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Requirements from Pag-ibig for loan application?

PAG-IBIG LOAN

If Employed or Self-employed:

* Community Tax Certificate
* Proof of Billing (original)
* T.I.N. (Tax ID Number)
* Latest pay slip of borrower and spouse (original)
* 2 pcs HDMF Premium Contribution Certificate (original)
* Marriage Contract or Birth Certificate (Photocopy)
* W2 BIR form (photocopy)
* 2 pcs Notarized Certificate of Employment with Compensation (original)
* Post dated checks for down payment
* 24 month Pag-ibig contribution for members. For non-members, pay 24 months contribution upon reservation

If OCW:

All of the above plus the following:
* 3 pcs Notarized Special Power of Attorney (SPA)
* Income Tax Return and W2 confirmation receipt for the last 2 years immediately preceeding date of loan application
* Notarized Employment Contract and Employer’s Certificate of Income duly certified by employer.
Note: All original

Requirements from Bank for Loan Application

(General requirements of most banks, for specific, contact bank concerned.)

If in the Philippines:
* Income Tax Return (latest)
* Certificate of employment with compensation
* Business Permit (if self-employed)
* Community Tax Certificate
* T.I.N. (Tax identification Number)
* Bank Statement (for the last 6 months)
* Marriage Certificate (if married) (Photocopoy)
* Proof of Billing
* Post Dated Checks
Note: All original except marriage certificate, Business Permit, Community Tax Certificate.

If Borrower is permanently abroad:
* Federal Income Tax Return (latest)
* Bank Statement (for the last 6 months)
* Special Power of Atty. (SPA) (consul authenticated)
* Certificate of Employment with compensation (consul authenticated)
* Proof of remittance
* Business Permit (if self employed)
* Marriage Certificate (if married)
* Post Dated Checks
(Note: All original except marriage certificate)

Note:. For in house -financing specific requirements, it is advised to take note of these requirements per Developer.

Different financing schemes of payment available?

(a) In-house financing
(b) Bank financing
(c) Pag-ibig loan (HDMF)
(d) Cash purchase with discount

For In – House Financing it is more ideal that you contact us for more detailed information of each developer’s financing scheme offer and we can help to disclose  the advantages as well as the disadvantages.

 

How to avail Loan in Pag ibig if you are not a member?

Pag-ibig policy requires that you have paid at least 24 monthly contributions before you can avail of any housing loan, but a new amendment to this policy opens the gate to non members to apply for membership and then avail of the loan right away by just paying the 24 monthly contributions at one time. For example, if you want to avail of P1,000,000.00 loan, your required monthly contribution for this is P800.00 and by just paying P19,200.00 at one time, you shall be entitled to a 1 million loan.

The amount of loan you can avail of will depend on four requisites:

a) Actual need
b) Capacity to pay based on net disposable income. Monthly amortization should be no less than 40% of your net disposable income. 
c) The value of collateral (appraisal will be conducted)
d) The monthly contribution of the member. A member is allowed a maximum of P125,000.00 for every P100.00 monthly contribution. The maximum loan amount is P2,000,000.00 based on P1,600.00 monthly contribution of a member.

 

Reservations

For abroad, you may appoint somebody here, your friend or relative whom you can trust and send  the money for the reservation through  courier. A notarized special power of attorney is required duly authenticated by the nearest consul in your area.Normally it takes one month for the authentication, you may fax the notarized copy just to process the reservation. The authenticated copy will follow later. If you choose to pay not though somebody, you may pay “bank to bank” direct to the developer’s account. We can send you the bank account of the developer as well as the developer’s contact numbers for your confirmation of the authenticity of these numbers and personalities. As soon as you make the deposit, please notify us right away so we can trace the incoming deposit and immediately issue an official receipt. The copy of the O.R. shall be attached to an email right away while the original shall be sent via post mail.

 

About on going projects and Ready for Occuppancy

Some of the projects are already finished and ready to move in while others are still on-going.But most of the projects have model houses that you can personally look  while the actual unit will be built at a specific location of your choice to be completed within the time frame agreed upon by you and the developer. Many of the lands presented on the site are ready to build with a house of your own design.Contact us for the updates of each project.

 

Foreigner can own

Foreigners can enjoy ownership of a condominium unit. Ownership is evidenced by Condominium Certificate of Title (CCT).

Ownership of land, house and lot are allowed only to Filipinos and foreigners who are formerly natural born Filipino Citizens. If a foreigner is married or related to (for example) a Filipina, the title shall indicate the Filipina name “married to (name of a foreigner)”.Whatever,there are ways to get back the money invested by the foreigner.

