Showing posts with label Tips and Guides. Show all posts
Showing posts with label Tips and Guides. Show all posts
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Living in Bulacan
Bulacan is known for it's rich historical heritage and one of the fast developing provinces in the Philippines, very accessible through NLEX (North Luzon Express Way) bulacan is divided in 24 municipalities;
Angat
Balagtas
Baliuag
Bocaue Marilao
Bulacan, Bulacan
Bustos Norzagaray
Calumpit
Doña Remedios Trinidad
Guiguinto
Hagonoy
Paombong
Plaridel
Pulilan
Pandi Santa Maria
San Rafael
San Miguel
San Ildefonso
San Jose del Monte City
Obando
Malolos City
Meycauayan City
Bulacan is very rich in cultures and traditions,
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Pag-IBIG Housing loan seminar Schedule
Planning to avail Home Development Mutual Fund (Pag-IBIG) Housing loan?
One of the basic requirement is by attending the housing loan counseling of Pag-IBIG if you are living within Metro Manila here's the schedules given by the Atrium (Main office)as per compliant of Pag-IBIG for every borrower whether with a developer or a retail account. For those residing outside the Metro, you can coordinate with Pag-IBIG offices within your district. You may also berequired to bring a copy of your company I.D. or any government I.D.'s and filling-up the MSVS form which normally given before the seminar. For representative's you will need an Special Power of Attorney
(Notarized if Local and Consularized for OFW's) from the principal borrower and a copy of your I.D.
Click image to Zoom
Note: All informations may change without prior notice, Home4pinoy has the right to correct any typographical/image error. The given information's are for guide only and not to serve as fact. You may call Pag-IBIG Hotline (Metro Manila) 8114401 or 7244244
Maraming Salamat po!
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Buying Guides - Foreign Retiree's
Special Resident Retirement Visa (SRRA) is a privilege granted to foreigners who would like to have a permanent resident status in the Philippines. For investing in the Philippines, foreigners can enter and leave the country as many times and as long as one wishes, including family members. With a Special Resident Visa, a holder can live, do business, study in the Philippines indefinitely.
Requirements for Special Resident Retirement Visa
Principal Applicant:
Application Form
Passport with valid entry to the Philippines
National Bureau of Investigation (NBI) Clearance or Police Clearance (to be authenticated by the Philippine Embassy)
Medical Clearance (if applicant is abroad, this clearance must be authenticated by the Philippine Embassy)
6 pieces 6" x 6" pictures
6 pieces 1" x 1" pictures
Bank Certification from an accredited bank of the Philippine Retirement Authority of bank deposit (US$ 50,000 for 50 years old & above, $75,000 for 35 to 49 years)
Processing fee: US$ 1,500
Spouse / Dependent:
Application Form
Passport with valid entry to the Philippines
NBI Clearance or Police Clearance (to be authenticated by the Philippine Embassy for 18 years old and above)
Medical Clearance (if applicant is abroad, this clearance must be authenticated by the Philippine Embassy)
6 pieces 6" x 6" pictures
6 pieces 1" x 1" pictures
Marriage Certificate (authenticated by the Philippine Embassy) for spouse.
Birth Certificate (authenticated by the Philippine Embassy) for dependents.
In Lieu of Marriage or Birth Certificates:
Family Register (for Koreans)
Household Register (for Taiwanese)
Certificate of Relationship (for P.R.O.C.)
Fees:
Service fee of $300 each for spouse or dependent (up to 3 dependents)
For families with more than 3 dependents, additional $ 15,000/dependent
Immigration conversion fee:
Php: 7,600 for spouse and children 16 to 20 years old.
Php: 7,350 for children 14 to 15 years old.
Php: 6,850 for children 13 years old and below
PLRA ID card ($10) for spouse and/or dependent
Immigration express fee of Php 500 per person (elective)
Note: The required investment money (US$ 50,000 for 50 years old & above, $75,000 for 35 to 49 years) to avail of the Special Resident Retirement Visa (SRRA) must be deposited in a bank accredited by the Philippine Retirement Authority. This deposit can be withdrawn after 6 months but must be invested in the Philippines. It can be used to buy properties (condominiums) stocks, securities, etc.
Thanks to Philsite.net for this wonderful article
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Buying Guides - For Balikbayan's
Home Buying Guide for Balikbayans
Former natural-born Filipinos who are now naturalized citizens of another country can buy and register, under their own name, land in the Philippines but limited in land area (see below). However, those who avail of the Dual Citizenship Law can buy as much land as any other Filipino citizen.
