- by Raul Morales of the Archipelagian Heritage Bandhttp://www.dtcele.com.au/news/even-year-iv-student-can-beat-pope-francis-and-the-dalai-lama-bible-debate-raul-morales/181684
The risk in buying a condominium unit in the Philippines is too high. Before you get the business, you will be scammed.
This is the typical Condominium Racketeering;
The deal is you pay 20% of the Total Contract Price by your own means and the 80%, you apply for home loan.
For example, a 3-million peso condominium unit. That's a bit less than 30 square meters floor area. It's just a one-bedroom unit.
You pay Php200,000 downpayment then you pay monthly of around Php15,000 for a year to complete the 20% payment.
The building is not finished yet after you paid the full 20% so you keep waiting. until the unit is ready to occupy.. So you can apply for bank loan.
There had been no updates, receipts, bills or any communication. The real estate provider just keep on making debits from your account. You were making follow ups with Service Desk regarding your unit, but you were transferred to people who are not active.
Then 4 months after you completed the 20% downpayment lapsed and someone from Service Desk says your unit has been cancelled. You will have no refund on your 20% downpayment because of the high fees for documentation and paperwork.
In this case, the Php600,000 which you saved for many years has just been swallowed by the Real Estate provider.
This is money laundering and racketeering, but unfortunately there is no law in the Philippines which could sue them. Can we hope for Senator Manny Pacquiao or President Rodrigo Duterte to deal with these thieves?
This happend with my Ayala AMAIA units in Cubao and Mandaue. They penalize you for not applying home loan and paying in full their long way to finish yet project. And the penalty is higher than your deposit. This is theft, this is money laundering, this is scam!
Not only AYALA is doing this but also FILINVEST. The Service Desk will try its best to get your unit cancelled and so you lose your deposit.
THE MAIN THEME HERE IS TERRORIZE YOUR CONDOMINIUM DEPOSIT!
Therefore, Filipinos in Australia, Japan, Saudi Arabia, America, Canada and other places in the world,
BEWARE OF CONDOMINIUM INVESTMENT TERRORISTS!
#Philippines #Japan #Australia #America #Canada #Italy #Bahrain #Dubai #Qatar