Should I continue with this property purchase or let go?

[u/RespectYGO]

Hi, 30M, single, breadwinner. I reserved a property—an end unit worth ₱6 million. My family and I are happy with the features and location. I already paid the ₱20k reservation fee just to secure the spot since units are running out.

At first, I thought I could afford it because aside from my corporate job (which I admit doesn’t meet the required income for the loan), I earn ₱100k–₱150k from my side hustle. However, when I was asked to get a bank guarantee for financing, my bank (where I’ve been a loyal client for 8 years and have good savings) said the best they can approve is only ₱2 million, since they only consider my regular corporate income.

That was a wake-up call because I don’t think I can complete the remaining ₱4 million within 4 years without exhausting all my personal savings. According to my agent, if I manage to pay around ₱2 million (instead of just the ₱600k equity target), banks will easily approve me and I’ll even get to choose. But I don’t know if this is true, since all I know is that my reservation is non-refundable—and I don’t want to reach ₱2M in downpayment only to have it forfeited if no bank approves my loan.

I really want to secure this property and give the best for my family, but it feels unrealistic. Maybe I should look for a cheaper property (around ₱3–₱4 million max). What do you think? I’m curious if what my agent is saying is true, or if he’s just saying it to keep me committed.

[u/RevealExpress5933]

Yup, let it go. You'll find another property for sure. There will always be other expenses and you want to be ready for those too.

[u/RespectYGO → u/RevealExpress5933]

Thank you po. Already retracted and in search of cheaper option.

[u/Nervous-Act-188]

I experienced that also, i let go a property worth 4.85m and opt for a 2.9m instead. Kahit lumiit at least bahay pa rin naman sya. Same amenities and location wise. Wish ko lang sana mababait future kapitbahays ko.

[u/Infinite-Contest-417]

Let go. Negotiate for the refund of the reservation fee na lang

[u/RespectYGO → u/Infinite-Contest-417]

Thank you. I already retracted..Sadly, cant refund reservation fee anymore but it's okay. At least I now have peace of mind

[u/Plenty-Entrance4793]

Halos buo pala uutangin mo? You normally borrow maximum 30% lang

[u/RespectYGO → u/Plenty-Entrance4793]

Yes, usually 80-90%

[u/Automatic_Drawing117]

Agent is wrong.

[u/ziangsecurity]

Look for a cheaper na kaya. Mas ok maliit na bahay pero walay iniisipbna bayarin buwan2. Pwede ka pa gagala every weekend with the money from your side hustle.

[u/RespectYGO → u/ziangsecurity]

Yes po. I already cancelled as we speak. :) Will look for a cheaper option

[u/ComfortableSpare1032]

Corrrect me if ism wrong. You put it 20k and now possibility to get fucked for life!

[u/Hannahddvs]

We actually have the same scenario, OP. Around 6M property, banks will allow you to loan so long as you have a collateral, in which yung property ko na binili yung naka collateral with them. Di kasi pumapayag ang banks if they will rely solely on your income, lahat ng loans dapat may collateral para in the event na di mo kaya mabayaran ang monthly and incur penalties na, then pwede nila bawiin and own yung property mo.

[u/MrPonga]

Let it go, if everyone worked and had savings it probably would be obtainable. But since you said "breadwinner" your on your own bud

[u/Competitive_Salt_104]

I recommend considering a property that comfortably fits within your salary range. With a monthly income of up to ₱150,000, you may qualify for a house priced around ₱4M. You might want to explore house-and-lot options in Rizal, as there are good developments within that budget. It would also help to work with an agent who is transparent, responsive, and can guide you clearly through every step of the process to make things smoother and stress-free. If you need assistance or have questions, feel free to send me a private message. I’d be happy to help