Under Republic Act 9225 (Dual Citizenship Law of 2003), former Filipinos who became naturalized citizens of foreign countries are deemed not to have lost their Philippine citizenship, thus enabling them to enjoy all the rights and privileges of a Filipino.
Steps to Gain Dual Citizenship:
If you are in the Philippines, file a "Petition for Dual Citizenship and Issuance of Identification Certificate (IC) pursuant to RA 9225” at the Bureau of Immigration (BI) and for the cancellation of your alien certificate of registration.
Those who are not BI registered and overseas should file the petition at the nearest embassy or consulate.
Requirements:
Birth certificate authenticated by the National Statistics Office (birth certificate from the NSO can be requested online and mailed to you)
Accomplish and submit a “Petition for Citizenship and Issuance of Identification Certificate (IC) pursuant to RA 9225” to a Philippine embassy, consulate or the Bureau of Immigration.
Pay a $50.00 processing fee, schedule and take an "Oath of Allegiance" before a consular officer.
The Bureau of Immigration in Manila receives the petition from the embassy or consular office. The BI issues and sends an Identification Certificate of citizenship to the embassy or consular office.
If a former Filipino who is now a naturalized citizen of a foreign country does not want to avail of the Dual Citizen Law, he or she can still acquire land based on BP (Batas Pambansa) 185 & RA (Republic Act) 8179 but limited to the following:
For Residential Use (BP 185 - enacted in March 1982):
Up to 1,000 square meters of residential land.
Up to one (1) hectare of agricultural of farm land.
For Business / Commercial Use (RA 8179 - amended the Foreign Investment act of 1991):
Up to 5,000 square meters of urban land.
Up to three (3) hectares of rural land.
Thanks to Philsite.net for this wonderful article
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Buying Guides - Foreigner's
Foreigner's Guide
By law, foreigners don't have the right to acquire land in the Philippines. Only Filipino citizens can own land (there have been many proposals to amend this law but of this writing, the law remains unchanged.) The simplest way for a foreigner to acquire real estate properties is to have a Filipino spouse purchase a property in his/her name.
Exceptions:
Corporations or partnerships that is at least 60% Filipino owned are entitled to acquire land in the Philippines. An exception to this rule, is foreign acquisition of a Philippine real estate in the following cases:
* Acquisition before the 1935 constitution.
* Acquisition thru hereditary succession if the foreign acquire is a legal or natural heir. This means that when you are married to a Filipino citizen and your husband/wife dies, you as the natural heir will become the legal owner of his/her property. The same is true for the children. Every natural child (legitimate or illegitimate) can inherit the property of his/her Filipino father/mother even if he/she is not a Filipino citizen.
* Purchase of not more than 40% interest in a condominium project.
* Purchase by a former natural-born Filipino citizen subject to the limitations prescribed by law. (natural born Filipinos who acquired foreign citizenship is entitled to own up to 1,000 square meter of residential land, and 1 hectare of agricultural or farm land)
* Filipinos who are married to aliens who retain their Filipino citizenship, unless by their act or omission they have renounced their Filipino citizenship.
Owning of houses or buildings is legal as long as the foreigner does not own the land on which the house is build.
Setting up a corporation with 40% of the stocks in the foreigner's name and 60% to Filipinos is a good alternative. There must be a minimum of 5 stockholders, and foreigner can have the Filipino stockholders sign blank transfer of the stocks for security.
Rent
The land can be leased by the foreigner or a foreign corporation on a long term contract for an initial 50 year period and renewable every 25 years. A foreigner can rent a lot and at the same time legally own the house on the rented land.
Condominiums
The Condominium Act of the Philippines, R.A. 4726, expressly allows foreigners to acquire condominium units and shares in condominium corporations up to 40 % of the total and outstanding capital stock of a Filipino owned or controlled condominium corporation.
Those who claim that foreigners can own a house & lot in the Philippines have a condominium title to their property. There are a very few single-detached homes or Townhouses in the Philippines with condominium titles. Most condominiums are mid to high rise buildings.
See list of Condominiums - Here
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Pag-IBIG - List of Requirements
Q: What are the Requirements for Locally Employed?
A: To apply for a Housing Loan, you need to complete the following requirements:
1. Company ID (xerox)
2. Latest 1 Month Payslip
3. 1 x 1 ID pictures (4 pcs)
4. Birth Certificate/Marriage Contract (xerox)
5. ITR & W2 (xerox)
6. Certificate of Employment & Compensation (original)
Additional Requirements for PAGIBIG Loan:
(Please ask our agents to guide you through the process-NO AGENT FEES Necessary)
1. Employee Statement of Accumulated Value (ESAV)
2. Membership Status Verification Slip (MSVS)
Q: What are the Requirements for OFWs?
