Pag-IBIG Financing Admin

Pag-IBIG Real Estate For Sale, May 2012

There are two featured properties for this month. One is a residential lot in Sta Rosa, Laguna and the other one is a condominium unit in Mandaluyong. Both are elligible for Pag-IBIG Financing, according to the sellers.

If you are interested in any of the properties that we posted here on this website, please contact the seller directly. The seller’s contact details are always indicated with each posted property.

For those who don’t know it yet, you can post any Pag-IBIG accredited real estate that you want to sell here in this website. The Marketplace Section is intended for that purpose.

Before showing you the properties, we’d like to share with you the sister-website that is intended to spark the entrepreneurial spirit of the Filipinos. If you are a business owner or you want to start a business in the Philippines anytime soon, the NegosyoBuilder.com website
is the right place to start to learn about the intricacies of doing business in the country. It’s new website, but like the Pag-IBIG Financing, it will soon be loaded with rich, helpful and practical business-related topics.

So, don’t forget to visit NegosyoBuilder.com. See you there!

Property #1 : Lot for Assume at Pramana Residential Park, Sta Rosa, Laguna

Location: Lot 3, Blk 24, P1B, Pramana Residential Park, Sta Rosa, Laguna
Selling Price: 1,300,000

Pramana Residential Park(Sta Rosa, Laguna)

The country’s first and only residential park developed by Greenfield Development Corporation
50% residential space and 50% open space/parks to give its residents wide open place to relax
40km from Makat Business District,
25km from Alabang,
20 minutes drive to Tagaytay.
Accessible to 3 major interchanges (Mamplasan, Sta Rosa, Greenfield Exits)

Selling Price and Payment Terms

157 sqm. lot only
Selling Price =1.3M
Assume remaining balance of 1.37M to PAGIBIG = monthly amortization of 14,079php for 30yrs, (4 months already paid)

Amenities:

Wi-Fi System within the whole village
Mediation Garden and Gazebos
Pocket Parks, View Corridor
Chilren’s Play Area
Outdoor Basketball Court
Clubhouse and Swimming Pool

Recreation

Enchanted Kingdom
Tagaytay

Commerical Center

Paseo de Sta Rosa
Walter Mart, Taget Mall
SM Sta Rosa
Robinsons Sta Rosa
Rustan’s Shopping Center

Schools

St. Scholastica’s College
Brent International School
De La Salle University
Don Bosco College
UST (future site)

Hospitals

South Luzon Hospital & Medical Center
Sta Rosa Hospital
Medical Center
St James Hospital
Fortmed Specialty Clinics

Interested parties may contact Mr Cicero Elizaga, Jr at 0932-852-8915.
Or email him at cj.elizaga@gmail.com

Property #2 : Condo unit For Sale, California Garden Square, Mandaluyong City

Location: California Garden Square Mandaluyong City
Selling Price: 3.4M w/appliances/ Fully furnished LOFT TYPE 57.8 square meters

NEGOTIABLE!!!!

With 2Bedrooms, 1Living Room, 1kitchen room, beranda. Fixed Cabinets, fixed beranda Grills, Hot and Cold, and Appliances. READY TO OCCUPIED

80% in bank financing at Pag-Ibig
20%.( 24 months) NO ENTEREST!!!

Down Payment – 50,000
2 months deposit. Upon approval in PAG-IBIG / BANK FINANCING. LIPAT AGAD!!!

Features and Amenities

15min. walk SM MEGAMALL
10min. walk SHANGRILLA MALL
8min. walk STARMALL
5min. walk market(palenke)
2-3 min ROBINSON SUPERMARKET
1 min RICKY REYES HAIR PARLOR
1 min MINISTOP Inside;
With POOL, CLUB HOUSE, GYMN, RESTAURANTS, LAUNDRY SHOP, BAKERY SHOP, WATER STATION.,
and many many more commercial areas infront, insides and outsides of the sight.

Very accessible near at International School, Day Care Center, Medical Center, etc.

I’m already loving here abroad and I want to sell it in a very cozy price. Negotiable.

Please cal me (Rowena Okazaki) in Japan Rowena Okazaki (0081)9017858066.

