Pag-ibig housing loan experience
Posted by engkanta on July 8th, 2008
My husband and I just took out a Pag-ibig Fund loan to acquire a house and lot unit at a subdivision in Lapu-Lapu City.
While the property is not brand new, it’s a unit foreclosed and reacquired by Pag-ibig from its previous owner who failed to pay the required amortization, we still followed the same steps enumerated in the fund’s housing loan guidelines.
The first step in the process of taking out a Pag-ibig housing loan is attending a counseling session. Pag-ibig holds regular counseling sessions at its branches. In our case, we attended loan counseling when Pag-ibig held a housing fair in Lapu-Lapu City.
[Read more →]
Disclaimer: This site not affiliated with Pag-ibig
Posted by engkanta on May 30th, 2008
It appears from the comments left on articles here that some visitors and readers have mistakenly assumed that this is a Pag-ibig Fund-initiated site.
I’m sorry if some entries here have led some of you to believe that I, the writer, am affiliated with Pag-ibig. Let this post be a formal disclaimer that this site has nothing whatsoever to do with that government agency.
Rather, this blog is a personal initiative that started when my husband suggested that we write about real estate in Cebu. To get more information about real estate transactions, I joined a seminar on the realty profession organized by the National Real Estate Association-Cebu Chapter before starting this site last year.
Since the option to take the real estate examination for brokers came with the seminar, I did that too and passed. I, however, only applied for a broker’s license last month. I was told just last week that my license has been released and I only have to pick it up with the NREA-Cebu Chapter office.
I’m also based in Cebu and can only provide information about real estate units here.
Pag-Ibig provides e-payment for Pinoys abroad
Posted by engkanta on February 22nd, 2008
Several visitors to this site who are based outside of the Philippines have asked me about how to go about contributing to the Pag-ibig Fund.
The e-payment system will hopefully make it easier for you to pay your monthly contributions.
Some overseas Pinoys have also inquired if it is possible to apply for Pag-Ibig Overseas Program (POP) membership online. There’s currently no such thing.
However, overseas Pinoys may file their application with any of the following offices:
* Pag-Ibig Overseas Program (POP) Office
* POP Overseas Offices
* Accredited Overseas Marketing Representatives
* Metro Manila and Provincial Offices
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Condo units for sale at The Aston in Manila
Posted by engkanta on January 8th, 2008
The first of a series of high-rise sections of the famous Two Serendra Project at Global City, The Aston is located just right beside Market!Market! in Taguig, Metro Manila.
It is one of the latest and best projects of Community Innovations Inc., a wholly-owned subsidiary of Ayala Land.
One Serendra and Two Serendra are two of the most successful Ayala projects at the center of Global City. One Serendra is nearly completed and earlier sections of Two Serendra are ready for turnover this year.
[Read more →]
Commercial bldg. to open soon near Cebu Doctors in Mandaue
Posted by engkanta on December 16th, 2007
A 9-storey IT and commercial building will open soon at the Zuellig Avenue in the Mandaue Reclamation Area.
The facility, a project of Robinland Inc., will be Called the Robinland Business Center. It is located near Cebu Doctors’ University in Mandaue.
Robinland Inc. says the center has a pre-approved PEZA registration and its tenants would enjoy tax incentives and other benefits granted to PEZA-registered locators.
Attractive incentives await early bookings to the “first IT Building with condo units at the penthouse on the 9th floor,” Robinland Inc. adds.
Robinland says its building is also “intelligent” as it is is equipped with a computerized building management system and was designed with “green building technology” so it is more environment friendly.
Adjacent to the building are dormitories and a few minutes ride away are establishments like SM City, Ayala Center, Marco Polo Plaza, and FF cruz Boardwalk.
Pag-ibig housing loan and net income
Posted by engkanta on October 21st, 2007
Among the four factors used by the Pag-ibig Fund to compute the amount of housing loan that its members may avail of is their monthly net disposable income.
Net disposable income is what’s left of your salary after deducting taxes, mandatory contributions to Pag-ibig and Social Security System (SSS) for the private sector or Government Service Insurance System (GSIS) for the public sector, and loan or other payments (if applicable).
Since Pag-ibig decides on the lowest amount of loan that a member may take out based on either contribution, actual need, loan-to-collateral ratio, or capacity to pay (based on the net disposable income), it is the latter factor that is usually used as basis for most housing loan computations.
The table below is a listing of net incomes and their equivalent housing loan amounts pegged on the loan terms or the number of repayment years.
(For loans over 750,000 pesos, see the rest of the Pag-ibig income table.)
Easy steps to a Pag-Ibig housing loan
Posted by engkanta on October 16th, 2007
You’ve seen the property that you want to acquire, checked it out repeatedly, in fact, and you’re convinced that it’s the right one for you.
You’re a Pag-Ibig fund member and want to acquire the house and lot or the lot where you want to build your home through a Pag-Ibig housing loan but don’t know how to go about it.
Let these easy steps published in the Pag-Ibig publication “Pabahay ni GMA” and posted in the agency’s website guide you.
1. Attend a housing loan counseling session at the Pag-Ibig Fund office nearest you.
Applicants are asked to accomplish a preliminary loan counseling questionnaire, housing loan application form, and membership status verification slip (MSVS).
[Read more →]
Pag-ibig celebrates shelter month with housing program
Posted by engkanta on September 11th, 2007
To celebrate National Shelter Month this October, Pag-ibig Fund is implementing the “Magaang Pabahay, Disenteng Buhay” Program.
The objective of the program is to provide members of the fund with the opportunity to acquire a home through affordable or easy means.
The program involves the disposition of the fund’s acquired assets including those still being occupied by the original borrower, tenant under the ordinary lease scheme, or any illegal occupant. Acquired assets are those housing units bought through a loan with Pag-ibig but had since been foreclosed and acquired back by the fund due to non-payment by the borrower of the monthly amortizations.
Johndorf Ventures launches Simplex 1-Mactan
Posted by engkanta on August 26th, 2007
Housing developer Johndorf Ventures launched yesterday its Simplex 1-Mactan subdivision project in Suba Basbas in Lapu-Lapu City.
Johndorf says its project is 100 percent socialized housing and that units are already available for occupancy. The subdivision is located near Plantation Bay in Marigondon.
Some units may be availed of through the Pag-ibig housing program for only 1,900 pesos monthly. (Read Pag-ibig’s housing loan guidelines.)
Buy only titled lands: realtor
Posted by engkanta on August 13th, 2007
They say the best evidence of property ownership is a Torrens title because it is both indefeasible and imprescriptible.
As an indefeasible and imprescriptible document, a land title can neither be annulled or voided nor subjected to prescription.
Hence, a good rule to follow when acquiring property would be to buy only those covered by an original certificate of title (OCT) or transfer certificate of title (TCT).
Realtor Wilfredo G. Montuerto, who is the managing broker of the Montuerto Realty Development Corp., said during a lecture on real estate appraisal that he discourages clients from buying properties covered only by tax declarations.