Nestled in Muntinlupa, Ayala Alabang has transformed into one of Metro Manila’s most luxurious and biggest commercial centers, with several businesses littering the landscape.
It is the perfect place for those who want to be near the capital yet still be far enough to enjoy a relaxing afternoon or evening. It is the last city you’ll come across before the province of Laguna, making it a perfect place to stay if you want to spend a weekend in the province without having to spend an entire day on the road.
A home in Ayala
A house in Ayala Alabang costs between ₱60,000 – ₱80,000,000 making it one of the most expensive and exclusive communities in the country.
Most banks in the country have a maximum loan amount of 80% of the appraised value. This means that if a house-and-lot is valued at Php1,000,000, you need to prepare at least Php200,000 because most lenders will only lend Php800,000 at most.
The price of the house is only the tip of the iceberg. You also have to consider the other fees that home buying entails. These include:
Documentary Stamps Tax – This is the tax imposed on documents, instruments, loan agreements, and more. This is 1.5% of the property’s selling price, fair market value, or zonal value (whichever is the highest).
Local Transfer Tax – This is the tax levied on the transfer of ownership of real property. It varies from 0.5-0.75% of the selling price or zonal value (whichever is greater). The percentage also varies from location to location, so you should consult your City or Municipal Treasurer.
Notarial Fee – This is payment for getting the Deed of Absolute Sale notarized, which is 0.1-0.15% of the property’s selling price.
Loan Fees – Apart from the borrowed amount and interest, the buyer also contends with loan fees when they apply for a housing loan. These vary from lender to lender, but it usually includes mortgage redemption insurance, fire insurance, appraisal fees, and handling fees.
Maintaining your luxury home
To keep your Ayala home in the best condition, you have to spend on maintenance and renovation as well. Estimates for maintenance fees, which include regular cleaning and minor repairs, range from ₱292 to ₱1,749. If you need something repaired or renovated, or if you want to redesign the landscape, prepare to spend a few thousand pesos as well. The cost will vary depending on the scope of the renovation work.
A house is a huge investment, an asset that will have a huge impact on your finances for the next 10, 20, or 30 years. This is why you need to think very carefully about the kind of house that you want to own, where you apply for a house loan, and just how much you are willing to spend on it. If you want to look at alternative options for housing loans in the Philippines, you can also check other choices in the market and compare so that you can make an informed decision.
Philippines real estate is a solid investment. Therefore, you should take care to choose reputable agents and developers. Here at Presello, as a real estate firm, we have the pleasure of meeting the best in the industry of interior design in Metro Manila. We know how much they take each project seriously and how well they do it. Interested? Book a viewing with Presello today!