ABOUT DMCI HOMES
DMCI Homes is a company of innovative builders and engineering experts that develops modern day living solutions for urban families. Each development is built with world-standard craftsmanship borne from D.M. Consunji Inc.’s 64 years of expertise in the construction and development industry. Its corporate philosophy is anchored on a deep understanding that buying a home is an investment for a better way of living. Thanks to feature-rich, ideally located communities, residents can finally enjoy a more comfortable and meaningful way of life where they can feel real good to be home.
DMCI – a wholly owned subsidiary that is engaged in general construction services – the company’s core business. The subsidiary was founded in 1954.
Some of the landmark infrastructures that DMCI built include:
In 2017, DMCI Homes became the Philippines’ first real-estate firm to be recognized as a quadruple A contractor. The notice on DMCI Homes’ upgraded category was released last January 18 by Philippine Contractors Accreditation Board (PCAB), the implementing arm of the Construction Industry Authority of the Philippines (CIAP) under Department of Trade and Industry (DTI).
WHAT TYPE OF OWNERSHIP DOES DMCI HOMES OFFER?
Perpetual / lifetime ownership.
WHAT HAPPENS TO YOUR CONDO AFTER 50 YEARS?
Fact #1: When you buy a condominium unit, you become part of a corporation.
A condominium corporation owns the land where your condominium is built. As a unit homeowner, you can think of yourself as a shareholder of that corporation. It’s the same as having a homeowners association in landed housing developments.
Shareholders possess the same right and voting power as other unit owners or shareholders. You can vote on issues like repainting common areas, changing the swimming pool tiles, or upgrading the facilities in the in-house gym.
Similarly, you can also vote on issues surrounding the fate of your condominium after 50 years. Remember that it’s a collective decision of more than 50% of homeowners at the very least, not just one individual deciding on everything.
Fact #2: A corporation’s lifespan is 50 years, but it can be renewed.
Your condominium doesn’t have a lifespan, but the corporation managing it has one. In the Philippines, 50 years is the lifespan of all companies and corporations, big or small.
However, the corporation can still be renewed for another 50 years, so your condominium ownership does not necessarily end at that point.
Fact #3: Three factors need to be fulfilled to declare a condominium uninhabitable.
Here’s what the law says exactly about your condominium’s future after 50 years:
“That project has been in existence in excess of 50 years; that it is obsolete and uneconomic, and that condominium owners holding in aggregate more than fifty percent interest in the common areas are opposed to repair or restoration or remodeling or modernizing of the project.”
Many people believe that this clause already implies that a condominium has a set lifespan of 50 years, but carefully reading it shows that the condominium should fulfill three requirements to be declared uninhabitable.
First, it should exist for at least 50 years. Second, it should already be obsolete and uneconomical. Third, the owners should be opposed to any repair or restoration that can be done in the condominium.
It means that even if the condominium is already 50 years old, it doesn’t necessarily have to be obsolete and uneconomical. It’s on a case-by-case basis. A majority of today’s condominium developers construct condos using high quality and durable materials so that they won’t give in to ordinary wear and tear. Advanced technologies are increasingly put to use, so modern condos will likely still be in good shape even after 50 years.
And as previously mentioned, you’re a shareholder of your condominium corporation. Your vote—and other shareholders’ votes as well—matter. If only less than 50% of homeowners vote to demolish the building, then demolition won’t push through.
And even if your condo corporation decides to push through with the demolition, this usually means that the property will be sold first to another land developer. As a condo owner, you’re entitled to get a share of the sale.
WHAT ARE THE REQUIREMENTS TO RESERVE A UNIT?
*Can be paid in Cash, Credit Card or Check payable to DMCI PDI
WHAT ARE THE REQUIREMENTS IF A CONDOMINIUM UNIT WOULD BE NAMED AFTER A CORPORATION?
HOW ARE THE MODES OF PAYMENT FOR THE MONTHLY DOWNPAYMENTS TO DMCI HOMES?
WHEN DO WE START PAYING FOR MONTHLY AMORTIZATION FOR BANK FINANCING?
After the downpayment.
WHEN DO WE NEED TO PASS THE REQUIREMENTS FOR BANK FINANCING?
Preferrably 3 to 6 months before the last downpayment (For Preselling condominiums)
WHAT ARE THE REQUIREMENTS FOR BANK FINANCING PAYMENT TERM
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 yourbank loan approval:
IF EMPLOYED WITHIN THE PHILIPPINES
IF OVERSEAS FILIPINO WORKER (OFW)
suppliers and/or customers)
IF PRACTICING DOCTOR
IF INCOME IS FROM RENTAL OF PROPERTIES
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 fromreceipt of conformed LOG, settlement and submission of the following post- approval requirements:
WHAT ARE THE ACCREDITED BANKS OF DMCI HOMES (BANK FINANCING)?
WHAT ARE CLOSING FEES?
Closing Fees includes Documentary Stamp Tax, Transfer Fees, Registration Fees, Notarial & Documentation Fees, and other administrative and handling fees in order to transfer title to buyers name.
