Good deals still come from pagibig housing program. How did I start with the housing loan? Here is the step of how did I process all my documents. I hope this can help others.
1. Attend Loan Counseling at any Pag-ibig office. In my case, here in Baguio, Pag-ibig has loan counseling/seminar every Thursday and Saturday. I attended mine last July 2010. During the seminar, you need to accomplish:
a. Preliminary Loan Counseling Questionnaire (PLCQ)
b. If eligible, accomplish Membership Status Verification Slip (HDMF H8-8)
c. Submit accomplished PLCQ and MSVS
2. Secure a Pag-IBIG Housing Loan Application form (HDMF H1-1) together with the checklist of requirements (see attached pdf)
3. Submit accomplished HDMF H1-1 form with ID photos of the borrower and the rest of the requirements as such as:
a. Certified true copy of TCT/CCT/OCT from the Register of Deeds (latest title)
b. Notarized Certificate of Employment
c. Latest one-month payslip
d. Location Plan and Vicinity Map
e. Photocopy of Updated Tax Declaration and Tax Receipt
f. Notarized Deed of Conditional Sale between the vendor and the vendee
g. Special Power of Attorney (for member/s abroad, SPA must be duly certified by the Philippine Embassy or Consulate in the country where the member is staying)
4. Secure Payment Order Form (POF). Pay the initial processing fee of P1,000.
5. Receive the Notice of Approval (NOA) and sign the loan documents.
6. Secure a Certificate of Non Tax Delinquency at the Treasurer’s Office and Certificate of No Improvement (if applicable) at the City/Municipal Assessor’s Office.
7. Proceed to the BIR and present the Deed of Absolute Sale (DOAS) executed by the owner of the property and the applicant for the computation of documentary stamps (1.5%) and capital gains tax (6% for individual seller). Proceed to authorized banks for the payment of documentary stamps and capital gains tax. NOTE: Capital Gains Tax and Documentary Stamps Tax shall be based on Selling Price (per Deed of Sale), Market Value of Tax Declaration, or BIR Zonal Value, whichever is higher. Capital Gain Tax shall be filed and paid within 30 days from the date of sale while Documentary Stamps Tax shall be paid on or before the 5th day of succeeding month from the date of sale, otherwise penalty will be imposed. You have to present the following to this office:
a. Photocopy of Certified True Copy of Transfer Certificate of Title
b. Certified True Copy of Latest Tax Declaration
c. Real Estate Tax Clearance
d. Original and two (2) Photocopies of Deed of Absolute Sale
e. Certificate of No Improvement from the Assessor’s Office (for vacant lot)
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8. Authorized bank shall issue a receipt as proof of payment which shall later be presented to the BIR. The BIR shall then issue to the member-borrower a Certificate Authorizing Registration.
9. Proceed to the City/Municipal Treasurer’s Office for payment of Transfer Tax. Transfer Fee is 1/2 of 1% of Selling Price or Market Value of Tax Declaration, whichever is higher.
Requirements:
a. Photocopy of Deed of Absolute Sale
b. Photocopy Transfer Certificate of Title
c. Photocopy of Tax Declaration
d. Photocopy of Real Estate Tax Clearance
10. Proceed to the Registry of Deeds (RD) for payment of transfer tax and registration fees relative to the transfer of title and annotation of mortgage. Present the following documents to the RD:
a. Owner’s Duplicate Copy of Transfer Certificate of Title
b. Certificate True Copy of New Title
c. TCT/CCT/OCT in the name of the seller (original)
d. Deed of Absolute Sale (DOA) between the owner of the property and applicant (3 copies)
e. PN with LMA-Certificate Authorizing Registration (with BIR stamp)
f. Certificate of Non Tax Delinquency from the City Treasurer’s Office.
g. Certificate of No Improvement (for vacant lot) from the City Assessor’s Office.
h. Transfer Fee Receipt
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10. A new title under the new owner’s name will be released by the RD. Proceed to the Assessor’s Office to secure new tax declaration under the name of the new owner.
Requirements:
a. photocopy of Transfer Certificate of Title under the new owner’s name, duly authenticated at the Assessor’s Office
b. Photocopy of Deed of Absolute Sale
c. Real Estate Clearance
12. Submit the required documents to Pag-ibig:
a. Owners Duplicate Copy of the TCT/CCT/OCT in the name of the borrower with proper mortgage annotation in favor of the HDMF
b. Tax Declaration in the name of the borrower/new lot owner
c. Deed of Absolute Sale with R.D. stamp (for PLCH, DOAS shall cover lot only)
d. Promissory Note with Loan and Mortgage Agreement (PN with LMA) (HDMF H4-71) with original RD stamp
e. Certificate of Lot Acceptance (for lot purchase)
f. Updated Real Estate Tax Receipt
g. Disclosure Statement on Loan Transaction
h. Authority to Deduct Loan Amortization (if applicable)
13. Claim check. The remaining processing fee of P2,000, first monthly amortization and insurance shall be deducted from the loan proceeds.
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