Pagibig Financing

The Challenge: Design A Single-Family House, Maximum Cost = P 200,000

Can you build a complete, decent house with a maximum budget of 200,000 Pesos?

Hmm… How would it look like?

This is part of the challenge set out by the Pag-IBIG Fund in its newly embarked House Design Competition for the year 2012. The competition is open to all architecture students within the Metro Manila, Cavite and Bulacan Regions and who are currently in their third year to fifth year study.

Important details of the project are outlined below.

Project Cost : P 200,000, maximum
Type Of House : Single-Family, either attached or detached
Min Floor Area : 24 sqm
Min Lot Area : 54 sqm
Living Facilities Include: living room, bedroom(s), laundry area, kitchen and dinning areas, and toilet and bathroom(s)
Must utilize AITECH materials, systems and technology. (AITECH stands for Accreditation of Indigenous Technologies for Housing)

If you know someone (must be a student of architecture) who has the knack of doing it and who is up for some prize money, please share this article to him/her.

For the other details of the competition, please visit the official website of the Pag-IBIG Fund.

House Design Blueprint

What’s In It For You, The Pag-IBIG Member?

You already know that the Pag-IBIG Fund is the premier government agency that funds low-cost housing projects, which are intended for the low- to mid-income workers in the country and who are also members of the Pag-IBIG Fund.

The winning design for this competition may serve as a prototype for Pag-IBIG Fund’s future subdivision initiative called the Pag-IBIG City, which may be implemented in certain cities and town across the country in coordination with Local Government Units and other entities.

Moreover, the winning design may also be used by Pag-IBIG in building houses for its foreclosed residential lots.

So as members of the Pag-IBIG Fund, you should ask yourselves the following:

What can I expect from a house construction project with a budget of P 200,000? The resulting design should give you an idea. Think: Low-cost.
Is this kind of house appropriate for my needs or that of my family? Do you want to have pets, cars, lawns, etc. Factor those things out when planning to buy a house for your family.
Assuming the house alone will indeed cost 200k to construct, how much would be the final price if I get a bigger lot area of, say, 200 sqm? Lot prices depend on certain locations, some are cheaper and others are more expensive. It helps if you have an idea of the going prices in the area you are interested in buying.

Well, this is exciting! Let’s wait and see who will win in this house design competition. The final judgment and announcement of winners will be on May 18, 2012.

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This article on “Pag-IBIG House Design Competition” is written by Carlos Velasco.

How To Bid On Foreclosed Real Estate

by Pag-IBIG Financing Admin

“Do you have a list of Pag-IBIG foreclosed properties in Cavite area? Please send me a copy. I’m interested to buy.”

That was from an email we received a long time ago from one of the website visitor. Our usual response to such kind of query is to refer them to the Pag-IBIG Branch in-charge of the area. That is the best way to get an updated list of the recent foreclosed properties in a particular city or town.

Of course, there is an online version which you can find by going to this link:

http://www.pagibigfund.gov.ph/AA/default.aspx

Select from the series of drop-down lists provided on that page the areas on which you are interested to buy. Remember that the search result may not always reflect an updated list of foreclosed properties, but this is a good start. You can always verify by calling or visiting the branch.

Foreclosure Sale in Davao City

pag-IBIG Foreclosure Sale via Public Bidding This article is especially good news to Davao-based Pag-IBIG Fund Members or those who are planning to buy foreclosed properties in Davao City area. The Pag-IBIG Fund Branch in Davao City will be conducting a foreclosure sale by way of public bidding which will be held on April 18, 2012.

If you are not from Davao, this article should give you an idea about the whole process of buying a foreclosed property by bidding on it. Listed below are the set guidelines to make the whole bidding process smooth.

How To Buy or Bid on Pag-IBIG Foreclosed Real Properties

1. Interested buyers are reminded to conduct an investigation and ocular inspection of the properties to determine their actual condition before scheduling bidding.

