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How Much Do I Need to Buy a House in the Philippines?

How much does it cost to buy a home? Can I afford it? A house is the biggest investment you’ll ever make, so the expenses you’ll incur should be a major consideration in your home-buying decision. Understanding the house construction cost, taxes, and other fees you have to pay for a home purchase will help you create a realistic budget and give you ample time to get your finances ready. This also helps you avoid any unpleasant surprises and unplanned expenses. Here’s a general guide to the costs involved in buying a house in the Philippines. Note that the cost estimates here are just ballpark figures to give you an idea of how much you’ll spend as a homebuyer. Table of ContentsWhat are the Upfront Costs of Buying a Home?1. Reservation Fee / Earnest Money Deposit2. Earnest Money vs Reservation Fee3. Down Payment4. Home Loan Fees5. Processing Fee6. Appraisal Fee7. Building Permit FeesHow Much Do I Need to Build a House in the Philippines?Average House Construction Cost in the PhilippinesArchitect Fees for Residential Design in the PhilippinesLabor Cost for Construction in the PhilippinesWhat is a Closing Cost?Home Loan FeesMortgage Redemption InsuranceHandling Fee and Notarial FeeFire InsuranceNotarial Fee for Deed of Absolute SaleTaxes to Pay When Buying a House in the PhilippinesLocal Transfer TaxDocumentary Stamp TaxReal Property TaxMortgage Registration FeeMove-in FeesFinal Thoughts What are the Upfront Costs of Buying a Home? Certain fees have to be paid outright before acquiring a home. Here are the initial expenses you should save up for to buy a home in the Philippines. 1. Reservation…

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Home Renovation 101: How to Renovate Your Home on a Budget

Everyone deserves their dream home at a price they can afford. But can you really renovate a home on a shoestring budget? Home renovation doesn’t have to be costly. Think strategically about the materials, design, and timing of your renovation project. To stick to a tight budget, do simple tasks yourself, collaborate with a contractor, and be on the lookout for sales. Read on to get more money-saving home renovation tips and ideas. Table of ContentsTips to Save on Home Renovation Cost in the Philippines1. Set a Budget and Stick to It2. Start the Planning Early on3. Find the Right Home Renovation Loan4. Know Where to Shop for Affordable Home Decors5. Do Small Home Renovation Tasks Yourself6. Compare Quotes from Different Contractors7. Discuss Your Budget with the ContractorHome Renovation Ideas on a Budget1. Refresh Your Home with a New Paint Job2. Let in More Natural Light to Illuminate Your Home3. Find Cheaper Alternatives4. Maximize Existing Spaces5. Retain Your Existing Furnishings6. Use Recycled Materials7. Decorate Your Home with PlantsFinal Thoughts Tips to Save on Home Renovation Cost in the Philippines 1. Set a Budget and Stick to It Start with a well-defined budget that covers all home renovation costs. This ensures you will not overspend on renovating your house. Take stock of all the things you need to pay for, such as labor, materials, tools and equipment, permits, and cleanup service. Also, set aside a contingency fund—around 10% to 20% of your total budget—for unforeseen expenses. Put your home renovation cost breakdown in a spreadsheet that will also serve as your…

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XM Global Guide to Start Your Trading Journey

Looking to diversify your investment portfolio? Consider trading currencies in the world’s largest, most liquid financial market: the foreign exchange or forex (FX) market. While the idea of making money in the FX market sounds intimidating for the novice trader, it can now be done more conveniently online. Trade forex online in the comfort of your home with the help of a broker like XM Global. Before you participate in the forex market, learn more about this online forex broker and what it can do for you. Table of ContentsWhat is XM Global?XM Global Review: Is XM a Good Broker?Notable XM Global FeaturesWhat Can You Trade Through XM Global?Different Types of XM Trading AccountsHere are the key differences between the four XM trading account types:Demo Account vs Real AccountXM Global Trading PlatformsXM MT4 Trading PlatformXM MT5 Trading PlatformHow to Start Trading with XM Global1. Sign Up for an XM Trading Account2. Validate Your Trading Account3. Make a Deposit to Your Trading Account4. Install the Trading PlatformFinal Thoughts What is XM Global? XM Global Limited is a globally licensed, multi-awarded online broker that makes trading forex and contract for differences (CFD)[1] easy and efficient through its full-featured platforms. For more than 10 years, XM has been sharing its expertise in global financial markets with over 3.5 million traders from 196 countries, including the Philippines. As one of the industry-leading brokerage firms, XM enables clients to trade forex and CFDs on a wide variety of instruments—stocks, stock indices, commodities, metals, and energies—using a single trading account. XM Global Review: Is XM a…

