Wednesday, July 18, 2018

Buying A house in the Philippines



Everybody has a dream of having their own space that they can call "Home" well who doesn't want that. I spent my childhood growing up in Paranaque City, although my Nanay is from Samar we really didn't get the chance to visit her hometown due to budget constrain and travel distance but we are not gonna talk about that now, maybe on my next blog. Today let me share with you what are the things I went thru when I bought my very first House. 


Determination is the key in achieving goals in life, same as when you are saving money for your "purchase of a lifetime", saving for a down payment is not enough you have to save more than what you think is enough, why? because there's a long list of documentations that you need to prepare in order for your purchase to be successful.

Sophia model house


1. Reality vs Fantasy
There are a lot of houses that looks really nice, spacious, secured and very tempting bear in mind that those properties can be very expensive, so expensive that in long run your finances might failed you and you will end up being broke and failed to buy the property, this normally happens to some people that prematurely push their purchase, in short get the one that your budget can afford not the one that you think you can afford get it? it's like reality vs fantasy. 

Sample computation only


2. Location
If you are like me that grew up in the city south of Metro Manila you should know how traffic and pollution can be annoying most of the time and you want to escape that and start a life in a more nature feels like kinda environment go ahead and start searching in the area of Laguna, Cavite, Tagaytay or Batangas.



3. Paper works
Yey! you are very excited to buy your dream house you got the money the perfect location and the  "End Block" unit that you've wanting for so long. Now braised yourself as here comes the paper works or so called list of requirements that you need to submit to your developer. 


Following are the requirements needed for your Pag ibig Housing Loan application:
* Job contract  -with contract validity for  OFW
* Passport  - for OFW
* Special Power of Attorney - for OFW outside the Philippines
* Marriage Contract 
* 4 pcs 1x1 id pic -
* Certificate of Employment with Compensation
* Atleast 2 Valid id's of your husband
* Atleast 2 Valid govt id under married name -
* Tin Number 
* 24 months Pag-ibig Fund contributions  - lumpsum
* Housing Loan Application form


* Special Power of Attorney

If both buyer  are currently staying overseas they need to appoint someone to act on their behalf or to be their SPA, original copy will come from your Realty Agent and this needs to be send to Attorney in your country of residence for Notary, attached with Passport of both Husband and Wife. Send it to The Philippine Embassy for Certificate Authentication after.

* Job Contract 

Indicates your monthly salary, to be notarized and send to The Philippine Embassy for Certificate Authentication

 
 Those are just initial requirements given that you are married to a Filipino Citizen, if not there will be additional papers such as: 
  

* Affidavit of Pharaphernal 

This affidavit contains your  Exclusivity or Separate Property ownership to be signed by your Non- Filipino Citizen Spouse,  to be notarized by the Atty in your country of residence and  afterwards you have to send it to The Philippine Embassy for Certificate of  Authentication. 



While you are doing all the paper works, simultaneously you are paying your monthly equity to your Developer. *Monthly Equity  can be paid in installment or upfront cash it's your choice. I choose to pay mine in installment Php 9,900.00 a month payable in 10 months. 


After paying your monthly equity construction of your house will commence as well as the submission of your Pag-ibig Fund house Loan.  It took about eight months before my loan was approved.
 

Allow me to share with you how I kept tracked of payments that I made the day I placed Reservation for the house that I bought under Pag-ibig fund House Loan.





In September 2016  my Pag- ibig House Loan was finally take - out and  we are ecstatic, In October 2016 my sister head back to the developer to pay for my RPT- Real Property tax  and in November I started paying my amortization directly to Pag-ibig Fund.


Here are the pictures of the actual turned - over house from HomeMarks  Springtown, Tanza Cavite Ph 2


Front lawn
Side view


 Inside the house is bare  totally naked and dirty my sister requested the developer  to fix all the things that needs fixing and cleaning.  She spent about two weeks for another series of cleaning and brushing inside the house and the backyard as well  before finally moving -in.





                       Our happiest day has arrived, we finally moved-in came March 2017. 









3 comments:

  1. Share your thoughts on buying property in the Philippines!

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Buying A house in the Philippines

Everybody has a dream of having their own space that they can call "Home" well who doesn't want that. I spent my childhood...