Pag ibig Loan Filing Part 2

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A screen shot of the ongoing renovation GOOD MORNING❤️ To continue, I've told you in my previous blog that Pag ibig told us to submit additional requirements because upon checking, our lot didn't close, the boundaries.  Additional Requirements Required from us: 1. lot data computation 2. certified technical description   We can get these from DENR REGION 4A since we are from Rizal. The process is, get Lot Data Computation and Approved plan from DENR LOS BANOS. Bring them to DENR CALAMBA so you can request for a Certified Technical Description of the lot. So, March 4, 2024, we submitted our request for lot data computation and approved plan from DENR LOS BANOS. We were told, the line was long so our schedule to pick them up was March 19, 2024. We let one day passed, to make sure, the documents are available.  March 20, 2024, we came to get the Lot Data Computation and the approved plan. The fee was ₱50 per document, ₱100 if you want it certified. DENR CALAMBA From DENR LOS...
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The Sale Transaction

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 Magandang araw!


There is a time in our life when we are ready to purchase real estate property where our home sweet home will soon hopefully rise.

We may already have enough financial resources or stability to purchase it in cash, installment or through financing. There are perks when we do the purchase on cash basis. However, as long as we have a stable job or a stable business it would be easy to apply for a lot loan or a housing loan.


Purchase through cash basis

Paying for the property one time, or within a span of few months, say three or six months, is still considered a purchase through cash basis. There are sellers or developers who are offering those options. It really depends on the agreement between both parties, the seller and the buyer.  There are perks when doing the sale transaction on cash basis, usually certain percentage of the sale is given as discount, making the over all price of the property lower.


Purchase through installment or financing

However, when we don't have enough cash to pay for the property in full, we can choose to go for installment basis through the in-house financing scheme of the developer. Remember to check the background of the developer company, their capacity to develop and complete the subdivision project in an efficient manner, within the timeline discussed with you, complete with whatever amenities they promised.

That's quite long, 😁. In short,  select a competent developer base on their previous completed projects. Development, time frame and their capability to process and complete the titles for each lot. Those things are very crucial to consider.


Pag-ibig or Bank financing

Aside from the in-house financing offered by developers, we can also opt to go for the Pag-ibig or bank loan. There are banks that offer lower interest, you just need to have the patience to scout for the one that offers the lowest.

Per discussion we had in my recent CPD seminar, Pag-ibig may have a little higher interest. However, they are more lenient when it comes to giving grace periods for those who are delinquent in paying their real estate loan. Also, Pag-ibig is computing the loan on a diminishing balance method, which for me is better than the straight line method offered by banks. This is just my personal opinion.


Conclusion


Whatever method you will be using to purchase a property, don't forget to exercise due diligence to avoid failed sale transaction.


Thank you! God bless!!🙏

Pamanafromancestors❤️


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