 

Foreigner apply for loan with local bank even if  not permanently residing in the Philippines

There are banks who do not allow if you are permanently residing abroad but there are banks who will. For example ChinaBank allows provided that you submit the needed documentary requirements and the credit check will be though phone. The rate is between 10.5% to 14% interest depending on the bank of your choice and also depends on the number of years fixing.Yearly fixing offers lower interest than a 3-year or 5-year fixing.

 

Assurance that the project will be finished on time

Choose a Developer who has proven track record of developing projects that are finished on time. As your Real Estate Agents , we can help you recommend developers that you can trust. We are accredited to all developers in Cebu.

If the contract is already signed and payments already made and still eventually, the project is not completed on time, we can impose a provision of law in the Philippines that if the Principal/developer fails to complete the project.

 

Deed of Restriction

Real estate deed restrictions are restrictions on the deed that place limitations on the use of the property. Restrictive covenants are an example of these restrictions. Such restrictions are usually initiated by the developers – those who determined what the land would be used for, divided the land into plots, and built homes, office buildings, or retail buildings on it. Deed restrictions come with the property and usually can’t be changed or removed by subsequent owners.

 

Is the reservation refundable?

A reservation ranging from P5,000.00 and up will entitle you to 30 days hold of your unit.The developer refuses to sell  within the period of reservation,it is not refundable.Reservations are deductible to the selling price.

 

Buying a Property when you are outside the Philippines

You select from our website the specific property that you are interested. We can send you an updated details and map of the subdivision (and in the case of a condo, its floor plan.Receipt of your payment “bank to bank”, or through your SP for your reservation, the unit will be hold in your name for  30 days. Within this period all documents required will h be submitted and a contract shall be signed.Original shall be sent to you for your original signatures and to be sent back for notarization here. After notarization and after receiving your down payment “bank to bank”, one of the notarized copies shall be sent to you again.

For your monthly amortizations, there are two possibilities:

1) Developers require issuance of post dated checks for at least one year.SPA here is required to open a bank checking account here in your name and post dated checks shall be submitted to the developer. Before each check becomes due, you can fund this check by again, depositing the money bank to bank. Or, you can come here  personally, open a bank account here, and issue post dated checks to the developer.

(2) You can send the monthly amortization bank to bank direct to the developers account or you can have of your options.

There are no hidden charges. All charges will be open to you before signing a contract

 

Capital Gain Tax and Transfer of Title

No capital gains.Developers/sellers are required to pay this or an equivalent of creditable withholding tax. The transfer tax however will be on your account which is usually ½ of 1% as well as registration fee which is also about ½ of 1%.

 

In House Finanacing compared to Pag ibig and Banks

The advantages of in-house financing:

1) Hassle free. You need not be  thorough background/credit check as compared to banks or pag-ibig. Filipino wife who has no or inadequate income can be approved for in-house housing loan if she has a husband or a foreigner who can support the monthly amortization,Title does not bear the name SPOUSES ….. but only the name of the Filipina married to ….. (foreigner’s name), banks do not approve loan nor Pag-ibig if the wife does not have enough income to pay for the monthly amortization. 
2) Maceda Law or R.A. 6656 – mandates the developer to refund 50% of your payments if you have paid at least 2 years installment even if you are delinquent. Refund is not applicable in mortgage with banks or Pag-ibig.
3) Interest charges remain constant no matter what happens to the economy. If contracted to 16%, it shall remain at that throughout the period of the contract. Bank interest rates on the other hand are floating. In times of crises, it can shoot up.

The advantages however with Bank financing and Pag-ibig are that of lower interest rates which range from 10.5% to 14% per annum but there are also fees such as processing fees and appraisal fees which are not existing in the in-house financing.

Prices in our projects varies on location, and the Model types of the House

Completion of the Projects depends on the specific Depeloper that you choose and we as a Real Estate Agent will help you regarding this matter

 

Monthly Dues of the condominium Unit

Monthly dues depends on the type of the Condominium you choose.The Developer has its price for the per square meters of the floor area and its varies from the floor area of the unit you perfectly choose.

What is a Pre Selling Property and the Advantages?

It is the selling of a property  that is not already built or properties that are up for sale during construction period.

During this pre-selling stage this is your advantages:

Prices are lower (guaranteed to increase value appreciation upon project completion)

Easy to pay payment schem

Offering low rates and ZERO interest

Availability of prime location unit/s (e.g. end unit, unit facing east, best view units, units facing the amenities, swimming          pools, ocean, golf course, skycrapers)