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Buyers Guide

CASH PAYMENT

DMCI Homes

DAYS 1 TO 7 FROM RESERVATION DATE

Upon reservation of your chosen unit, a welcome letter shall be given as gratitude for making DMCI Homes your choice. To facilitate the documentation process and to complete your unit’s reservation transaction, you must submit the following documents to your Sales Agent:

  1. Signed Reservation Agreement and Reservation Fee Receipt Signed Client Registration Form
    Signed Computation Sheet
  2. Photocopy of either Tax Identification No. (TIN) or BIR Form 1904 Photocopy of any valid
  3. Government issued ID/s with signature.
  4. Notarized Special Power of Attorney (SPA), for local accounts and Consularized SPA for international accounts (if applicable)
  5. Deed of Undertaking for international accounts (if applicable) Proof of Billing Address (must be the latest billing statement) 

Once all requirements have been submitted, your Sales Agent shall endorse your documents and all other necessary requirements to the Documents and Inventory Control Department for the preparation of the Deed of Absolute Sale (DOAS).

All requirements and payments must be completed within thirty (30) days. Otherwise, your reservation will be forfeited and cancelled.

DAYS 8 TO 15

Once your documents have been properly endorsed, it will usually take one (1) to two (2) working days to prepare your DOAS. While your DOAS is being drafted, we will send you a copy of the Reservation Agreement.

DAYS 16 TO 30

Your DOAS is now ready to be released, which you will be given fifteen (15) days to review. Should the documents be in order, you will need to sign the DOAS and return it to your Sales Agent.

RELEASE OF DOAS

  • Photocopy of DOAS: One (1) day upon request    
  • Notarized DOAS: One (1) year from the date of full payment along with the transferred title and tax declaration in your name 

Upon clearance of the full payment, you will be issued a Clearance for Turnover. You will then be endorsed to the Turnover Department for unit inspection.

For cash buyers of Non-RFO projects, there will be a Php50,000.00 retention amount that will be payable upon RFO of the unit purchased (to complete the total contract price) and the contract will remain as CTS until such time.

 

IN-HOUSE FINANCING and BANK FINANCING

DMCI Homes

DAYS 1 TO 7 FROM RESERVATION DATE

Upon reservation of your chosen unit, a welcome letter shall be given as gratitude for making DMCI Homes your choice. To facilitate the documentation process and to complete your unit’s reservation transaction, you must submit the following documents to your Sales Agent:

  1. Signed Reservation Agreement and Reservation Fee Receipt 
  2. Signed Client Registration Form
  3. Signed Computation Sheet
  4. Photocopy of either Tax Identification No. (TIN) or BIR Form 1904 
  5. Photocopy of any valid Government issued ID/s with signature
  6. Notarized Special Power of Attorney (SPA), for local accounts and Consularized SPA for international accounts (if applicable)
  7. Deed of Undertaking for international accounts (if applicable)
  8. Proof of Billing Address (must be the latest billing statement)
  9. Birth Certificate for Minors / Marriage Contract for Newlyweds without Updated IDs 

Once all requirements have been submitted, your Sales Agent shall endorse your documents and all other necessary requirements to the Documents and Inventory Control Department for the preparation of the Contract to Sell (CTS).

All documentary requirements and payments must be completed within thirty (30) days. Otherwise, your reservation will be forfeited and cancelled.

DAYS 8 TO 15

Once your documents have been properly endorsed, verification of contact information and personal details will be conducted. Once Notice of Approval has been released, it usually takes one (1) to two (2) working days to prepare your CTS.

DAYS 16 TO 30

Your CTS is now ready to be released and you will be given fifteen (15) days to do the following:

  1. Review and evaluate the terms and conditions in the Contract to Sell (CTS)
  2. Prepare the required number of Post-Dated Checks (PDCs) covering your 
    • If unit is still under construction, PDCs should cover the entire down payment period
    • If unit is ready for occupancy (RFO), minimum of 24 PDCs
    • If chosen payment method is cash upon turnover (RFO or NON-RFO), PDCs should cover the entire down payment period and balance
    • If chosen payment method is through bank financing, PDCs should cover the entire down payment period
    • If payment period is under 10 years in-house financing, PDCs should cover the entire down payment and the first 5 years monthly amortization

Should the documents be in order, you will need to sign your CTS and return it to your Sales Agent.

RELEASE OF CTS

  • Notarized CTS: Thirty (30) days from the date of closing the sale with complete documents. 

For In-House Financing, upon clearing of the required down payment and submission of complete PDCs (60), you will be issued a Clearance for Turnover. You will then be endorsed to our Turnover Department unit inspection.