A: 1. Passport (xerox)
2. Job or Employment Contract (xerox)
3. 1 x 1 ID pictures (4 pcs)
4. Birth Certificate/Marriage Contract (xerox)
Additional Requirements for PAGIBIG Loan:
(Please ask our agents to guide you through the process-NO AGENT FEES Necessary)
1. Special Power of Attorney
2. Pag IBIG Record Book & Receipt
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Pag-IBIG - Frequently Asked Questions
Q: I am employed in a local company and a PAGIBIG Member for less than 1 year. Am I qualified to apply for a Housing Loan?
A: Yes. PAGIBIG Members who are active in their contribution for twenty four (24) months and above are qualified to apply for a housing loan. However, new members like you who are still short of the 24-month membership requirement, shall be allowed to make lump sum payment based on the mandatory monthly membership contribution rates (both EE and ER share) to meet said requirement at point of loan application. Lump sum payment of membership contributions shall be considered a single contribution for the applicable month as of the payment date.
Q: What if I have an existing property loan with PAGIBIG? Can I still avail another loan?
A: You should settle first your existing property loan before you can avail another loan.
Q: What if i have existing Salary or Multi Purpose Loan with PAGIBIG? Can i still avail property loan?
A: Yes, you can. You just need to present the CLA (Certificate of Loan Amortization) to the documentation officer handling your account.
Q: I am more than 65 years old, can I still avail of a housing loan?
A: Not anymore. You should not be more than sixty-five (65) years old at the date of loan application and must be insurable; provided further that he/she is not more than seventy (70) years old at loan maturity.
Q: How much can I borrow for the property I want to buy?
A: A qualified Pag-IBIG member shall be allowed to borrow an amount up to a maximum of Two Million Pesos (P2,000,000.00), which shall be based on the lowest of the following: the member’s actual need, his loan entitlement and the loan-to-collateral ratio.
Q: What is loan entitlement and loan-to-collateral ratio?
A: A member’s loan entitlement shall be proportionate to his Pag-IBIG contributions (inclusive of the employer counterpart contributions)
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In-House Financing - Why In-house Financing?
MARIKINA CITY, Philippines - Only one out of 10 of our clients resort to bank financing in buying subdivision properties.
Most of them choose in-house financing or take a loan to buy the house directly from the developer of the subdivision. Despite the higher interest rate compared to banks, they prefer this arrangement with the developer because loan processing is faster and easier.
No background checks of the applicant are required. Most developers who offer in-house financing do not strictly require submission of proof of income of the buyer. Loan approval is practically as fast as one’s ability to pay the reservation, fill out the forms, and submit the usual documentary requirements.
Another reason is the fixed rates of interest of in-house financing system for the duration of the loan period. This means the loans are not affected by economic and political developments which usually make bank interest rates fluctuate.
But the interest rates of in-house financing may be prohibitive. Most developers offer straight interest as opposed to diminishing interest in bank financing schemes.
Straight interest, which is the practice for car loans, pegs a fixed interest per annum which one has to pay for the property. If one decides later to pay the bulk of the principal loan, that amount would still incur interest.
Bank Financing
Banks offer greater flexibility and lower interest rates than in-house financing. The going rate is about 9 percent per annum for a one- to three-year loan. This is usually adjusted upwards to around 12 percent for a 15-year loan. Since most banks offer payment periods of up to 15 years, monthly amortizations can be significantly lower than in-house financing.
But many home buyers refuse to apply for housing loans in banks because of stringent requirements, charges, the time required for approval and the many details one has to be aware of in getting a bank loan.
Some buyers who see the significant savings of taking out a bank loan, make the extra effort to apply with the bank after understanding what to prepare.
One requirement is documentary proof of one's income. This is the reason small players in the informal sector or underground economy need to formalize their businesses to be able to get a loan.
There are also those who have formal documentary evidence but won't qualify for a loan because they don’t have a fixed salary. Commission-based income earners are often rejected by banks for this reason.
There are banks, however, that are more open to these nuances. A loan applicant only needs to prove that he or she has a consistent income over a long period of time.
Ask the bank how many years the published interest rates are fixed. It's important for the buyer to know this because banks usually re-price the loans after a few years. They offer various interest rates depending on the length of the fixed rate period.
For example, one gets a 10-year loan. Some banks offer the option of a one-year to five-year fixed interest period, after which they will reassess the interest rates based on economic conditions current to that period. If conditions are favorable, the interest rates may be lowered. However, the opposite may also occur.