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Here’s How You Can Buy a Home in Your 30s

Your 30s is the best age to buy a home. By now, you have a clear idea of what home-ownership means to you—whether it’s living independently, raising a family, or investing in real estate. You’re more or less financially ready to own a house. You’ve likely built a stable career or business that brings in steady income. You’ve probably established a good credit history, which can help you get a home loan. You’re old enough to make a life-changing decision like buying a house, yet still young enough to have time to pay off a home loan. As such, it’s hardly surprising that more Filipino millennials buy properties nowadays. Data from online mortgage broker Nook shows that 44% of home loans on its platform are acquired by millennials[1]. Ready to make that long-term financial commitment? To successfully buy a home in your 30s, understand how the usual home-buying process works in the Philippines. Table of ContentsHow to Buy a Home: 7 Steps for First-Time Home Buyers1. Decide on Your Home-Buying Budget2. Get Pre-Qualified for a Mortgage3. Save Up for a Down Payment4. List Down Your Must-Haves5. Shop for Homes6. Visit Possible Homes to Buy7. Get a Home LoanFinal Thoughts How to Buy a Home: 7 Steps for First-Time Home Buyers 1. Decide on Your Home-Buying Budget Many first-time home-buyers immediately start shopping for properties without setting a budget first. That’s a common mistake you’d want to avoid because it’ll tempt you to spend your money on something you can’t afford. It’s easy to fall in love with a stylish house…

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Getting to Know the Credit Information Corporation in the Philippines

Were you ever tempted not to pay a loan or a credit card bill? You probably thought you can get away with it and you can just apply for another loan after a few years. If that’s the case, this Credit Information Corporation (CIC) primer will convince you otherwise. In a nutshell, that’s the primary function of a credit registry: to monitor loan transactions by every individual and financial institution with credit facilities. In the Philippines, the CIC does exactly that and more. Let’s get to know the Credit Information Corporation a little better. Table of ContentsWhat is a credit registry?What is the Credit Information Corporation?How did the CIC start operating in the Philippines?What is the main goal of the CIC?What services does the CIC provide?Who can access the CIC’s credit database?How does the CIC value and uphold data privacy?How does the CIC value and uphold transparency?Final Thoughts What is a credit registry? The World Bank[1] defines the function of a credit registry as the following: “Credit registries are generally developed to support the state’s role as a supervisor of financial institutions. Where credit registries exist, loans above a certain amount must, by law, be registered in the national credit registry. In some cases, credit registries have relatively high thresholds for loans that are included in their databases. Credit registries tend to monitor loans made by regulated financial institutions.” Basically, a credit registry makes sure all loan transactions are accounted for. Banks and loan providers can’t just loan large amounts of money to anyone. Likewise, an individual can’t just avoid…

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How Mortgage Brokers Can Help You Secure a Home Loan

The first few steps to buying your dream home can be the most difficult. With so much information you have to know and documents that need preparing, the process can definitely stress you out. You may even fall into traps that might hurt you and your pocket in the long run. Finding the best home loan that fits your needs and budget can also be frustrating, especially when there are many mortgage products in the market. You may spend hours browsing through mortgage deals, memorizing financial jargon, and still end up with nothing. However, there are professionals out there, such as mortgage brokers, that can make obtaining your dream home a little bit easier. Table of ContentsWhat is a Mortgage Broker?The Benefits of Working with a Mortgage BrokerThey help you assess your financial healthBrokers offer invaluable expertiseThey can help you pre-qualify for a home loanThey can assist you in preparing your mortgage applicationMortgage brokers help you find the best home loans for your needsYou don’t have to submit multiple applicationsWorking with a mortgage broker can help you minimize feesMortgage brokers make home applications more convenientMortgage brokers are on your sideTheir services are usually freeFinal Thoughts What is a Mortgage Broker? A mortgage broker is a professional who gives financial advice to individuals wanting to purchase a home. He or she can guide you through all the complexities of a mortgage application. A mortgage broker can help you prepare the paperwork and documentation needed for your home loan application. As a middleman, a broker also connects borrowers to lenders, taking care…

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5 Ways to Pay for Your Etiqa Car Insurance – All Online!

