Cebu Real Estate Information

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CTS Gold

WHAT IS CTS GOLD?

It  is a Gold Opportunity created  by 8990 Housing Development Corporation to make owning a DECA Homes very affordable  in the most easiest way and earliest possible time to Move-In.

  -  It's is a newly innovated program and the only payment scheme  that 8990 Housing Development Corporation can offer to our prospective buyers.

ULTIMATE GOAL:

Within four (4) years  from date of reservation, the balance of the deffered payment plan (DPP) maybe processed for Pag –IBIG take-out at the instance of 8990.

TWO KINDS OF CTS GOLD: 

1.    CTS Gold convertible  (white CTS)

2.    CTS Gold Straight  ( 25 yrs blue CTS)

Buyers who are not more than 60 years old, gainfully employed or Self employed , and whose Net Disposable Income (NDI) is 100% of or greater than the monthly  amortization of the unit they intend to acquire.

NDI FORMULA:   100% NDI  = MONTHLY AMORTIZATION

NDI COMPUTATION:

GROSS INCOME           Php   7,600.00
Less:  Deductions
           SSS                                  200.00
           Pag-Ibig Contribution        200.00
           Philhealth Contribution     200.00
NET DISPOSABLE INCOME (NDI)    Php  7, 000.00
                                  ========
Monthly Amortization      Php 7,000.00

RESERVATION POLICY

Passes the NDI Requirement
Pays P 5,000.00 Reservation Fee
Submits the following documents:
         (I)   Buyers Info Sheet + four  (4) 1 x 1 ID photo
         (II)  Gov’t. issued ID (ex: driver’s license, SSS ID), company
                     ID & other identification papers, if needed
          (III) 1-month Pay slip and / or proof of other income and / or assets
          (IV) Proof of Pag-IBIG membership
          (V )  Contract to Sell
          (VI)  Deed of Restriction
          (VII)  Option Agreement
          (VIII) Required Post dated Checks (3 equity installments + 24 for
                        monthly amortizations and SRI/FI premiums + 1 guarantee
                        check

EQUITY PAYMENT:

A. At  least Php 15,000.00 payable over  3 monthly installments and a maximum of 6 monthly installments
 which will commence 30 days after Reservation Date and every 30 days thereafter covered with PDC

B. If the unit is not ready for delivery after the buyer had already paid the equity of P15,000.00, he may continue paying the installments of P5,000.00 per month until the unit is delivered.  In which case, the total amount paid prior to the delivery of the unit shall be considered equity payment and be deducted from the Package Price to determine the amount subject to the Deferred Payment Plan


C. If the buyer’s NDI requires him to pay an equity greater than P15,000.00, the said equity shall be payable over a maximum    

period of 6 monthly installments. However, in no case shall the monthly equity installment amount to less than P5,000.00.

D. Delay in the payment of equity installment shall be charged the following:
        (a).    Interest of 12% P.A.
        (b).    Penalty of 1/10 of 1% for everyday of delay.

E. The buyer may opt, at any time, to advance the payment of equity.

BALANCE AFTER EQUITY:

Deferred payment plan (DPP) via monthly amortization, inclusive of SRI/FI premiums, over 25 years;  with Pag-IBIG take-out mechanism within 4 years  from reservation date.

In no case shall the maturity date of the DPP term go beyond the date the buyer reaches the age of 7 years old.

SAMPLE COMPUTATION:

Total Contract Price                        Php       778,000.00
Less:   Reservation Fee                                    5,000.00
            Equity  (3 mos.@ Php 5,000.00)         15,000.00
Balance for DEFERRED PAYMENT PLAN   758,000.00   
Interest Rate 8.5% (8.05227)
Monthly Amortization for 25 years                     6,103.62                      
Add:  Fire Insurance                                               80.22
          Sales Redemption Insurance                     252.67
Total monthly Amortization                   Php       6,436.51
       (Payable for 4 years)                       ==============

C. If the Pag-IBIG take-out is successful within the prescribed period, all  conversion expenses related to the  transfer of ownership over the unit to the buyer shall be borne by 8990. Otherwise, the account shall remain under CTS Gold  and the buyer shall shoulder the said  expenses, except for the capital gains tax     or creditable withholding tax, which shall remain for the account of 8990.

HOW MUCH IS THE INTEREST RATE?

CTS convertible – Fixed at 8.5% p.a. fixed for the 1st 4 years, 11.5% p.a. fixed for years 5 to 25, if not transferred to HDMF.

 CTS Straight – 11.5% p.a. fixed from the start it there is no plan of transferring to HDMF.

PRE-PAYMENT:

Within the 1st 4 years of  the Deferred Payment Plan, the buyer shall be allowed to make full or partial payments at no prepayment premium. After the 4th year, all prepayments shall be subject to a prepayment  premium equivalent  to 5% of the amount prepaid.

MOVE IN:

The buyer may move in after paying the minimum Equity of Php 15,000.00 and move in earlier, provided that all the required documents enumerated above are all submitted and the loan application of the buyer is approved and after the LOAN TAKE OUT.
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