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Alveo Land Corp. Offers Breakthrough Financing Program
Urban achievers today have more reasons to be active as the country's fastest-growing developer and Ayala Land subsidiary Alveo Land Corp. launches a pioneering financing plan called the Homestarter Financing Program. The second part of a series of financing plans from Ayala Land that began last year with the widely successful Ayala Land Homestarter Bond, the Homestarter Financing Program is for urban achievers who want to enhance their many leisure and social activities through easy ownership of Alveo Land's groundbreaking lifestyle residences.
The Lowest Down Payment, the Lowest Interest Rate, the Longest Term
Unprecedented financial convenience is provided by the Homestarter Financing Program, which is a complete package of financial options that caters to all types of homebuyers: the Homestarter Swift for customers who prefer quick, standard payment terms, the Homestarter Flex for buyers who need customized terms, and the groundbreaking Homestarter Stretch, which is specially designed for customers who require long term schemes.
The Homestarter Stretch is the most innovative of all payment plans to be offered in the local market for its drastically reduced downpayment requirement of only 10 percent (even 0% downpayment can be availed of within a limited period), the lowest monthly amortization and the lowest interest rates in the market for terms of up to 25 years---together with the unrivalled living experience only owners of Alveo Land Corp. properties truly know. In addition, the Homestarter Stretch has fixed interest rates that guarantee protection to homebuyers however the economy turns, making it virtually fail-safe. Buyers are assured that the payments they have scheduled for the long term will stay the same no matter what happens to the market. The plan no longer requires the standard balloon payment that homebuyers have to pay within five years of application.
Under the Homestarter Financing Program, the tedious two-step application process of having one's credit checked upon downpayment for a property, and then again for a bank loan to make the balloon payment, is rendered obsolete. Buyers of Alveo Land Corp. properties just go through one seamless transaction. Since Alveo Land Corp. is the only developer currently offering such financing program using in-house support, a homebuyer's amortization is the same as their contract. Buyers based overseas also have no worries as credit ratings provided by companies abroad such as Equifax and Citicorp are honored.
What terms are offered under Homestarter Stretch?
| 5-YEAR
| 5-YEAR
| 10-YEAR
| 15-YEAR
| 15-YEAR
| 20-YEAR
| 25-YEAR
| Downpayment
Required
| 0%
| 10%
| 10%
| 10%
| 15%
| 20%
| 20%
| Interest Rate
to Client
| 5.55%
| 5.50%
| 8.45%
| 9.70%
| 9.70%
| 10.45%
| 10.95%
| Client's Monthly Amortization
(per P1 Mn Balance)
| 19,124
| 19,101
| 12,372
| 10,563
| 10,563
| 9,950
| 9,765
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How are the rates compared to competition and banks?
| Homestarter
10% down
| Competition
10% down
| Bank A*
10% down
| 5-Yr
| 5.50%
| 5.75%
| 9.75%
| 10-Yr
| 8.45%
| 8.50%
| 10.99%
| 15-Yr
| 9.70%
| 9.75%
| 10.99%
|
*Other mortgage banks require 20% downpayment at fixed rates of 9.50% for 5 years, 10.50% for 10 years, 10.75% for 15 years
How are the rates compared to competition and banks?
| Homestarter
10% down | Competition
10% down | Bank A*
10% down | 5-Yr | 5.50% | 5.75% | 9.75% | 10-Yr | 8.45% | 8.50% | 10.99% | 15-Yr | 9.70% | 9.75% | 10.99% |
*Other mortgage banks require 20% downpayment at fixed rates of 9.50% for 5 years, 10.50% for 10 years, 10.75% for 15 years
How can customers avail of the Homestarter Stretch?
| DAY 1-3 | DAY 3-20 | DAY 20-30 | | STEP 1 > | STEP 2 > | STEP 3 > | Reservation
PS to inform Sales Admin
Sales Admin to forward
Buyer's Name & Address
to Bank
Bank to conduct
NDB Check | Sales Admin to inform NDB
Check Results
PS collect credit documents
and remit to Sales Admin
Sales Admin to forward documents to Bank
Bank to conduct CI | Sales Admin to inform
PS of results
PS to collect PDCs if client
is approved for
Homestarter Stretch
Sales Admin to monitor
payment compliance for the
first six (6) or seven (7) months |
* If the client is disapproved at any stage of the CI Process, PS should offer other options.