Fees
Buyers should also be ready to pay the bank fees in processing their application. These are necessary to cover the cost of having an expert visit and appraise the value of the property. The rates differ from P3,000 to P7,000. Banks usually appraise a property within a week.
The buyer also needs to pay fees for the legal annotation of the title. Every time one gets a mortgage from the bank, the mortgage is inscribed in eans that if a buyer secures a loan from a bank but does not have the money yet, the buyer will still be required to continue paying the monthly amortization until the bank releases the money.
Therefore, a buyer should ask the developers if they would honor a bank guaranty when buying property. This is important if the buyer plans to get a bank housing loan.
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Bank Mortgage - Frequently Asked Questions
Q: Who are qualified to get a Bank Loan?
A: Filipinos, Filipinos married to foreigners, Foreigners (if collateral is a condominium), or former Filipinos with or without Dual Citizenship, of legal age (not exceeding 65 yrs old upon loan maturity)
A: Individuals with minimum gross family income of P50, 000.00/monthly.
A: For sole proprietorships or family corporations, the business must be profitably operating for the last two (2) years.
Q: What are the requirements?
A: If you are locally employed:
Latest Income Tax return (ITR)
Certificate of Employment with Compensation OR latest full month payslip
If employed abroad
For seamen: latest crew contract and employment history
For nurses, contract workers and immigrants: employment contract or Certification of employment & salary (to be authenticated by the Phil. Consulate upon loan approval)
Proof of monthly remittances OR payslips for the past three (3) months
If self-employed
Income Tax Return (ITR) for the last 2 years
Financial statements for the last 2 years (Audited and In-house, if applicable)
Certificate of Business Registration with DTI or SEC Business Registration & By-Laws, whichever is applicable
Top three (3) major suppliers and customers with contact persons and numbers
Photocopy of the Statement of bank accounts for the last six (6) months OR photocopy of passbook for the past six (6) months
For Rental Income: Copy of TCT/CCT and lease contract from rented/leased properties
Please ask our agents for further assistance-No Agent FEES! Ask now.
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Buying Guides - Condominiums
Step- 1Think about how long you're going to stay in one place. Buying a condo is no different than buying a single-family home--you need to live there at least a couple of years to recoup closing
costs , assuming the property will appreciate. - Step2Give some thought to what you want. If you're not interested in the pool or sauna, understand that the condo's price and ongoing monthly association fees will reflect their use regardless of your interest in swimming or sweating.
- Step3Visit various condominium or townhouse communities and multiunit buildings so you know what's available where you live. Get a sense of prevailing prices.
Featured Condominium - Step4Request a market analysis from a real estate
agent regarding the selling prices of condos in the building or area. Check the price appreciation on the market analysis to evaluate how quickly the condos are increasing in value; subtract the selling price from the purchase price and divide by the number of years the property has been held by the previous owner for a ballpark estimate of annual appreciation, if any (varies from state to state and place to place), in the neighborhood. - Step5Get prequalified for a mortgage (see How to Shop for a Mortgage).
- Step6Find out if the building has a good reputation. Ask current residents how often repairs and maintenance are required, and how good the soundproofing is between units.
- Step7Check out parking, storage, security and other amenities.
- Step8Ask to see the minutes from a recent meeting of the home owners association (HOA). Find out what the hot issues are and if members are fighting tooth and nail. You may want to keep looking-- nobody wants to live where neighbors are at each other's throats.
- Step9Ask how large the HOA's reserve funds (used to pay for maintenance and emergency repairs on the building) are. The larger the reserve, the less a chance of an assessment or one-time payment to chip in for an unexpected expense. The smaller the reserve, the greater the chance you'll be billed for an assessment in the near future. Some states require periodic updates of reserves to be published to HOA members.
- Step10Check the HOA's history of assessments to see how many have been made in the past 10 years and how large they have been. This information will help you gauge how likely it is that you'll be assessed in the near future, and indicate how well-managed the building is. Better managed buildings make fewer assessments.
- Step11Talk to other members and find out how restrictive your HOA is. For instance, some buildings even dictate what sort of holiday lighting you can put up. Request the same information as you would for buying a house. Read the CC&Rs (covenants, conditions and restrictions).
- Step12Budget in association dues, which are above and beyond your monthly mortgage payment. To assist in long-term financial planning, ask the condo association whether association fees have increased in recent years. Also estimate monthly maintenance costs that you're responsible for in addition to the association fees.
- Step13Make an offer and close on the deal. See How to Buy a House for more specifics
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