How To Avail Of Pag-ibig Houses
Before one can avail of the PAG-IBIG houses, the applicant must be eligible in order to qualify
. There are some steps to follow upon application such as: attend a loan counseling session, submit the loan application, wait for the approval, go to the Bureau of Internal Revenue(BIR), have necessary documents notarized, proceed to the Registry of Deeds, secure an occupancy permit, secure a tax declaration, comply additional document, and receive loan proceeds.
To qualify for the PAG-IBIG housing, one must be an active member with at least 24 monthly remittances at the time you apply for the loan. In the event that the contribution does not reach the required minimum number of months, the applicant may opt to pay a lump sum payment to meet the requirement. Below are the steps on how to avail of the housing loan:
Attend a Loan Counseling Session
First thing to do is to attend a loan counseling conducted by the authorized PAG-IBIG representative at the nearest provincial office. From here, you will be asked to fill-up the application form, loan questionnaire, and the membership status verification slip. These will be used to assess whether an applicant is eligible or not. Once you qualify, a checklist will be given and must be complied before you can proceed with the next step. To learn more about the requirements, check out the housing loan guidelines at the official site of PAG-IBIG.
Submit the Loan Application
Once you have filled-up the application form, you need to submit it together with the supporting documents listed in the checklist. A non-refundable processing fee must be paid upon application.
Wait for the Approval
After the submission and the payment, you need to wait for further notice on your loan application, which will take about several weeks to months.
Go to the Bureau of Internal Revenue (BIR)
Once you received the notice of approval, proceed to the BIR and present the following: Deed of Absolute Sale, tax declaration, tax receipt, and clearance for capital gains tax and documentary stamps. Once complete documents are given, next thing to do is to obtain a Certificate Authorizing Registration (CAR).
Have Necessary Documents Notarized
Go to a certified notary public and have your Loan Mortgage Agreement (LMA) notarized.
Proceed to the Registry of Deeds
You need to settle certain fees such as registration and transfer tax at the Registry of Deeds, so that they can carry on with the transfer of title.
Secure an Occupancy Permit
This is an optional step, which is specific to those who intend to use the loan for a residential unit or a lot with your unit or structure on it. The permit can be acquired from the engineering office where your property belongs.
Secure a Tax Declaration
To determine the real property taxes, you have to acquire a tax declaration at the Assessors' Office.
Comply Additional Document
Additional documents will be submitted to the PAG-IBIG office such as: original transfer certificate with your name as well as a note of mortgage on it, new tax declaration, DOAS with RD stamp, real estate tax receipt (updated), occupancy permit, and loan proceeds assignment.
Receive Loan Proceeds
After the completion of all the necessary documents, you will now be granted the approved loan amount, which will be paid to the seller. From then, you will now start paying your monthly amortization.
by: Angelina Jodie
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