Frequently Asked Questions
1. Can foreigners own properties in the Philippines?
According to the Republic Act 4726, The Condominium Act of the Philippines, foreigners are expressly permitted to acquire 100% ownership of condominium unit; provided not more than 40% of the total units owned in the condominium project are owned by foreigners. The 60% of the condominium corporation of the project must be owned by Filipinos.
2. Can locals, foreigners and corporation resell the property?
YES, locals, foreigners and corporations can resell the property to either locals, foreigners and corporations alike. Same taxes in selling apply to local or foreign sellers and buyers.
3. Can foreigners get approval for home loan in the Philippines?
Foreigners are allowed to bank finance their condominium upon turnover with our tie up local banks.
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With no attorney-in-fact residing in the Philippines.
Foreigners are allowed to get financing for at most 50% of the total contract price for a maximum of 5 years -
With attorney-in-fact residing in the Philippines
As long as foreigners have an attorney-in-fact in the Philippines, they can avail of loans as of they are Filipino citizen. Bank financing can be granted up to 80% of the total contract price up to 15 years. -
Foreigners with Special Retirement Residence Visa (SRRV), may bank finance your properties for 15 years up to 80% loanable amount as well.
3. How do we reserve a unit?
Once you have decided on the exact unit/s and payment option you want to avail, to reserve;
1. Sign completed Request for Reservation and Offer to Purchase (to be provided by us)
2. Sign and accomplish the Buyer's Information Sheet (to be provided by us)
3. Submit a copy of at least one (1) government issued identification card (I.D).
4. Pay respective reservation fee/s thru cash, check, credit card or wire transfer of Php30,000 per unit (company bank account for wire transfer to be provided by us)
4. What are the modes of payment?
Megaworld Corporation accepts payments made thru;
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Checks payable to MEGAWORLD CORPORATION
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Cash
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Bank Wire Transfer
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Deposit/ Remittance Payments
Please note that only PHILIPPINE PESO or US DOLLAR currencies are accepted for all the modes of payment.
5. I have a friend who is interested to buy a property, am I entitled to receive a commission?
Yes, you are entitled to received commission from your referral, ask Mr. Jao Elegado regarding the details of Referral Incentive Program.
6. How much is the rental yield and property appreciation?
As of today, in both our developments in Makati, units can be rented out for Php 910 – Php 1,100 per sq. m. per month (at a conservative rate), giving you a gross rental yield of around 7.6% -11.7% for a residential condominium in the area.
As for the property appreciation, our projects in Megaworld increase its prices of about 5-7% annually.
To know more about Megaworld Corporation - Makati CBD and how it is creating homes for hundreds of families.
Contact MCBDcondos Now!