Did you know that you can get your car insurance purchase done in just one sitting? Etiqa Philippines offers a fully online process for car insurance policy applications. No need to leave your home because you can complete every step—from getting a quote to paying for your premium—all in one place through the Etiqa website. Also, you can choose from an array of convenient online payment methods, with a 0% interest installment option using a BDO or Maybank credit card. Buy your car insurance online in the comfort and safety of your home. Here’s a simple guide to help you get your Etiqa car insurance policy fast. Table of ContentsHow to Get an Etiqa Car Insurance Policy Online5 Etiqa Car Insurance Online Payment Options1. Credit Card Installment at 0% Interest2. Credit Card or Debit Card3. BancNet ATM Card4. GCash5. Online Fund TransferOnline Banking Payment OptionsAccount NumberFinal Thoughts How to Get an Etiqa Car Insurance Policy Online Access the Etiqa Auto Insurance page on the Etiqa Philippines website. Click the Apply Now button. Get your Etiqa car insurance quote based on your vehicle’s brand, model, and make. If your model is not among the options, send an email request for quotation (with your full vehicle information and contact details) to generalinsurance@etiqa.com.ph. Select your vehicle’s value and coverage limits. Indicate whether you will add an Acts of God coverage to your policy. Choose your preferred payment type. If you plan to pay via credit card installment, you should also pick a payment term (the number of monthly installments you can afford to…

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Etiqa Car Insurance: Customize Your Policy According to Your Budget

“Is Etiqa car insurance good?” Whether you’re shopping for your first policy or switching to a new car insurance provider, Etiqa Philippines is one of the options that would pop up when you search online. You’re probably wondering if Etiqa car insurance is worth considering. Etiqa offers plenty of benefits and innovations that make getting a policy and filing a claim so much easier for its clients. Here’s everything car owners should know about this insurance company in the Philippines. Table of ContentsWhat is Etiqa Philippines?Etiqa Car Insurance in the PhilippinesEtiqa Car Insurance Coverage and BenefitsWhat Does Etiqa Auto Insurance Cover?Benefits of Having an Etiqa Car Insurance Policy1. Purchase and Renew Your Policy All Online2. Pay Your Policy at 0% Interest3. Payment Flexibility4. Fast Claims ProcessingHow to Get Etiqa Car Insurance OnlineFinal Thoughts What is Etiqa Philippines? Etiqa Life and General Assurance Philippines, Inc. or Etiqa Philippines (via AsianLife and General Assurance Philippines), has been in the industry for over 40 years. Etiqa’s headquarters is in Kuala Lumpur, Malaysia and currently has presence in Singapore, Indonesia, Cambodia, and the Philippines. Etiqa Philippines offers Group Life, Non-Life and Retail (Individual) products that cater to protection, savings, insurance, and investment needs for various segments in the Philippines. They offer a wide range of products, including endowment, term, education, investment-linked, and medical insurance for Life and personal accident, fire, motor, aviation, fleet management, and engineering policies for Non-Life. The company is a member of the Maybank Group. Etiqa Car Insurance in the Philippines Etiqa Car Insurance, one of Etiqa Philippines’ insurance products, provides…

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Moneymax and Nook Sign Partnership to Make Housing Loan Applications Easier

MANILA, PHILIPPINES – MAY 2020. Nook, the Philippines’ first online mortgage broker, partners with Moneymax to help Filipinos find and get approved for the right home loan. Nook was founded in 2018 and its partnership with Moneymax is a first for both online platforms. Table of ContentsMaking home loan applications simple and freeWorking together to help Filipinos with their home financing needsAbout MoneymaxAbout Nook Making home loan applications simple and free Online mortgage brokers may be new to Filipinos, but their role in the Philippine housing market can sure make an impact. So how does a platform like Nook work? Similar to Moneymax, Nook partners with leading banks in the country to act as an intermediary between them and borrowers. Through its website, Nook helps Filipinos choose the right home loan, ultimately guiding them from application to approval. Apart from making the home loan process faster and more convenient, Nook also helps users save money by allowing them to compare and apply for a loan without charge. Nook’s services are all free and online. Working together to help Filipinos with their home financing needs It only makes sense for Nook to partner with Moneymax as both companies aim to educate Filipinos on how to make smarter financial decisions. “Getting a home loan is a major financial decision in someone’s life. Moneymax and Nook will make it easy for every Filipino to compare and apply for the best home loan with a click of a button,” shares Munmun Nath, Moneymax’s Managing Director for Marketing. “We are excited about this strategic partnership…

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Credit Report vs Credit Score: Understanding the Difference

