Lopzcom Realty vice president Gari Tiongco II told the newspaper the project already sold four units. Tiongco said the units are ready for occupancy.

He said fully furnished units are sold at P2.3 million. A two-story duplex has a land area of 77 square meters. Units have a living area, dining space, kitchen, three bedrooms, two toilets and baths, carport, service area, and balcony.  Units can be purchased through Pag-ibig, bank loan or in-house financing.

Tiongco told Sun.Star Cebu the project is “a closely-knit and gated community” of housing units that are “easy to maintain units and infestation-proof.”

While the property is not brand new, it’s a unit foreclosed and reacquired by Pag-ibig from its previous owner who failed to pay the required amortization, we still followed the same steps enumerated in the fund’s housing loan guidelines.

The first step in the process of taking out a Pag-ibig housing loan is attending a counseling session. Pag-ibig holds regular counseling sessions at its branches. In our case, we attended loan counseling when Pag-ibig held a housing fair in Lapu-Lapu City.

After the counseling, the Pag-ibig personnel gave us a certificate of attendance, a housing loan application form, and a list of documents that we needed to submit so we could avail of a housing loan.

One of the requirements was a membership status verification slip (MSVS), which we had to request from Pag-ibig. Processing of the MSVS takes seven days but in our case it was even longer because we had a salary loan that was long overdue.

Pag-ibig released our MSVS a week or so after we paid off the loan. We filled up the housing application form and submitted this with the other requirements, which included the MSVS, certificate of employment with salary breakdown, latest 1 month payslip, Income Tax Returns (ITRs) for the last two years, photocopy of a company ID or any valid ID with signature, proof of billing, community tax certificate, and 4 pieces of 1×1 picture.

Aside from these requirements, we were also asked for certified true copies of the transfer certificate of title, sketch plan, and tax declarations for the house and lot unit. Since the property we were buying had been foreclosed and reacquired by Pag-ibig, the housing agency had all these documents in its keeping.

There are additional other requirements for housing loans covering new buildings such as permits like occupancy, building, and electrical, among others, and a building plan.

After we submitted all the requirements, the Pag-ibig personnel told us they will call us once our loan gets approved. When I did not hear from them for almost a month, I called the Pag-ibig office and I was asked to call again after three days because they were still processing our loan.

When our housing loan was approved, we were asked to go to the Pag-ibig office. There, we entered into a contract to sell with Pag-ibig and the agency�s legal officer notarized the document.

Listed in the contract to sell is the description of the housing unit, the manner of loan payment, monthly amortization amount, and some other considerations.

Whether it�s to pay for a brand new housing unit, purchase a lot and construction a house thereon, or acquire any of the properties being sold by the housing agency, feel free to share your own experiences with Pag-ibig�s housing loan program.

I’m sorry if some entries here have led some of you to believe that I, the writer, am affiliated with Pag-ibig. Let this post be a formal disclaimer that this site has nothing whatsoever to do with that government agency.

Rather, this blog is a personal initiative that started when my husband suggested that we write about real estate in Cebu. To get more information about real estate transactions, I joined a seminar on the realty profession organized by the National Real Estate Association-Cebu Chapter before starting this site last year.

Since the option to take the real estate examination for brokers came with the seminar, I did that too and passed. I, however, only applied for a broker’s license last month. I was told just last week that my license has been released and I only have to pick it up with the NREA-Cebu Chapter office.

I’m also based in Cebu and can only provide information about real estate units here.

The e-payment system will hopefully make it easier for you to pay your monthly contributions.

Some overseas Pinoys have also inquired if it is possible to apply for Pag-Ibig Overseas Program (POP) membership online. There’s currently no such thing.

However, overseas Pinoys may file their application with any of the following offices:

* Pag-Ibig Overseas Program (POP) Office
* POP Overseas Offices
* Accredited Overseas Marketing Representatives
* Metro Manila and Provincial Offices

There are POP overseas offices in North America, Europe, Middle East, and Asia Pacific.

Once you are a member, paying the monthly contributions is easy through the e-payment system. The system allows POP members to pay through any remittance center or overseas branch of the Philippine National Bank (PNB).

The e-payment system, called the Overseas Bills Payment System, was launched only last month. Pag-Ibig, in a news release, said the system utilizes PNB’s overseas banking network to optimize service to Filipinos overseas.

It is one of the latest and best projects of Community Innovations Inc., a wholly-owned subsidiary of Ayala Land.

One Serendra and Two Serendra are two of the most successful Ayala projects at the center of Global City. One Serendra is nearly completed and earlier sections of Two Serendra are ready for turnover this year.

Global City is one of the key areas of development in today�s real estate market. Ayala is developing the surrounding area and it promises to be one of the best residential communities at Global City. The amenities are great and it�s a great place to enjoy your retirement.

A studio unit for this project with a floor area of 42 square meters without parking has a list price of 3.29 million pesos. A 1-bedroom unit has a list price of 4.5 million pesos with floor area of 55 square meters. Actual unit price might vary depending on the specific location of the unit. There are also several price plans to choose from. The turnover date of the Aston is in the third quarter of 2012.

The facility, a project of Robinland Inc., will be Called the Robinland Business Center. It is located near Cebu Doctors’ University in Mandaue.

Robinland Inc. says the center has a pre-approved PEZA registration and its tenants would enjoy tax incentives and other benefits granted to PEZA-registered locators.

Attractive incentives await early bookings to the “first IT Building with condo units at the penthouse on the 9th floor,” Robinland Inc. adds.

Robinland says its building is also “intelligent” as it is is equipped with a computerized building management system and was designed with “green building technology” so it is more environment friendly.

