Q. Can financing be arranged?
The easiest kind of long term financing is available only to Filipino nationals. Essentially, you have the option of Pagibig Fund or a bank mortgage. In the case of the former, it is preferable to be a member of the fund in advance; if you plan to buy a home in the future, it is a good idea to sign up with Pagibig Fund now. In Cebu City they are located in a shiny new building right across the Ayala Center mall.
In some cases, the owner may agree to finance some of your purchase. You will be paying a large down payment, though, and the terms are usually quite strict, with the full amount usually due between six months and one or two years. Buyers can negotiate with the seller as to what kind of deal they agree on. Some owners are also amenable with rent-to-own, or rent with option to purchase contracts.
If you can at all afford it, it is easiest, cheapest, and safest to pay for the entire amount in cash. Often, the seller with give a substantial discount for a cash purchase in full.