What’s the difference between a credit report and a credit score? It’s hard to tell because the two terms seem very similar. They’re both important for lenders in determining how responsible you are as a borrower. You also need to access both for building your creditworthiness. Not to mention that they sound pretty much the same. That’s where the similarities end, though. To help you distinguish one from the other, we’ve broken down for you the key differences between a credit report and a credit score in the Philippines. Read on as we break down credit report vs credit score in the Philippines. Table of ContentsWhat is a Credit Report?What is a Credit Score?Credit Report vs Credit Score: The Main Differences1. Credit Reports Give More Details2. Credit Report is the Basis for Credit Score Computation3. No Credit Score on a Credit ReportQuick View: Credit Report vs Credit Score DifferencesHow to Get Your Credit ReportHow to Get Your Credit ScoreFinal Thoughts What is a Credit Report? A credit report is a detailed summary of your borrowing and repayment activities. It contains your personal and/or business information, as well as pertinent details of your loans, credit cards, mortgage, and other financial transactions. In a nutshell, here’s how credit reporting works in the Philippines: Banks and other financial institutions submit their clients’ credit information (both positive and negative) to the Credit Information Corporation (CIC), the public credit registry and repository of credit information in the Philippines. The CIC compiles the collected credit information into in-depth credit reports. The CIC shares credit reports of…

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5 Best Ways to Grow Your Extra Savings

Have you ever found a PHP 100 bill tucked inside your favorite jacket’s pocket by chance? There are moments in life where you sometimes get more than what you need. Have you thought about where you can save your extra money instead of spending it immediately? It’s okay if you haven’t. After all, you deserve to treat yourself once in a while. But in the spirit of being practical during a crisis, you can always choose to save and grow your extra money lying around. If you don’t know what to do with it, here’s a list of money saving ideas. Table of ContentsMoney Saving Ideas to Grow Your Extra CashKeep It in Your Savings AccountOpen a High-Interest Savings AccountBuild Your Emergency FundOpen an Investment FundStart Your Business CapitalFinal Thoughts Money Saving Ideas to Grow Your Extra Cash Keep It in Your Savings Account Say you saved a few bucks from your recent grocery run. Instead of doing your next online lockdown shopping spree[1], why not keep it in your account? One of the several money saving ideas is to keep your extra money in your low maintaining savings account so it can at least grow a little. Regular savings accounts can earn you up to 0.25% per annum. Open a High-Interest Savings Account But if you want your extra savings to grow faster so you can navigate the new normal better, you need to put it on a high-interest savings account. It’s one of the best money saving ideas because digital banks in the Philippines offer the highest interest…

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Moneymax and CIC Partner to Promote Consumer Rights Amid COVID-19

MANILA, PHILIPPINES – APRIL 2020. The Credit Information Corporation (CIC) partners with Moneymax to educate Filipinos about the importance of having access to one’s credit history. CIC is the Philippines’ government-owned and controlled central credit registry. This is the first partnership between the two companies as they aim to promote financial literacy on credit information in the Philippines. Table of ContentsPushing the importance of accurate credit informationCredit information made accessible in a few clicksAbout MoneymaxAbout Credit Information Corporation Pushing the importance of accurate credit information CIC tapped Moneymax to help increase awareness of CIC’s role in helping consumers get access to their own credit data and history. Moneymax will publish customized articles, videos, and infographics to educate Filipinos about the importance of credit reports and their right to accurate and reliable credit information. “Our mission is to help Filipinos lead a healthier financial life. Access to credit is an important pillar of a healthy financial life. Financial institutions rely on CIC’s credit reporting database to make decisions on who gets approved for credit. It’s very essential that Filipinos understand what goes into their credit history and improve transparency on credit reporting,” shares Munmun Nath, Moneymax’s Managing Director for Marketing. “The CIC is the only government agency tasked to undertake a continuing nationwide educational campaign to promote the benefits of a credit information system to the economy. As we continue to combat the economic backlash of COVID-19, we need to reach as many Filipinos as possible about the value of responsible borrowing and credit data sharing. This is why we look…

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What are Bank Interest Rates and Why Do They Matter?

When choosing a bank, do you pay close attention to its interest rates? While they seem to barely make any difference, interest rates are not insignificant at all—they’re a crucial part of banking, whether you’re saving or borrowing money. To make the most of your savings, it’s important to understand how bank interest rates work. Here’s everything you need to know about the interest rate on savings accounts, including why you should go for a high-yielding account. Table of ContentsWhat is the Meaning of Interest Rate on a Savings Account?How to Compute Bank Interest Rates on Savings3 Key Benefits of High-Interest Savings Accounts1. Higher Earning Potential Than Traditional Accounts2. Protection Against Inflation3. Maximized Savings for an Emergency or Large Purchase5 Reasons to Open a High-Yield Savings Account with ING Philippines1. Save More and Faster2. Start Saving Easily3. Open and Manage Your Account Conveniently4. Access Your Money Easily5. Keep Your Money SafeHow to Start Growing Your Savings with ING PhilippinesING Savings Account RequirementsHow to Open a Savings Account Online via ING AppFinal Thoughts What is the Meaning of Interest Rate on a Savings Account? An interest rate is the percentage of your savings that determines how much the bank pays you to keep your money on deposit. When you deposit money in your savings account, you’re lending it to the bank. Your funds are then invested through loans, credit cards, and other financial products. In return, you earn interest on your savings. How to Compute Bank Interest Rates on Savings Generally, banks use the principle of compound interest[1] based on the…

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What is a Credit Report and Why Do I Need it?

