FAQ
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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
BANK LOAN
(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: In-house financing requirements is similar to bank financing. For
specific requirements, it is advised to take note of these requirements per
Developer.
You can purchase without necessarily coming over. First,
you select from this site the specific property you are interested in. We can
send you an updated map of the subdivision (and in the case of a condo, its
floor plan) From the map, you can choose the specific location you want to
reserve. Upon receipt of your payment “bank to bank”, or through your SPA, the
unit of your choice will be reserved for you in 30 days. Within this 30 day
period, all documents required will have to be submitted and a contract shall
be signed. The 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 copy. The reservation is always deductible to your down
payment.
For your monthly amortizations, there are two possibilities:
(1) There are developers who require issuance of post dated checks for at least
one year. In this case, your 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 may want to come over personally,
open a bank account here, and issue post dated checks to the developer.
(2) When a developer allows, you may just at your own option, send the monthly
amortization bank to bank direct to the developers account.
Reservation
which is usually a very small amount ranging from P10,000.00 and up will
entitle you to 30 days hold of your unit in your favor. Since the developer
refuses to sell this to anyone interested within the period of reservation, the
reservation is equitably not refundable. All reservations are deductible to the
selling price.
The process of gradually
reducing mortgage loan debt over time by establishing scheduled monthly
payments. The interest payment of an amortized loan will decrease as time goes
on, while the principal payment will increase.
A real
estate professional that is legally licensed to buy and sell property on
behalf of their clients. An agent cannot operate independently, they must work
under a licensed broker.
A measure calculated by
taking the market value of a property and deducting the amount that is still
owed on the mortgage, if any.
The value assigned to a real estate property that is used
to determine its property tax rate.
A real estate professional that is
licensed to represent clients and manage a brokerage in their state. Brokers
receive extensive education and licensing, allowing them to manage individual
agents through a firm or operate independently.
The amount of money that a
buyer must pay upfront as part of a real estate transaction. It is usually
expressed as a small percentage of the overall price of a property. Most mortgage
lenders will require a down payment as collateral.
A legal process that occurs when a
property owner fails to uphold their mortgage agreement and make their
payments. The mortgage lender will claim the property and resell it as an
attempt to recoup their losses.
A home loan with an interest
rate that stays the same throughout the loan’s lifetime.
Home appraisal the process during which a licensed appraiser
evaluates different elements of a property to determine its fair market value.
An appraisal is ordered by a mortgage lender wherein Home Inspection an
examination of the overall condition of a property. It is ordered by a real
estate buyer.
Foreigners do enjoy absolute ownership
of a condominium unit. Ownership is evidenced by Condominium Certificate of
Title (CCT).
The ownership of land and 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 happens along the
way, there are ways to get back the money invested by the foreigner.