Should the client discontinue purchase because of the negative CI, full refund of the RF will be
granted.
What documents will be required for credit investigation?
How can foreign based customers avail of Homestarter Stretch?
Foreign-based buyers can avail of Homestarter Stretch following the procedures and requirements as specified by the Partner Bank.
Will Equifax and other credit ratings be honored?
Yes. Ratings by Equifax, Fico, Experian, Trans Union and Citicorp will be accepted. To avail of Homestarter Stretch, the credit score of the potential buyer must be 640 and above.
When and how can the buyer occupy their property?
The property may be turned over to the buyer upon development completion and 30% principal payment. However, the DAS will be executed only upon full payment. An Early Turnover Agreement shall be signed by the buyer prior to turnover and occupancy when the buyers settle the payment for other charges.
When do buyers settle the payment for other charges?
For House & Lot and Condominium Prior to acceptance of property, buyers shall settle utilities fee such as electricity meter deposit; Upon acceptance of the property, buyers shall start paying for the real property tax (RPT), association/condominium dues; One (1) month prior to full payment, buyers shall settle issuance & registration fees, and government fees related to transfer of titles; For Lots RPT is already for the account of the buyer once the project is completed and ready for turnover upon execution of the deed of sales, whichever comes first.
Can the customer make advance payments / pre payments?
Yes. The client can advance payments in partial or in full.
No penalty charges or premium price adjustments will be applied.
No discounts shall be granted.
How is pre payment being treated?
For partial prepayment The amount of monthly amortizations ill be retained but the number of months or tenure will be shortened. For full prepayment Advance payments net of corresponding interest for the period shall be applied as principal payment.
Can the client make a higher downpayment?
Yes. The client can make a higher DP (e.g. 20%) and this will be treated as an acceleration of payment. The total contract price and the monthly amortization will be lower. However, the interest rate will be the same as the schemes with 10% DP.
What happens if the client defaults in payment?
Client can no longer avail of Homestarter Stretch and would have to choose another Payment Option and will be subjected to the applicable CII Admin fee. Should the client decide to discontinue purchase, liquidation damages shall be imposed. If default or delay after the first six (6)* monthly payments Bank shall apply policies for accounts in default.
*First seven (7) monthly amortizations for 0% DP scheme
Can the existing buyer shift to Homestarter Stretch?
No. Homestarter Stretch is valid for new reservations only.
Can a buyer switch from Homestarter Stretch to a different term?
Scenario 1: During the first (6) monthly payments, if Buyer switches to a different payment option other than Homestarter Stretch... Cancellation of CTS
Buyer will be charged the applicable CII Admin Fee Scenario 2: During the first six (6) monthly payments, if Buyer switches to Homestater Stretch with shorter tenure... Cancellation of CTS
Buyer will be charged the applicable CI Admin Fee
CI will be conducted based on new scheme Scenario 3: During the first six (6) monthly payments, if Buyer switches to Homestarter Stretch with longer tenure... Cancellation of CTS
Buyer will be charged the applicable CII Admin Fee
What projects of Alveo Land Corp. are offered?
Verdana Homes Mamplasan 0% DP-5 years
10% DP-5, 10 & 15 years The Columns Legazpi Village 0% DP- 5 years
10% DP- 5, 10 & 15 years
15% DP- 15 years
20% DP- 20 & 25 years * Payment schemes offered for each project may challenge without prior notice
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