 

BANK FINANCING PAYMENT TERM

DMCI Homes

For direct bank financing, a duly accomplished loan application form with the following pre-approval requirements must be submitted to your Sales Agents, preferred accredited bank, or DMCI Homes Bank Financing Helpdesk four (4) months before the due date of the bank financing schedule for processing of your bank loan approval:

IF EMPLOYED WITHIN THE PHILIPPINES

  1. Certificate of Employment (COE) stating annual salary and position
  2. Latest Income Tax Return (ITR)
  3. Pay Slips (past 2 months)
  4. Proof of Billing Address (must be the latest billing statement)
  5. Bank Statements 

IF OVERSEAS FILIPINO WORKER (OFW)

  1. POEA Authenticated Contract (seaman)
  2. COE Authenticated by Philippine Consulate (direct hired) 

IF SELF-EMPLOYED

  1. Business Name (DTI-Certified) or SEC Registration
  2. Articles of Incorporation and By-laws with SEC Registration Certificates
  3. List of Trade References (at least 3 names and contact numbers of major suppliers and/or customers)
  4. Audited Financial Statements for the past two (2) years
  5. Bank Statements for the past six (6) months
  6. Proof of Billing Address (must be the latest billing statement) 

IF PRACTICING DOCTOR

  1. Clinic address/es and schedule
  2. Bank Statements for the past six (6) months 

IF INCOME IS FROM RENTAL OF PROPERTIES

  1. List of tenants and rental amount
  2. Complete address/es of properties being rented
  3. Bank Statements for the past six (6) months 

When approved by your bank, you will be issued a Letter of Guaranty (LOG) which must be submitted to the Financing Department.

Release of your loan normally takes five (5) to seven (7) working days from receipt of conformed LOG, settlement and submission of the following post- approval requirements:

  1. Conformed Letter of Guaranty (LOG) and Deed of Undertaking (DOU)
  2. Signed Loan Documents
    • Deed of Assignment
    • Promissory Note
    • Real Estate Mortgage
    • Special Power of Attorney
    • Note: Signed & settled to the bank prior to the release of the Bank Guaranty (Bank Process) 
  3. Other requirements
    • Post-dated checks or Auto-Debit Agreement
    • Mortgage Redemption Insurance (MRI)
    • Insurance of the property to be financed
      • For Condominiums (Fire/Earthquake insurance endorsement), policy and photocopy of the official receipt can be obtained from the Property Management office of your project
      • For completed House and Lot, insurance should be obtained from a reputable and accredited insurance company
      Note: Signed & settled to the bank prior to the release of the Bank Guaranty (Bank Process)
  4. Payment of bank charges, which include Documentary Stamp Tax, Notarial and Mortgage Fees
  5. Developer Requirements
    • Payment for the required down payment amount based on the restructured computation sheet (if applicable)
    • Full settlement of unpaid down payment (if applicable)
    • Full settlement of miscellaneous expenses and other related costs (if applicable)
    • Full settlement of real estate tax (if applicable)
    • Signed Contract to Sell (CTS) and conformed restructured computation / Statement of Account (SOA) 
      Note: Signed & settled to DMCI Homes prior to loan release. (DMCI Homes Process)

Note: Signed & settled to DMCI Homes prior to loan release. (DMCI Homes Process)

For Bank Financing, upon clearing of the required down payment and bank loan release, you will be issued a Clearance for Turnover. You will then be endorsed to our Turnover Department for unit inspection.

Below is the list of accredited banks:

  • BDO
  • BPI / BPI Family
  • Chinabank / Chinabank Savings
  • HSBC
  • Malayan Bank
  • Metrobank
  • PNB
  • PSBank
  • Security Bank Savings
  • UCPB
  • RCBC Savings Bank
  • AUB (Asia United Bank)
  • Bank of Commerce
  • EastWest Bank
  • Maybank
  • Philippine Business Bank
  • Robinsons Bank

To request for change of payment terms for the balance from In-House Financing to Bank Financing, the same procedure shall be followed. However, upon submission of Letter of Guaranty (LOG) to the Financing Department, the request will be endorsed to the Credit & Collection Department for the issuance of latest statement of account & to the Remedial Department for facilitation of your restructured computation sheet, which normally takes ten (10) working days for releasing from the date of receipt. The restructured computation sheet requires your conformity within five (5) days from the date of issuance. All checks that will mature within thirty (30) days from the date we received the Letter of Guaranty will be deposited and considered in the computation as part of payments made.

 

PAYMENT VIA REMITTANCE FOR INTERNATIONAL BUYERS

DMCI Homes

In order to promptly and properly monitor your remittances, DMCI Homes has made arrangement with banks in facilitating remittances with the following procedure:

  1. Go to your nearest remittance center / partner bank.
  2. Fill-out remittance slip form / remittance application.

    MANDATORY FIELDS 

    DESCRIPTION 

    Remitter name 

    Name of person sending the payment 

    Beneficiary name 

    DMCI Project Developers Inc.