Are you serious about getting your finances in good shape? If the answer is yes, a document you should be checking is your credit report. If you’ve never seen yours, it’s time to understand what a credit report is and why it’s important in your adult financial life. Here are the basics of credit reports in the Philippines every Filipino needs to know. Table of ContentsWhat is a Credit Report?What is the Difference Between a Credit Report and a Credit Score?How Credit Reporting Works in the PhilippinesHow Your Credit Information is CollectedWhat Shows Up on Your Credit Report?How CIC-Accredited Credit Bureaus and Lenders Use Your Credit ReportWhy are Credit Reports Important?1. Get Fair and Objective Credit Evaluation2. Improve Your Creditworthiness3. Achieve Your Financial GoalsHow to Get a Copy of Your Credit ReportBelow is the process of getting your report from the CIC.Final Thoughts What is a Credit Report? A credit report is a document that sums up your credit history including your loans and credit card accounts. An objective measure of your ability to repay a debt, it shows how much you owe and how much and when you’ve paid off the debt. What is the Difference Between a Credit Report and a Credit Score? Although they’re both used to assess a borrower’s creditworthiness, a credit report and a credit score are two different things. Don’t confuse one with the other. Your credit report is a detailed account of your credit history, while your credit score is a three-digit number that represents the data in your credit report. Your credit…

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How the COVID-19 Pandemic is Changing the Way We Bank

If there’s one thing everyone can agree on, it’s that COVID-19 successfully hit the pause button of the entire planet. The world is dealing with a major pandemic years after the last one and once this is over, there will definitely be a new normal—from being more health-conscious to changing the ways we manage our finances online. Now more than ever, the benefits of online banking are hard to ignore. And because of COVID-19, more people will definitely be compelled to apply for an online banking account and manage their finances at home. Here are just some of the ways the global pandemic forced everyone to change the way they bank. Table of ContentsOnline Banking TransferDeposit Check OnlineOnline Bills PaymentRise of Digital BanksWhy Open an Online Banking Account with ING PhilippinesHow to Open an Online Banking Account with ING PhilippinesFinal Thoughts Online Banking Transfer It’s not enough to have just one bank account. In fact, you should have an account for every purpose. Balancing two or more bank accounts means you have to do a lot of fund transfers from time to time. And since you can’t go outside to transfer money from one fund to another, having online mobile banking can solve your traditional banking problems. And it’s not limited to your accounts, too. You can easily send money to your loved ones via online fund transfer. Banks even lifted their transfer fees for the meantime so it’s more convenient now to fund any bank account. This will also change the way we deal with remittances as online internet…

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6 Simple Ways to Earn Money While on Lockdown

The global pandemic may have taken away some of your freedom, as most people are now advised to just stay at and work from home. While it is totally understandable to use some of your free time to relax and chill, you might also want to consider exploring more ways to earn money from home. The extra funds may come in handy for a future spend or an emergency. Here are some tips to get you started on opportunities online that will help increase your cashflow: Table of Contents1. Start an Online Prepaid Loading Business2. Find Freelance Jobs Here and Abroad3. Sell Your Old Stuff and Have Them Delivered4. Consider Starting a Vlogging Career5. Find a Worthy Investment Opportunity Online6. Open a High-Interest Savings Account OnlineWhy You Should Open an ING Savings AccountHow to Make Your Money Grow with an ING Savings AccountFinal Thoughts 1. Start an Online Prepaid Loading Business The lockdown has sent most employees working from home, with a sizable number relying on mobile data to try and save money from monthly internet plans. Corner this segment of the market by providing an online loading service. Most mobile wallets offer discounts and cashback on prepaid load, so start advertising your service by telling everyone you know through messaging apps. Read more: 8 Smart Ways to Earn Money Online Using Your Smartphone 2. Find Freelance Jobs Here and Abroad Freelance jobs have become increasingly in demand these days since most countries have already implemented their respective lockdowns. Search for freelance opportunities here and abroad so you can guarantee…

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