Frequently Asked Questions

RESERVATION FEE

  • What is Reservation Fee? - Reservation Fee is payment made by the client to gain exclusive rights to buy a Lancaster New City property, under certain conditions and at an agreed price. It is deductible to the Downpayment and will hold the unit under the client's name for 30 days or until the first downpayment is made.  
  • Modes of Payment for Reservation Fee - CASH, CHEQUE and CREDIT CARD.
  • Is Reservation Fee refundable? - NO. Reservation Fee is strictly NON-REFUNDABLE.
  • Is Reservation Fee transferable? - YES. In case of transfer or downgrade to other Lancaster New City model, Reservation Fee will be forfeited. Transfer fee of Php 10,000 will be collected and transfer is subject to terms and condition.
  • How much is the Reservation Fee? - Reservation Fee varies depending on the house model. Please refer to model house for their respective reservation fee. 
  • Cancellation of Reservation Fee - Grounds for cancellation of Reservation Fee are (1) Non-payment of First Downpayment and (2) Non-compliance with personal and documentary requirements within the given deadline of submission.


DOWNPAYMENT / EQUITY

  • What is Dowpayment / Equity? - Downpayment (also called Equity) is a fixed amount from the Total Contract Price (TCP) that needs to be paid by the client if financed thru Bank or In-house Financing. Downpayment can be paid on monthly installment at zero interest rate.
  • Modes of Payment for Monthly Dowpayment - Monthly Downpayment shall be paid strictly thru Post Dated Cheques (PDC) in favor of Property Company of Friends, Inc. Non-submission of PDC for downpayment shall also correspond to non-compliance with requirements.
  • When will my monthly downpayment start? - Monthly Downpayment shall start 30 days from the Reservation Date. PDCs must be submitted to Profriends prior to start of downpayment. If PDC is not yet available, cash payment is accepted in Profriends office for the 1st-2nd downpayment only.
  • I am an OFW/Immigrant, how can I pay my Monthly Downpayment? - For OFW/Overseas-based clients, client is required to assign a family member who is based in the Philippines as their ATTORNEY-IN-FACT (AIF). AIF can issue the post dated cheques required for the monthly downpayment in behalf of the client abroad.
  • Is Downpayment refundable? - NO. All downpayment paid to the developer is strictly NON-REFUNDABLE. In case of account cancellation, all payments made on the account cannot be refunded as indicated in the Contract to Sell (with the exception of Maceda Law).


WHAT ARE THE FINANCING OPTIONS?

  • Spot Cash - 100% Total Contract Price (TCP) is paid within reservation month or within 30 days from reservation date. Applicable Spot Cash Discounts are found here - Discount Policy
  • Deferred Cash (No Down, No Interest) - 100% TCP is paid within maximum of 24 months installment payment at zero interest. Monthly payments are covered by post dated cheques.
  • Bank Financing - Minimum 12.50% Downpayment of the TCP and 87.50% balance to be loaned thru our accredited banks - BDO, UCPB, Security Bank, East West Bank, PNB.
  • Do you accept direct Pag-IBIG Financing? - NO. Profriends DOES NOT offer Direct Pag-IBIG financing. If client wants to finance thru Pag-IBIG, client must pay first the 20% Downpayment thru In-house Financing and the 80% Balance may be processed by the client personally to Pag-IBIG Housing Loan and provide the Letter of Guarantee (LOG) to the developer upon loan approval and signing to start the house construction. Please note that monthly amortization at 19% interest rate is continuous payment until the signed LOG is delivered to Profriends.


HOUSE CONSTRUCTION

  • All housing units in Lancaster New City have pre-scheduled construction timeline. Please refer to the inventory for the turnover schedule of your preferred unit.


WHEN CAN I MOVE-IN?

  • Spot Cash - Upon House Completion
  • Deferred Cash  - Upon 20% Payment of the TCP provided unit has already Notice of Completion.
  • Bank Financing - Upon Loan Release / Take-out
  • In-house Financing - Upon Full Payment of Downpayment and 3 months amortization + issuance of post dated cheques covering the full amortization period.


SALARY REQUIREMENT / NET DISPOSABLE INCOME (NDI) FOR BANK FINANCING

  • What is Net Disposable Income (NDI)? - NDI is the maximum amount that can be amortized by the client. Monthly Amortization amount must be equal or lesser than the NDI or Salary Requirement amount.
  • How can I determine my NDI? - NDI can be determined by this basic formula: NDI = Gross Monthly Income x 0.30 (Credit Ratio may vary depending on employment)
  • What are the PROOF OF INCOME that I can declare?  - Client (and spouse is married) may declare the following monthly income provided it has supporting document:
    • Monthly Basic Income
    • Monthly Allowances
    • 13th Month Pay (divided by 12 mos.)
    • Commission (6 months average pay-out, 30% of the average only)


LEGAL MISCELLANEOUS FEE & OTHER CHARGES

  • Are there any hidden charge? - NONE.
  • Is the Processing Fee already included in the Total Contract Price? - YES, Processing Fee or Legal Miscellaneous Fee is already included in the Total Contract Price.
  • Is the 12% VAT already included in the Total Contract Price? - If the property price has reached standard BIR revenue regulation for real estate properties, YES, it is already included.
  • What are the inclusions of the Processing Fee? - Processing Fee covers the following:
    • Transfer of Title Cost
    • Transfer Tax and other taxes required in transferring the Title
    • Notarial Fees
    • Blueprint
    • First year Fire & MRI insurances
    • Admin fees
    • Bank Charges (for bank financing accounts only)


MOVE-IN FEE & HOMEOWNER ASSOCIATION DUES

  • Is there Move-in Fee? - NONE. Lancaster New City doesn't have move-in fee.
  • MERALCO Application - Meralco Application is for the account of the buyer upon turnover.
  • Water Application - Water supply in Lancaster New City provided by Southlink Water Company. Water Application is for the account of the buyer upon turnover.
  • How much is the HOA Dues? - HOA Dues depends on each project. Please refer to the individual project for HOA dues.