2. Bidders are required to secure copies of:

instructions to bidders, and
BID FORM from this Department:

Acquired Assets Management and Disposition Unit,
HDMF Davao Branch,
2nd Floor, Pryce Tower Condominium,
Pryce Business Park, J.P. Laurel Avenue, Davao City

3. Each bid shall be submitted in triplicate copies placed in a properly sealed enveloped and addressed to the HDMF Davao Branch Committee on Disposition of Acquired Assets at 9:00 AM on April 18, 2012 at this address:

HDMF Training Room,
3rd Floor, Pryce Tower Condominium,
Pryce Business Park, J.P. Laurel Avenue, Davao City

immediately after which, the said bids shall be opened in the presence of attending bidders.

4. All occupants of the foregoing acquired residential properties shall be given until March 29, 2012 to formalize their offer and shall comply all the requirements not later than April 10, 2012 otherwise, the property they are occupying will be included in the bidding. Occupants may purchase the unit through cash or housing loan:

Provided that back-rentals have been settled and
Provided further that in case of purchase of the subject property through housing loan, the eligibility requirements under the existing housing loan guidelines are met as supported by the Membership Status Verification Slip.

5. Each bid must be accompanied by a Pag-IBIG Fund Receipt (PFR) original copy reflecting payment of the required five percent (5%) minimum deposit computed based on the selling price. Such deposit shall form part of the winning bidder’s down payment or shall be returned to the non-winning bidder without interest upon the completion of the public bidding.

The following articles may also be helpful to you:

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“How To Bid On Foreclosed Real Estate” is written by Carlos Velasco.

Email Exchange : Member’s ID Number, Reservation Fee, Etc

by Pag-IBIG Financing Admin

This is a new feature on this website.

Each month starting now, we will highlight the most important emails that we receive from our website visitors together with our responses to each of those messages. Hopefully, this will help other members who may have similar questions, issues or situations.

But for those of who you are planning to fire up your questions anytime, remember that you are not the only one sending us a message. In as much as we would like to reply to each one of you, you need to understand that sometimes it’s just not possible considering that we are also busy with our stuff. To some of our letter senders, we respond; to others, we don’t or we tend to forget.

So before sending us an email, make sure that you read the contents of this website, first and foremost. We have come a long way in keeping this website very relevant to Pag-IBIG Members all over the world. The website has a lot of contents and articles that you may be looking for, so tale time to browse around and take advantage of the following features to help get what you are looking for:

Search Box — This one is located at the lower portion of the Home Page. Type your text there and then hit the Search Button just as you would using the Google Search Box. As a matter of fact, this tool is powered by Google Search.
Browse By Category — Our articles are organized by categories, which you can find at the Right Sidebar from any page. You can click on any category to search for the articles that you are interested with.
Keyword Tag — This is another way of finding an article. For each article that we post, there is a series of keywords — also called tags — that is hooked on that article. It follows that some articles share similar keywords, thereby grouping them together just like a category. The Keyword Tags are also located at the Right Sidebar of the website. Click on a keyword to see some articles containing such a word.
FAQ Section — That’s the Frequently Asked Questions Page. Don’t forget this important Page. This is your quick guide to the most important topics on this website. There is a link at the top menu of the website that directs you to this page.

So, on to this feature and the first set of email exchanges…

Topic #1: Pag-IBIG ID Number

Subject: What is my Pag-IBIG ID Number

As far as I know, my employer is deducting from my salary a certain amount each month that serves as my contribution to the Pag-IBIG Fund. This is already my second employer, but until now, I don’t know my Pag-IBIG ID Number yet.

Can you check it for me?

Thanks for asking this question. You are not alone in your case. As a matter of fact, we have already put an answer to this question at the FAQ Section of this website. Please check from there.

Email Exchange with Pag-IBIG Members

Topic #2: Reservation Fee and Changing Mind About Buying

Subject: housing loan

i have a reservation for a specific lot as a day goes by i was informed that the house that i rent for my business is also for sale… now is it possible .. that i can get this thru PAG-IBIG? these two units are in the same housing project…

Hi Arlene,

As a rule, you are only allowed one housing loan at a time. And I suppose your housing loan has never been approved yet. So this means, you can buy either of the properties.

Here are some helpful links for you:

I hope this helps.

Note: This page will be updated again within the month as we receive valuable emails from the site visitors.