Email Address : srk.wenny_629@yahoo.com

Or Philippine side, Maricel Abuan 63-9497880733 / (Mother)63-9127392581

Email Exchange: Maximum Loan, Reactivating Member

by Pag-IBIG Financing Admin

We always receive a lot of interesting emails from our visitors. And every once in a while, we feature some which are really very important to the other Pag-IBIG members to be aware of.

For this month, we’ll share two email messages.

One email is coming from Overseas Filipino Workers couple who wanted to get a housing loan that is around 4M. Take note that there are a lot of OFW’s who can afford to pay a long term loan amounting this much, but Pag-IBIG sets a maximum limit on how much you can loan. Some of you already know what this maximum amount it, but let’s see if your case in similar to the couple.

Another email is from a former member who was separated from employment for a long time already. She wants to reactivate her membership so that she can eventually apply for a home loan. What do you think is the best approach to this?

Let’s find out below.

Topic #1: Maximum Housing Loan Amount

My husband and I are OFW and member since 2009 (but both of us are paying PAGIBIG started when we are single) and our family resides in UAE, my question are:

1.Since an individual member can get 3M max and in case we need more than that can my husband loan at the same time for the same project with the same amount (3M)?

Answer #1: The maximum is only 3M even if you combine both your incomes.

2.What is the process of lending us, are you gonna give us the cash or cheque or the PAGIBIG will pay the real state?

3.Can we get the amount and purchase the house and lot we want just in case we are buying the lot/land to a friend or realstate?

Answer to #2 and #3: Click here for the housing loan process.

The cheque will be given to the seller.

4. Can we apply the loan while we are here in UAE, for e.g. submitting letters, filled forms or necessary requirements thru email because he have a limited time and we can stay only max of 3weeks in Phils.? Can we start the application here and the rest will be doing there?

Answer to #4: I’m afraid you still have to attend the loan seminar. Please read the article above.

5. How long it will takes to apply the housing loan?

Answer to #5: The application is easy. It’s the approval that’s going to take a long time, depending on the requirements and some factors.

6. Is there a chance for me to apply housing loan for 4M?

Again, the maximum is 3M.

Topic #2: Former Member, Separated From Employment

Housing Loan Philippines There are a lot of Pag-IBIG members who are into these situations:

They move from one company to another.
They go to work abroad.
They are separated from employment from one reason or another.

Here is a letter sent to us by a former Pag-IBIG member who belongs to the third case above. I’m sure many of our site visitors can relate with her. Later in this article, I’ll show you how to best handle this case and what options are available to you.

Here goes the letter:

I have been separated from employment for about 6 years ago already and didn’t continue or reactivate my pagibig. Now, I realized how important pagibig in my own family.

So my question is, what are the requirements for a member separated from employment that wish to reactivate as voluntary? And also, I never had the chance to get my pagibig number because after a year of my separation of the said company, the company was also closed. And I already got married now so I know for sure there are a lot of things and requirements to prepare prior to going to pagibig office.
Your answer would really be helpful as I need to prepare my requirements before going to our Pagibig office which is 2 hour ride via bus from my place.

And here is part of my reply to the letter:

I hope you won’t rush things and sorry if I won’t answer your question as you would expect.

Having a documented source of from employment or business is far more important than becoming a member of Pag-IBIG. This is a mistake most voluntary members make: They think that if they are members, they are also automatically illegible to get a housing loan. No, you have to show enough income first. That’s the most important factor to think about.

Consider this income requirements that Pag-IBIG imposes for all borrowers:

https://www.pagibigfinancing.com/articles/2011/how-your-income-and-contributions-affect-your-housing-loan-entitlement/

That should give you an idea.

Going back to your concern, you have to answer these questions yourself: Are you currently employed right now or you have a registered business of your own? How about your husband?

Capital Gains Tax, Other Real Estate Fees You Should Know

by Pag-IBIG Financing Admin

Real estate ads are all over the place these days. You see them in the pages of sleek magazines, in the local newspapers, and of course from the Internet. If you are like most buyers, you would probably notice first the price and then the other details next.

But did you know that the list price doesn’t tell you the whole real story? There could be a lot of other information and fees that are hidden from you and which could be a real shocker once the transaction starts to be formalized.

