Frequently Asked Questions
Click to see Requirements for purchase
Reservation Agreement or RA contains the specifications that identifies the property you want to purchase.
It contains the following:
Project
Block and Lot No.
Lot Area
House Type
Floor Area
Total Contract Price or TCP is the total price of the property that you are purchasing. Which includes the Legal & Miscellaneous Fees.
Reservation Fee or RF
1. Closes the sale and reserves the unit for the buyer.
2. Forms a part of the Downpayment or DP
3. If the account is cancelled there will be no re - fund.
Downpayment or DP is a percentage of the TCP
1. Is payable over a appointed time and does not bear interest.
2. Payment is to be paid on the 5th or 20th of the month depending on the date of reservation:
Reservation Date Hit Date
6th to 20th day of the month 20th day of the following month
21st to 5th day of the month 5th day of the next following month
Reminders on DP:
If unpaid on the first DP the reservation and all payment is cancelled and forfeited.
The penalty for delay of payment is 1/10 of 1% per day of delay.
Legal and Miscellaneous Fee or LMF is calculated at 8.0% of the TCP.
Covers the following:
1. Premiums for the first year coverage - mortgage redemption insurance ( MRI ) and Fire Insurance.
2. Real Property Taxes for one year.
3. Blue print of house
4. Home Owners Association or HOA dues for maintenance.
5. Administrative Expenses.
6. Transfer of TCT in the buyer's name.
Reservation Agreement Cancellation:
- Failure to appear personally for Loan Counseling.
- Did not pay the first DP.
- Did no remit any three consecutive monthly installment.
- Failure to submit within the appointed time any of the documents that the developer requires for the financing institution.
- Submitted false documents.
- Withdrawal from RA.
- Terms of financing:
Downpayment or DP - Atleast 12 . 5 % of TCP.
Maximum Term of Downpayment - 15 months.
Loan Amount: Maximum of 87.5% of TCP
Term for Loan: Maximum of 25 years for local employees, 15 years for OFWs
Payment Policy of the Company:
All payment must be made in favor of Property of Friends, INC
Agents or Brokers will not be allowed to receive any payment.
Payments that are made through agents and broker will be the responsibility and risk of the customer and will not be on the account of the developer.
or this purpose.
Requirements for Bank Financing:
Age: Must be at least 21 years old but not more that 65 years upon loan maturity.
If OFW, He/she must not be more that 60 years old upon loan maturity.
If the application for financing is not approved, the account shall be converted to in-house financing automatically.
If there is a delay in construction due to unforeseen circumstances the period of delivery will be extended.
Occupancy and Possesion
PCFI will give out a notice of House inspection with Clearance for Inspection to the customer conducting the date of the unit will be ready for inspection and or occupancy,
The Customer will be given 60 days to inspect the unit. If the buyer fails to inspect the unit within this period it shall be considered accepted in good condition.