Adjacent to the building are dormitories and a few minutes ride away are establishments like SM City, Ayala Center, Marco Polo Plaza, and FF cruz Boardwalk.

Net disposable income is what’s left of your salary after deducting taxes, mandatory contributions to Pag-ibig and Social Security System (SSS) for the private sector or Government Service Insurance System (GSIS) for the public sector, and loan or other payments (if applicable).

Since Pag-ibig decides on the lowest amount of loan that a member may take out based on either contribution, actual need, loan-to-collateral ratio, or capacity to pay (based on the net disposable income), it is the latter factor that is usually used as basis for most housing loan computations.

The table below is a listing of net incomes and their equivalent housing loan amounts pegged on the loan terms or the number of repayment years.

(For loans over 750,000 pesos, see the rest of the Pag-ibig income table.)

If, for example, you want to take out a housing loan of 500,000 pesos, you must have a net monthly income of about 25,000 pesos if your loan term or number of repayment years is five years. You may still avail of the same loan if your net monthly income is 10,000 pesos if you choose a 20-year loan term.

Now that you know the amount of housing loan you can take out, the next step is to determine your monthly amortization. How much do you need to pay Pag-ibig Fund on a monthly basis if you take out a 500,000-peso housing loan for 5, 10, 15, or 2o years.

The table below lists loan amounts and corresponding monthly payments based on loan terms (5, 10, 15, 20, 25, 30 years).

For loans above 750,000 pesos, see continuation of amortization table.

You’re a Pag-Ibig fund member and want to acquire the house and lot or the lot where you want to build your home through a Pag-Ibig housing loan but don’t know how to go about it.

Let these easy steps published in the Pag-Ibig publication “Pabahay ni GMA” and posted in the agency’s website guide you.

1. Attend a housing loan counseling session at the Pag-Ibig Fund office nearest you.

Applicants are asked to accomplish a preliminary loan counseling questionnaire, housing loan application form, and membership status verification slip (MSVS).
Based on these documents, Pag-Ibig officers will determine if the applicant is eligible for a housing loan. Eligible applicants are then given a checklist of requirements that they must comply with before they move on to step 2 in the list.

The requirements include: certificate of employment with salary breakdown (notarized), latest 1 month payslip, 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).

For overseas workers, the requirements are: a special power of attorney (SPA), ID with signature of person designated in the SPA, photocopy of passport (pages 1 and 2), latest job contract, and POP contribution with record book.

To know some eligibility requirements of the agency, check out Pag-Ibig’s housing loan guidelines.

2. Submit to Pag-Ibig your loan application form together with all the requirements in the checklist and pay the processing fee of 1,000 pesos. The amount is non-refundable, even in the case that your loan gets disapproved.

3. Wait for notice of approval or letter of guaranty from Pag-Ibig on your housing loan. After your loan is approved, you will need to sign loan documents at the Pag-Ibig office.

4. Proceed to the Bureau of Internal Revenue (BIR) and present the deed of absolute sale between you and the owner of the property. You will also need to submit other necessary documents like tax declaration and tax receipt or clearance for the payment of capital gains tax and documentary stamps tax and secure Certificate Authorizing Registration (CAR).

If you want to know beforehand how capital gains tax and documentary stamps tax (DST) are computed, check out this post on taxes in real estate transactions.

5. After getting CAR from BIR, proceed to the notary public and have your Loan Mortgage Agreement (LMA) notarized.

6. The next agency to visit is the Registry of Deeds where applicants will need to pay transfer tax and registration fees for the transfer of title and annotation of mortgage.

7. If you’ve taken out a loan to purchase a new residential unit or a lot where you’ve had a house constructed, you need to secure an occupancy permit from the engineering office in the city or town where the property is situated.

8. Next stop is the Assessors Office where you will need to secure a tax declaration for your property, which may be a house and lot or lot only. This is to be used as basis for your real property taxes.

9. After visiting other government agencies, you need to go back to the Pag-ibig Fund Office, armed this time with the following documents:

* Original Transfer Certificate of Title in your name which has the mortgage annotated on it
* DOAS with original RD stamp
* New tax declaration
* Updated real estate tax receipt
* Occupancy permit
* Assignment of loan proceeds

10. The second to the last step is to receive the loan proceeds that you will use to pay the seller of the property.

11. The last step is to start paying the monthly amortization base on the scheduled date.

Interest rates are at six percent for loans up to 300,000 pesos, 7 percent for loans above 300,000 to 750,000 pesos, and 10.5 percent above 750,000 and up to 2 million pesos.

The objective of the program is to provide members of the fund with the opportunity to acquire a home through affordable or easy means.

The program involves the disposition of the fund’s acquired assets including those still being occupied by the original borrower, tenant under the ordinary lease scheme, or any illegal occupant. Acquired assets are those housing units bought through a loan with Pag-ibig but had since been foreclosed and acquired back by the fund due to non-payment by the borrower of the monthly amortizations.

Under the program, Pag-ibig is giving members who acquire a housing unit in cash under the “Magaang Pabahay, Disenteng Buhay” program a 20 percent discount of the purchase cost plus another five percent discount to cover for litigation expenses in case the property has illegal occupants.

Members who avail of the property through a housing loan will get 15 percent off of the selling price plus five percent litigation discount if applicable.

The basis for the program is Pag-ibig Circular 216.

Eligibility requirements of Pag-ibig on housing loans apply in this case.

Johndorf says its project is 100 percent socialized housing and that units are already available for occupancy. The subdivision is located near Plantation Bay in Marigondon.

Some units may be availed of through the Pag-ibig housing program for only 1,900 pesos monthly. (Read Pag-ibig’s housing loan guidelines.)