Many ads, not just with real estate but with other products as well, are subtly crafted to catch one’s attention and entice the prospective buyer into part ways with his money?

In real estate, there is a popular phrase that goes, “Caveat Emptor”, which translates to “Buyer Beware”. And when it comes to buying a property, you really have to know what you are getting into. As they say, the devil is always in the details.

This article is written to arm you with the right knowledge of the most important fees and charges related to a real estate purchase. Especially if you are cash strapped, that’s where the headaches really originate.

Outlined below are the various fees and charges — plus, who pays for what — that you need to be aware of.

real estate deal

1. Reservation Fee or Earnest Money (Paid by the buyer). The main purpose of this fee is to initially hold the property and assign it to the account of buyer so that no other interested buyers can take it for a specified period of time. Normally non-refundable, but should the prospect proceed with the transaction, this money will also form part of the down payment.

2. Down Payment (Paid by the buyer). Also called equity payment, this is normally in the range of 10% to 30% of the selling price which can be paid either in one-time or in a series of installments up to 24 months. The down payment is only required if the buyer is planning to finance the purchase by securing a mortgage loan from a financial institution like Pag-IBIG or a bank.

(Related Link : Mortgage Loan Fundamentals)

3. Appraisal Fee (Either paid by the seller or the buyer). Sometimes this is done only if the property is to be financed by a loan from bank or other lending institution. Usually, the appraisal is also conducted by the financing company through their Appraisal Team. The payment for this is collected together with the loan application fee before the loan is even processed. In the case of For Sale By Owner, the seller may also wish to have the property he is selling appraised by a third-party, independent appraiser.

(Related Link: Equity, Appraisal and Loan Amount.)

4. Loan Charges (Paid by the buyer-borrower). When you apply for a home loan, the lender has to make sure that you are a good borrower. And that implies a lot of work on their part. From documentary charges, to credit investigation and processing some documents, they have to make sure that you pay them for the time and efforts they spend doing the tasks.

5. Attorney’s Fees (Paid by both the buyer and the seller). These are fees for the services rendered by a lawyer and are needed by both parties to formalize the legality of a real estate deal . Some legal documents could involve the Special Power of Attorney, Contract To Sell, Deed of Restriction, Waiver of Rights, Deed of Absolute Sale, etc.

6. Agent’s Commission (Paid by the seller). Real brokers and agents are paid by commission based on the selling price of the property, typically in the range of 3% to 7%.

7. Value Added Tax (Paid by the Buyer). If you think the agent is a sucker for taking 5% off the transaction, remember that there is an even bigger sucker who takes on a bigger piece while doing nothing. The rate of VAT is 10% of the selling price, but some real estate properties are exempted from this tax, especially those which are very cheap. Please check with your agent or seller to know if the property could be exempted from EVAT.

8. Capital Gains Tax (Paid by the seller). This kind of tax is usually imposed if the property is being sold at a higher price than it was purchased. Hence, the term “Capital Gains”. But the BIR has pegged this value to 6% of the Selling Price, or Zonal Value, or Market Value whichever is higher.

9. Documentary Stamp Tax (paid by the buyer). This innocent-sounding tax is set to be 1.5% of the Selling Price or the Zonal Value whichever is higher.

10. Transfer Tax (Paid By the buyer). The rate of this tax depends on the location of the property. The range is from 0.25% to 0.75% of the Selling Price or the Zonal Value of the property, whichever is higher.

11. Registration Fee (Paid by the buyer). Graduated rate based on the selling price of the property. This one is determined at the office of the Register of Deeds, they have a table there of the updated rate of charges.

12. Realty Tax (Paid by the buyer). The rate also varies from place to place, but you can consult your respective local government for the computation.

~~~

This article is written by Carlos Velasco.

Real Estate Location : The Good, The Bad and The Ugly

by Pag-IBIG Financing Admin

Did you know about the three most important secrets of real estate investing?

They are the following: “location, location, location.”

Now consider this: Which of the two properties would you rather buy?

A bad house in a good location
A good house in a bad location

To give you a hint, let this real estate principle guide you: “A property of higher value is negatively affected by its association with lower value properties.” That’s the Principle of Regression and is mostly applied when appraising a property. The counterpart principle is called the Principle of Progression, which implies that the lower value property tends to be positively affected if it is in close proximity to a higher value property.

Principle of Progression and Regression Explained

So needless to say, if you can afford it, you should buy a property with a good location. A bad location is like a waste of money.

But how do you determine a good location from the bad? Below are some tips.

Good Location

1. Close To The Best Schools — The presence of good schools in a community almost always determines whether it will go up in value or not. Especially if you have school-age children, you should select a house that is near the best schools in your area.

(Related Link : First-Time Home Buyer?)

2. Close Business Shopping Centers and Recreational Facilities — Many of us Filipinos would not want to stay at home, especially on holidays and non-working days. We would rather be at the malls, dinning out or in any other places. If you live in a house that is a just a few-minute commute to the business centers, that’s a good pick of a location.

3. Accessible To Public Transportation — This is quite self-explanatory. The main advantage of having access to public transportation (jeepney, bus, taxi, etc) is that you can use those if your car break down for some reasons. Also, some families would prefer not having a car, so public transportations are very useful for them.

4. Peaceful, Safe and Quite Community — It’s very important that you live in a city or town where the crime rate is very low, where you and your family can be safe and at peace with everyone in the neighborhood.

5. Community with Stable Economy — Select a place where business is booming and the unemployment rate is low. This is an indication of a progressive society.

Bad Location

1. Deteriorating Neighborhood — Have you seen a village or even town where the road networks are dilapidated and almost left unmaintained for a long time? How about a place where squatters are in abundance with no signs of being relocated? Beware of investing in those locations.

2. Dangerous and Hazardous Communities — Chemical Factories, Power Generators, Rail Roads, and High Speed Expressway. You don’t want to risk your health or life living in such places as these. And naturally, no one in his right mind would want to live there, too.

3. Economically Depressed Cities and Towns — War-torn provinces, rebel-infested places and cities where businesses are dying. These are examples of locations that you should avoid as much as possible.

4. Noisy Areas and Crime Ridden Places — Of course, you want to sleep soundly at night. And you want peace and harmony with your neighbors in your community.

5. Low Quality Facilities — Think: clean water supply, uninterruptible electrical supply, cemented road networks and all those things that allow the residents of a particular place to live in convenience. If those things are missing, maybe you should cross that location out of your real estate investment list.

~~~

This article is written by Carlos Velasco.

Email Exchange : Buying Preparation, Unpaid Amortization, Membership Reactivation, etc

by Pag-IBIG Financing Admin

Topic #1 : What You Should Know Before You Buy A Real Property

Subject: Preparation on Home Purchase

I have been a Pagibig member and was contributing voluntarily while I was in Philippines. I woulld like now to prepare myself in buying a home there. I have no relatives that I can send in your office. I also dont know my pagibig number and how much contributions I have made. Is there a number in Pagibig Cebu City office that I can call and an email address that I can send documents and follow up. Thanks

Here are some good links for you to consider.

Home Buying Questions

Topic #2 : What Happens If You Don’t Pay Your Amortization?

Subject: Payment information

Hi! good day, I just wanted to know from your good office if it is possible that the housing loan is not paid for 1year or more will the pagibig will not forclose the property?

The grace period for any missed payment is only 30 days. If you are unable to pay for 3 months, the property is already subject for foreclosure, but it could take a long time for them to disposed of it. You are still given a chance to redeem the unit or restructure your loan.

If you are in that situation already, please read the article on Home Loan Restructuring to save your property. Here’s a link:

Home Restructuring Program

Please visit the branch handling your mortgage loan.

Topic #3: OFW Checking Membership Status

Subject: Inquiry

I was a member of PAG-IBIG I for almost 10yrs in the Philippines but I stopped my contributions when I resigned teaching. After 2 years, I became an OFW in US but before I left I paid a certain amount in POEA because they required us to pay as our contribution. When I asked the guy (PAG_IBIG representative) he told me that my payment goes to my old PAG-IBIG contributions(that was Feb. 2011).Now I want to apply a housing loan in the Phiulippines but i don’t know the status of my membership. Could you please explain my status and how could I avail housing loan?Do you have active office that I can visit or call in America most specially in California.