Tips on Buying Titled Real Estate In The Philippines

by Pag-IBIG Financing Admin

Certificate of Titles 101

In real estate, the term “Title” generally refers to the evidence of ownership a person has over a property. Title comes in many forms including the Tax Declaration and Deed of Sale, to mention just two. What we normally mean when we say Title is the Certificate of Title likewise known as Torrens Title. The Torrens System is an old, long-surviving system of land registration method developed by Sir Robert Richard Torrens and was originally used in Australia. It is highly reliable and has been adopted by many countries in the world, including the Philippines.

A Certificate Of Title is the best evidence of ownership of a piece of real estate, such as land or a condominium unit. It is also considered indefeasible, meaning it cannot be annulled, defeated, or made void by any past event, or error or omission in the title.

In other words, the owner of a piece of real estate is the one whose name is indicated in the Certificate of Title. It follows that this is a very important legal document.

Below are some tips you should remember if you are to buy real estate in the Philippines.

Tip #1: Buy Only Titled Properties

Original Cerificate of Title Philippines There are still vast amounts of land in the Philippines that have no Land Title under the Torrens System. Usually, the only proof of ownership that the seller has is a Tax Declaration. Buying this type property is a perfect recipe for a real estate disaster. As a buyer, you don’t want to get involved with this kind of real estate deal.

Ask the seller to hand you a photocopy of the Title. Take note of the Title Number and the indicated name of the owner. To verify the Title at the Registry of Deeds, you will need at least the Title Number and the Name of the owner of the property. The next tip, should be of great help to you.

Tip #2: The Title Must Be Authentic and Accurate

This part is very important. Take this step very seriously.

Always request a Certified True Copy of the Title from the Registry of Deeds that has jurisdiction of the property. You simply can’t trust the seller’s broker or agent to handle this part. You have to personally do it, or have someone you can trust do it on your behalf.

Once you got hold of the title’s Certified True Copy, compare this with the photocopied Title handed to you by the seller or his broker. There should not be any inconsistencies or discrepancies.

Tip #3: The Title Must Be Clean, Free From Liens and Encumbrances

A clean title simply means one that has no encumbrances or liens. Liens, Encumbrances, and other annotations are printed at the back portion of the title.

Take a look again at the Certified True Copy of the Title. Is the back page clean? It should not have any unnecessary words or sentences other than those related to the property’s technical descriptions.

Special Note: Some Titles have very long descriptions that span more than just the front page. If you are not sure about the things written at the back portion of the Title, please consult it with your lawyer or someone who is an expert in handling such cases.

Tip #4: Double Check If The Property Being Sold Is What Has Been Stated In The Title

This sounds crazy, but some unscrupulous sellers will show you a property and show you a completely different land title, which doesn’t correspond to it.