It can be paid in Cash, spread over downpayment / construction period or entire length of term or Lumpsum together with the last downpayment.
WHY DO I HAVE TO PAY FOR ASSOCIATION DUES?
Association Dues are assessment of the community’s regular operational expenses based on the operating budget and projected expenditures for the year. This is collected monthly and comprises the unit owner’s share of condominium expenses including, but not limited to, the following:
Also part of the Association Dues but billed separately are utility expenses for the common areas such as water and electricity. The Property Management Office (PMO) is largely funded by the Association
Dues paid by the condominium residents. Payment of Association Dues will automatically start from the day your unit (including service area and parking area) has been accepted or deemed accepted.
Corresponding penalties and interests will be imposed on late payments.
CAN FOREIGNERS BUY A CONDOMINIUM UNIT IN THE PHILIPPINES?
WHAT ARE INCLUDED IN THE TURNOVER FEE (ONE-TIME FEE)?
HOW LONG IS THE WARRANTY PERIOD OF YOUR CONDOMINIUM UNIT ONCE TURNED OVER TO YOU? ALSO, WHAT IS THE WARRANTY COVERAGE?
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
WHAT IS PMO?
Property Management Office or PMO is the entity through which the Condominium Corporation exercises its prerogatives. The Property Management Office provides the following services:
approved. Accounting records, financial reports and information are
for more responsive and efficient coordination and mutual assistance in cases of emergency. Coordination with the proper government agencies in conducting fire drills and orientation, safety programs to be attended by the unit owners, service providers, and PMO staff.
preventive maintenance program covering minor repair works, pest control, and waste disposal.
TO WHOM SHALL I REPORT IF MY UNIT NEEDS REPAIR?
If the unit has already been turned over, requests for repairs must be coursed through the PMO. If the concern is minor, this can be fixed by the PMO. In case it was assessed to be a major concern, the PMO shall escalate the report to Head Office’s Design and Construction group. Duration of repairs depend on the kind of damage of the unit.
HOW LONG IS THE PROCESSING TIME FOR THE TITLE OF YOUR CONDOMINIUM UNIT TO BE RELEASED AFTER FULL PAYMENT?
Within 1 to 2 years
DOES DMCI HOMES HAVE A LEASING DEPARTMENT?
DMCI Homes Leasing Services (DHLS) is the official property leasing, investment
and management unit of DMCI Homes. It offers management services and residential properties for rent or for lease.
To enrol your unit at DMCI Homes Leasing Services, you can call our Leasing Department. You will be asked to fill-out and sign a Lessor Information Sheet and Authority to Lease, which can be obtained from Leasing Services Department office or unit owners can download the said documents at www.dmcileasing.com.
After submitting the required documents, Leasing Department will conduct an inspection and inventory checking of your unit. An Acceptance Certificate will be given to you after you surrender a duplicate of your complete unit keys. Your unit will now be included in the leasing database and will be leased out
based on our standard Leasing process.
SINCE I HAVE ALREADY BOUGHT MY UNIT, CAN I ADD IMPROVEMENTS TO IT?
You may design your unit based on your preference and style. However, since your unit is connected with other units, major alterations must be approved by DMCI Homes (e.g. walls, ceilings, toilet and bath) as these may affect other units. Moreover, conduct inside your unit and the community is bounded by House Rules set by DMCI Homes through PMO, to protect the lives and properties of the entire community.
WHERE CAN I FIND THESE HOUSE RULES?
During turnover, a turnover kit is given to unit owners and this includes a Resident’s Manual. This manual contains the basic house rules in your community. However, these rules may be amended by the PMO and/or Board of Directors of the project when deemed necessary, and shall be conveyed to all residents through a memorandum.
CAN WE ORGANIZE OUR OWN COMMUNITY EVENTS?
Yes. Residents are encouraged to conduct their own events such as Christmas and Halloween Parties in coordination with the PMO. Some community events are also initiated by DMCI Homes.
CAN WE FORM OUR OWN HOMEOWNERS ORGANIZATION?
All community organizations must be accredited by the Condominium Corporation through the PMO. DMCI Homes encourages its residents to form its own Community Council with the PMO, to serve as a recommending body to Condominium Corporation’s Board of Directors.
WHAT IS REAL ESTATE PROPERTY TAX (RPT)?
Real Estate Property Tax is a tax applied to local real estate based on the fair market value of the property. It is paid to the local government
where the property is situated.
WHAT ARE THE PENALTIES FOR NON-PAYMENT OF MONTHLY AMORTIZATIONS TO DMCI HOMES?
CANCELLATION OF ACCOUNTS DUE TO DEFAULT OR NON-PAYMENT OF MONTHLY AMORTIZATION
If the client fails to pay the monthly amortization of the unit / parking space
purchased, the Credit and Collection Department issues a demand letter to the
client. If the account remains unsettled after the deadline stated in the demand
letter, it will be endorsed to the Legal Department. Legal will then issue the Notice
of Cancellation for actual cancellation of the account.
Below are the guidelines for default accounts: