It is no secret that it is every Pinoys dream to own a place that they could call their own. But with the high price of owning a home, loan rates and relatively low wages, a combination that almost ensure that the average Pinoy will be renting for the rest of their lives. But there is a new concept called rent to own home loan.
Paying your rent for 25 years will never make that house yours. Availing of a rent to own home loan scheme usually involves paying a slightly higher monthly rental than what you are used to paying, the difference is what the owner offering the loan will earn and may not even require you to place a downpayment and the term of the rent to own loan usually is for 15 years. And since you are not getting a loan from a bank or a financial institution, the person offering the loan will usually not require you to pay different loan fees, appraisal fees, different kinds of insurance and they do not care about you credit rating, your ITR or even if you are on the CMAP list. As long as you can pay your monthly amortization and don't default on you payment you are ready to move in. But if you happen to default on you payment, which is normally 3 consecutive months of not paying, depending on the contract you have entered with the owner, you monthly payments will be forfeited as rent fees and will not be returned back to you. This is why rent to own loan lenders are not very strict in their credit investigations and backgrounds checks.
Homes that are usually used in the rent to own loan are condominiums, apartments and townhouses. But condominiums are the most common units being offered up for loan. Some condo developers are now following the trend of rent to own via their In-house financing. Home loan rates right now are very attractive, and if you are a Pag-ibig fund member you can avail of their rent to own home loan scheme offering attractive terms and rates.
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