Please contact me using my email address.

You need to check it at the branch which keeps your records. If you are already out of the country, you may want to send in a representative to process it on your behalf.

Since you wanted to apply for a housing loan, it helps if have an idea of the process. Please read this article:

Pag-IBIG Housing Loan Process

As for the overseas office, please refer to this link:

Pag-IBIG Directory

I hope this helps.

Topic #4: Where To Pay For Housing Loan Dues

Subject: inquiry on where to pay

good day! i applied for pag-ibig online and have received my number. but i don’t know where to pay or what requirements i still need to present to pay.can you please give me detail? thank you very much. by the way i am a licensed physician woring as a moonlighter/freelance on voluntary payment. thank you

Here are some of the ways you can pay the Pag-IBIG Fund:

How To Pay The Pag-IBIG Fund

The best one is still to do it over the counter at the branch where your records are kept.

Pag-IBIG Real Estate For Sale, April 2012

by Pag-IBIG Financing Admin

We missed posting for sale properties for the month of March. And so for this month, we’ll be posting 2 months worth of property submissions.

Let’s start off with these two real estate properties:

House And Lot For Sale in Binan Laguna
Lot For Assume Guiguinto, Bulacan

There are a couple of others and we will show them all in the next couple of days.

Meanwhile, if you have a property that you want to list it, simply submit the details from the Marketplace Section and we’ll
be glad to post it here, free of charge as a way of saying thank you for being our website visitor and subscriber.

Property #1: House And Lot For Sale, Springtime County Jubilation Binan Laguna

Location: Springtime County Jubilation Binan Laguna

Selling Price: 1.6k (Negotiable)
Discounted Price: 1.6k (negotiable)
Orig Price: 1.8k

Lot Area : 80 sqm
Floor Area: 51 sqm

House for Sale in Laguna

House Specifications and Features:

2 Bedroom
1 CR/Bath room
Granite Tiled floor
Installed kitchen cabinets
With carport/garrage
with fence & gate
landscaped side & front yards
with mini fish pond

Community Features and Amenities

24-Hour Security Guards
24-Hour Water system
Street lights
Club House
Basket ball court
Swimming pool

Why are we selling? We need cash.

Why should anyone but it? Very accessible.

Near SLEX (Mamplasan Exit)
15 minutes to Alabang
30 minutes to Makati
20 minutes to Nuvali
Near Enchanted Kingdom, Splash Island, Tagaytay

Establishments:

Pavillon Mall/Puregold Supermarket (walking distance)
Super 8 Supermarket (walking distance)
Robinsons Supermarket
SM & Savemore
One Asia Business Center will rise infront of the subd &amp within Jubilation.

Nearest/Nearby Schools:

STC Learning Center
Brent Int’l.
Montessori Int’l.
Perpetual Help University
St. Michael College of Laguna
San Agustin College
La Consolocaion
Alpha Angelicum
Montessori Panorama
HeadStarter
DLSU
PUP

Nearest Hospitals:

Perpetual
Binan Doctors
MDI Sinai
Alabang Medical
Asian Hospital (15 mins drive)

Has different Churches nearby

Please direct your inquiries to the following:

Contact Numbers: 09202172542 / 09297700705

Email Address: ji_vi2003@yahoo.com.ph

Property #2: Lot For Assume, Goldridge, Guiguinto, Bulacan

Location: Guiguinto Bulacan

Selling Price and Payment Terms:

5,500 per sqm
430,000 – Pag-ibig balance.
587,500 – to be paid to me. Negotiable. Flexible terms. Staggered.

Property Description:

Very nice location. Phase 2 in front of clubhouse. Along main road. Lot area is 185 sqms. and selling at 5,500/sqm.

Accessible via Sta.Rita or Tabang exit. (20 min drive from/to Balintawak via NLEX)

Prime location, with Puregold and banks near the area.

Lot is located in very good location in front of clubhouse of Phase 2. This was previously a reserved lot and is now selling in very affordable price and flexible terms of payment.

Reason for selling: Working in Manila and bought house near office.

For inquiries and offers, please send an email to momeng1213@yahoo.com.