-compliance with requirements.
- When will my monthly downpayment start? - Monthly Downpayment shall start 30 days from the Reservation Date. PDCs must be submitted to Camella Homes prior to start of downpayment. If PDC is not yet available, cash payment is accepted in Camella Homes office for the 1st downpayment only.
- I am an OFW/Immigrant, how can I pay my Monthly Downpayment? - For OFW/Overseas-based clients, client is required to assign a family member who is based in the Philippines as their ATTORNEY-IN-FACT (AIF). AIF can issue the post dated cheques required for the monthly downpayment in behalf of the client abroad.
- Is Downpayment refundable? - NO. All downpayment paid to Camella Homes is strictly NON-REFUNDABLE. In case of account cancellation, all payments made on the account cannot be refunded as indicated in the Contract to Sell (with the exception of Maceda Law).
WHAT ARE THE FINANCING OPTIONS?
- Spot Cash - 100% Total Contract Price (TCP) is paid within reservation month or within 30 days from reservation date. Applicable Spot Cash Discounts are:
- TCP is paid within Reservation Month = 12% Discount
- TCP is paid within 30 days from Reservation Date = 10% Discount
- Deferred Cash (No Down, No Interest) - 100% TCP is paid within maximum of 24 months installment payment at zero interest. Monthly payments are covered by post dated cheques.
- Bank Financing - Follow this link for more info: http://www.camellahomesonline.com/p/bank-financing-guidelines-and.html
- In-house Financing - Follow this link for more info: http://www.camellahomesonline.com/p/in-house-financing-guidelines-and.html
- Do you accept direct Pag-IBIG Financing? - NO. Camella Homes DOES NOT offer Direct Pag-IBIG financing. If client wants to finance thru Pag-IBIG, client must pay first the 20% Downpayment. The 80% Balance may be processed by the client personally to Pag-IBIG Housing Loan and provide the Letter of Guarantee (LOG) to Camella Homes upon loan approval and signing to start the house construction. Please note that monthly amortization at 19% interest rate is continuous payment until the signed LOG is delivered to Camella Homes.
- Spot Cash - Upon Full Payment of Total Contract Price (TCP)
- Deferred Cash (No Down, No Interest) - Upon 50% Payment of the TCP.
- Bank Financing - Upon 15% Payment of the TCP and Complete Documents.
- In-house Financing - Upon 15% Payment of the TCP and Complete Documents.
- House Construction Duration - House Construction and turnover will be within 6 months, maximum of 8 months buffer for rainy season.
WHEN CAN I MOVE-IN?
- Spot Cash - Upon House Completion
- Deferred Cash (No Down, No Interest) - Upon 70% Payment of the TCP for Non-RFO and 50% Payment of TCP for RFO units.
- Bank Financing - Upon Loan Release / Take-out.
- In-house Financing - Upon Full Payment of Downpayment and 3 months amortization + issuance of 12 post dated cheques covering the first year amortization.
SALARY REQUIREMENT / NET DISPOSABLE INCOME (NDI)
- What is Net Disposable Income (NDI)? - NDI is the maximum amount that can be amortized by the client. Monthly Amortization amount must be equal or lesser than the NDI or Salary Requirement amount.
- How Can I Determine my NDI? - NDI can be determined by this basic formula: NDI = Gross Monthly Income x 0.30 (Credit Ratio may vary depending on employment)
- What are the Monthly Income that I can Declare? - Client (and spouse is married) may declare the following monthly income provided it has supporting document:
- Basic Income
- 13th Month Pay (divided by 12 mos.)
- Commission (6 months average pay-out, 30% of the average only)
- Salary Requirement vs Financing Option
- Spot Cash and Deferred Cash Financing - Zero NDI (No salary requirement)
- Bank Financing Salary Requirement:
- Locally Employed and OFW = Gross monthly income x 0.30
- Self Employed = Gross monthly income x 0.25
- In-house Financing Salary Requirement - Please ask us for a sample computation as the salary requirement will depend on the family size and income range of the client.
LEGAL MISCELLANEOUS FEE & OTHER CHARGES
- Is the Legal Miscellaneous Fee already included in the Total Contract Price? - YES, Legal Miscellaneous Fee or MCC is already included in the Total Contract Price.
- Is the 12% VAT already included in the Total Contract Price? - If the property price has reached standard BIR revenue regulation for real estate properties, YES, it is already included :
- For LOT ONLY - Selling Price of Php 1,500,000 and up are subject to VAT
- For HOUSE & LOT - Selling Price of Php 3,199,200.00 and up are subject to VAT
- What are the inclusions of the MCC or Legal Miscellaneous Fee? - 6% MCC or Legal Miscellaneous Fee covers the following:
- Transfer of Title Cost
- Transfer Tax and other taxes required in transferring the Title
- Notarial Fees
- MERALCO processing application
- One-time HOA (Homeowner Association) Membership Fee
- Admin fees
- Are there other charges excluded from the Total Contract Price? - If client's financing option is Bank Financing, YES, there is an additional charge excluded from the Total Contract Price. This is the BANK CHARGES which is separate from the Total Contract Price and is payable directly to the home loan bank upon loan guarantee signing. Bank Charge amount is estimated at 3% based on the loanable amount.
MOVE-IN FEE & HOMEOWNER ASSOCIATION DUES
- Is there Move-in Fee for Camella Homes projects? - NO. Camella Homes projects doesn't have move-in fee.
- MERALCO Application - Meralco Application is already included in the Total Contract Price.
- Water Application - Water supply for all Camella Homes projects is provided by Prime Water Company. Water Application is EXCLUDED from the Total Contract Price and is to be applied for by the buyer to Prime Water (located in Las Pinas).
- How much is the HOA Dues? - HOA Dues depends on each project. Please refer to the individual project for HOA dues.
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