    Subscriber name 

    Name of buyer

    Subscriber number 

    Remitter code / Policy number 

    Document number 

    Reference number 

    Amount of remittance 

    Total amount of amortization payment in Php 

    Remittances made without the above required information will not be processed by tie-up bank’s foreign branches and offices / remittance centers.

    Collection Center Agent shall encode the account number. If correct, Agent shall proceed with the transaction. If not, “Invalid Account” shall appear on the screen and the Agent will not accept the remittance.


    Note: Your remitter code is your policy number. Please do not lose this account number.


  3. Inform Collection Center Agent of the remittance amount in peso value. Agent shall convert the peso amount to the equivalent foreign currency.
  4. The usual remittance bank charges or service fee will be at the account of the buyer. The service fee will depend on the charges applied by the originating foreign branch or office.
  5. A validated Official Receipt (as proof of remittance) shall be issued to the buyer by the Bank’s foreign branch or office/remittance center.
  6. Remittance will be credited to DMCI Homes account within 24 hours from date of remittance. Thus, remittance must be made within one (1) working day prior to amortization due date to avoid incurrence of penalties caused by late payment. DMCI Homes will issue Official Receipt (OR) as proof of payment for the purchased DMCI Homes property based on the date payment was credited to the DMCI Homes account.
  7. It is best to keep a copy of the remittance slip or validated official receipt issued by the remittance center/tie-up bank in case there will be a need to reconcile actual remittances made.

 

MISCELLANEOUS EXPENSES AND OTHER RELATED COSTS

DMCI Homes

Besides the total contract price of the unit you purchased, there are miscellaneous fees payable to the Developer for the transfer of title from the Developer to the Buyer’s name (closing fees) and other related expenses in connection with the sale.

For Sales with reservation date of July 15, 2008 onwards, these miscellaneous expenses are already included in your schedule of payment / CTS Annex.

Depending on your method of payment and unit purchased, miscellaneous expense rates range from 3.6% - 13.5% of the total contract price. It includes fees and charges for Documentary Stamp Tax, Transfer fees, Registration fees, Assurance fund, Administrative and Processing fees and LGU/IT Service fees.

 

CLEARANCE FOR TURNOVER

DMCI Homes

Your Clearance for Unit Turnover will automatically be processed and released by the Documents and Inventory Control Department to the Turnover Department once the following requirements are submitted:

  1. Complete documentary requirements based on availed payment term
  2. Full settlement or cleared minimum down payment requirement of the project 
  3. Release of loan proceeds for bank financing term
  4. Updated payment status (current)
  5. Complete PDCs

 

TURNOVER PROCESS

DMCI Homes

Turnover is a process wherein DMCI Homes physically delivers the unit to the buyer.

Upon the release of our Documentation Group of your unit’s clearance for turnover, a coordinator from the Turnover Group will call or email you to confirm the dressing up of your unit and to inform you of the tentative turnover schedule along with the turnover fees, which you would have to settle upon acceptance of the unit. A confirmation from you is required to start the unit dress-up.

On the date of your unit’s turnover, you will be asked to inspect your unit and sign the Acceptance Document that states that the unit is acceptable to you. If there will be requests to rectify some items, these will be noted in the punchlist form and shall be endorsed by the Turnover Group to the Construction Group for proper action. The final turnover will be rescheduled until further notice depending on the quantity or scope of rectification works.

Once you are satisfied with your unit’s condition, the unit will be immediately turned over. You will be asked to sign a Certificate of Acceptance, complete Meralco application documents and settle the Turnover Fees, which covers the following:

  1. Meralco Service Deposit

  2. Power Bill Deposit

  3. Water Bill Deposit

  4. One-time joining fee for Condominium Corporation

  5. Monthly Association Dues: Prorated for the current month and two (2)months advance

  6. Other special assessments 


You will be introduced to the Property Management Office (PMO) for briefing and orientation regarding condominium policies, rules and regulations.

You shall be given a Homeowner’s Manual and the complete set of keys for your unit.

If the Principal Buyer is not available on the scheduled turnover of unit, an Authorized Representative may accept the unit on his/her behalf provided the following must be presented:

  1. Special Power of Attorney (SPA) 
  2. Two (2) Valid IDs of the Authorized Representative 
  3. Photocopy of one (1) Valid ID of the Principal Buyer 

If you fail to inspect and accept your unit within thirty (30) days from the date of the written notice from the Turnover Department, it will be deemed that you have legally accepted the unit. Charging of Association Dues shall automatically commence from the day that your unit has been accepted or deemed accepted.

 

UNIT WARRANTY

DMCI Homes

Your unit is backed by two (2) years warranty on workmanship from the day of acceptance or deemed acceptance. However, repair of items affected by normal wear and tear, misuse or termite infestation such as lockset, faucets etc. are excluded in the prescribed warranty. Upgrades, improvements and other personal modifications to your unit may only be allowed after the official acceptance. Please note that certain warranties may be voided by alterations.

DMCI Homes