The Title will always indicate a technical description of the property, its exact location and its boundaries. It would help if you can tap the services of a Geodetic Engineer or a Licensed Surveyor. You can request that such professional verify the accuracy of the land being described and, if possible, make conduct a re-survey of the land.

~~~

“Tips on Buying Titled Real Estate In The Philippines” is written by Carlos Velasco.

Pag-IBIG Real Estate For Sale, February 2012

by Pag-IBIG Financing Admin

There were lots of properties submitted to us via the Pag-IBIG Marketplace Section of this website. But for the moment, we’ll show you four of them. The others are pending for reviews and some don’t pass the necessary requirements such as contact details of the person posting the property.

Just a quick reminder for interested buyer: Please DIRECTLY contact the person in charge of the real estate. The contact details are listed right at the bottom of the property details.

And if you wanted to post, please submit as much details as possible. Especially, you need to ask yourself this question: “Why should the buyer buy this property?”

Here are the four real estate properties mentioned above and their details are shown below.

Townhouse For Assume in Carmona, Cavite
Affordable House and Lot Legian 2, Imus, Cavite
House and Lot For Sale, Greensite Molino Bacoor Cavite
House and Lot For Sale STC Jubilation Binan, Laguna

Property #1: Townhouse and Lot for Sale in Carmona, Cavite — with Assume Balance

Location: Barangay Lantic, Carmona Cavite
Selling Price: Php 400,000.00 (Pag- ibig Financing)
Developer: Pro-Friends
Address: Lot 23 Blk 13 Pinecrest Village, Lantic Carmona Cavite
Lot Area: 78 sq. mtrs.
Floor Area: 60 sq. mtrs.
House Feature: Townhouse unit type. The unit is ready for occupancy (bare-type).

House Finishes:

Pre-painted Roofing
Painted Exterior and Interior Walls
Tiled Kitchen Counter with Stainless Kitchen Sink
Tiled Toilet and Bath
Ceramic Bathroom Fixtures

Price and Financing

Total Package Price: Php 1, 335,040.00
Downpayment: Php 168, 040.00 (Already paid by the owner_Monthly DP of Php 14, 003.33_From 03/20/2009 to 02/20/2010)
Amount to be financed: Php 1, 157, 000.00
Terms: 15 years
Monthly Amortization: Php 13, 289.88
MA Start: 03/20/2010
MA End: 02/ 20/2025
To date MA: Php 305, 667.24 (Already paid by the owner_From 3/20/2010 to 01/20/2012)

House Financial Status: Original Market Price when acquired this property in 2009 is 1.3 million pesos. NOW, Current Market Value ranges from 1.5 to 1.6 million pesos. Up-to-present, payments of 13,289.88k monthly amortization. This is under Pag- ibig Financing, and is updated without arrears (you can verify this on Profriends Company of Friends Inc. Office in Mandaluyong City).

Other Notes:

Please note that the amount Php 473, 707.24 is the total amount paid by the owner (downpayment + current monthly amortization) and we’re only selling it for only Php 400, 000.00.
Buyer should assume the remaining balance to be paid thru Pag-ibig Financing with monthly amortization of Php 13, 289.88 payable within 15 years.
buyer should apply for housing loan in order to transfer his/ her loan obligation to her. Any applicable requirements of Pag- ibig such as processing fee etc. should be pay by the interested buyer.
not yet occupied by the first owner. you will have to pay all payments made up to the current amortization (February 2012).

As a newly wed couple,we decided to bought this property to have our own place to live. But then, when we were about to move in this place, we got our visa abroad and we decided not to pursue to stay in this place. Since were now abroad,we don’ t think we still need this property that’ s why we want to sell it for reasonable price as mentioned above. The place is good. And if you’ re interested and have some quiries, I CAN SEND you some pictures of the actual property and you can email me at chalavarias@yahoo.com.

Contact Person: Charibel
Email Address : chalavarias@yahoo.com

Property #2 : House and Lot very Affordable Legian 2 in Imus, Cavite

Affordable House in Imus, Cavite

Basic Property Information

Model: Amari Townhouse
Location: Bucandala, Imus Cavite
Floor Area: 42sq.m
Lot Area: 37sq.m

House Specification:

House Structure: Reinforced Concrete
Walls: Concrete hallow blocks with plastered finish
Flooring: Plain cement finish
Doors: Panel with steel door jam for main; Flush type with steel door jam for service; PVC door w/ louver for toilet and bath
Windows: Front-steel casement, Rear-jalousie
Ceiling: Metal framing with ceiling board (EXTERIOR ONLY)
Toilet Bath: Plain cement finish, Manual type water closet
Faucet Plumbing: rough-ins, fixtures, kitchen sink
Roofing: pre-painted long span on c-purlins Paintings, front exterior walls and ceiling eaves
Others: septic tank, drain pipes and catch basin

Price and Financing Details

Total Contract Price: P765,000
Downpayment: P29,000
Less Reservation Fee: P5,000
