Pag-IBIG is an acronym for Pagtutulungan sa Kinabukasan: Ikaw, Bangko, Industriya, at Gobyerno. It is a government institute that supervises construction and development of low-cost housing units; and as well as financially aid members in acquiring homes.
Who can apply for membership? RA No. 9679 lists the following:
a. All employees, workers, professionals, officers and companies who are compulsorily covered by the SSS and GSIS
b. Uniformed members of the Armed Forces of the Philippines, the Bureau of Fire Protection, the Bureau of Jail Management and Penology, and the Philippine National Police;
c. Overseas Filipino Workers (OFWs)
d. Filipinos employed by foreign-based employers, whether deployed locally or abroad.
Membership to the funds offers the following benefits: savings, short term loans, and access to housing programs. Short term loans are available to members who have made at least 24 monthly contributions. There are two kinds: Multi-Purpose Loan Program, which was designed to finance members’ immediate medical, educational, and livelihood needs; and the Calamity Loan Program for members who have been affected by a recent calamity.
Most companies process their employees’ Pag-IBIG membership; thus the automatic monthly deduction.
Now if you’re already a member of Pag-IBIG, found a home you want to buy, and want to acquire it through the funds, read on for the guidelines.
1. Attend a housing loan counseling program at a Pag-IBIG office.
You will be asked to accomplish a counseling questionnaire, a housing loan application form, and a status verification slip. This is how the office will verify your eligibility for a loan. Once confirmed, you will be given a checklist of requirements.
You will be asked to submit the following: certificate of employment with salary breakdown (notarized), latest 1 month pay slip, Income Tax Returns (ITRs) and W2 for the last two years, photocopy of a company ID or any valid ID with signature, proof of billing, birth certificate, marriage certificate, community tax certificate, and 1×1 picture (4 pieces).
OFW’s would have to submit other legal documents like SPAs, photocopy of passport, and latest job contract.
2. Submit all requirements and pay a processing fee of P1000, non-refundable.
3. Wait for a Notice of Loan Approval and sign loan documents.
4. Proceed to the BIR and present Deed of Absolute Sale (DOAS) between the owner of the property and applicant for payment of documentary stamps and capital gains tax.
5. Proceed to Registry of Deeds for payment of transfer tax and registration fees for the transfer of the title.
6. Proceed to Notary Public for notarization of Loan Mortgage Agreement (LMA) and annotation of mortgage with the Registry of Deeds and to Assessor’s Office to secure new tax declaration in the name of the applicant.
7. Secure Occupancy Permit from the Local Government Unit Engineering Office when the loan is for any of the following purposes: Purchase of new Residential Unit (PRU), Purchase of Lot and Construction of a Residential Unit thereon or for House Construction only.
8. Submit the following documents to Pag-IBIG:
• Original Transfer Certificate of Title (OTC) in the name of the applicant with annotated mortgage
• DPAS with original RD stamp
• New Tax Declaration in the name of the applicant
• Updated Real Estate Tax Receipt (for house and lot, if applicable)
• Occupancy Permit
• Assignment of Loan Proceeds
9. Release of loan proceeds
10. Start of monthly amortization is the following month immediately following the loan take-out/final loan release.
PTR believes in the same principles of Pag-IBIG. We believe that every Filipino deserves an opportunity to live in his/her desired home. PTR acknowledges Pag-IBIG financing. We want you to have quality and affordable living – something that you deserve.
For more information on Pag-IBIG, visit the official website.
Reference.
No comments:
Post a Comment