Net Downpayment: P24,000
Balance: P736,000; Pag-ibig Financing 30yrs: P4,897

Contact Person: Susan Villafuerte

Sun: 09222789975
Globe: 09278796373
Smart: 09478367748

Property #3 : House and Lot For Sale, Greensite Molino Bacoor Cavite

House in Greensite Molino Bacoor Cavite

Selling Price: 1,370,000

Prop Description:

Floor Area 71sq m (Up and Down)
Lot Area 45sq mtr
Fully furnished and renovated
1 big airconditioned bedroom
with terrace and with garage
Peacefull neighborhood
good water supply
with recreation area
basketball court
security
good location: near wet market, RFC mall, Jolibee, Mcdonalds and SM Molino.

viviansbunao@yahoo.com, 09204820805.
carlito816@gmail.com

Property #4 : House and Lot For Sale STC Jubilation Binan, Laguna

Prop Description

Location: B9 L13 Mckinley St., Springtime County Jubilation Vill., Binan, Laguna
Selling Price: 1,800,000
Lot Area : 80 sqm
Floor Area: 52 sqm
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
24-Hour Security Guards
Street lights
24-Hour Water system
Club House
Basket ball court

Accessibility

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

Establisments:

Puregold / Pavillon Mall (walking distance)
Robinsons Supermarket
SM, Savemore
One Asia Business Center will rise infront of the Village.
Nearest Hospitals: Perpetual,Binan Doctors, MDI Sinai, Alabang Medical
Has different Churches nearby

Nearest/Nearby Schools:

Brent Int’l.
Montessori Int’l.
Montessori Panorama
HeadStarter
Perpetual
St. Michael
San Agustin College
La Consolocaion
DLSU
PUP

Irene B. Villarin
Call/Text: 09297700705/09202172542

Land Title : How To Register and Transfer It In Your Name As The Real Estate Buyer

by Pag-IBIG Financing Admin

When applying for a Pag-IBIG Housing loan, only two things can happen: Your loan application is either approved or disapproved.

Once your loan application is approved, the real work is just about to start. The most important, and tiring process here, is the registration and transferring of the Title in your name as the buyer of the real property – whether it is a lot-only property, a house and lot, a townhouse or a condominium unit.

Depending on the kind or property that you are buying the Title here can mean any of the following:

The Certificate of Land Title, which is also known as the Transfer Certificate of Title (TCT)
The Condominium Certificate of Title (CCT)

Title Registration and Name Transfer

Sample Land Title in the Philippines If you are buying a new property from a real estate developer, or through its marketing arm, they should be able to assist you in the registration and transferring of title in your name. This is one of the advantages of buying from a developer instead of purchasing a property from an individual seller, where the burden of registration is placed on the buyer.

Of course, you can always opt to register the property by yourself, if that’s fine with you and you don’t mind going through the whole process. Again, as already mentioned, if you are buying from an individual, you have to do the legwork of title registration.

In any case, we have outlined below the series of step you need to take to be able to properly register the Title of the property and have it in your name.

STEP 1: Get A Certificate Authorizing Registration

Go to the office of the Bureau of Internal Revenue (BIR)
Once you are at the BIR, present the Deed of Absolute Sale (DOAS), and Loan and Mortgage Agreement (LMA)
Request for the computation of the Documentary Stamps and Capital Gains Tax.
Then proceed to the designated bank and pay for the Documentary Stamps and the Capital Gains Tax. (Usually this is the Land Bank of the Philippines.)
Go back to the office of the BIR and your Bank Receipt
Finally, request for the issuance of Certificate Authorizing Registration (CAR)

STEP 2: Request Issuance of New Title

Proceed to the Registry of Deeds and present the following documents: DOAS, CAR and LMA.
Pay transfer tax and registration fees
Request for the following:
- Issuance of new Title under buyer’s name with proper annotation
- Certified true copy of new title (owner’s copy)
- Certified true copy of new title (RD’s copy)
- DOAS stamped received, LMA stamped received

STEP 3: Pay Tax Declaration

Proceed to the Assessor’s Office
Present the new Title with your name
Pay for the issuance of the new Tax Declaration under the buyer’s name
Secure a copy of the new Tax Declaration

Take note that the steps just presented are just a part of whole Housing Loan Application Process — probably up to the loan approval stage but prior to the release of the loan proceeds. After you are done with Step 3 above, which is the most critical and time-consuming of them all, you have to go back to the Pag-IBIG Fund office or branch that approved your loan application. Present all the necessary documents required for the release of the loan proceeds.

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This article on Title Registration is written by Carlos Velasco.