Like many people around the world, most Filipinos are aspiring to own a house someday. Most people, especially those who are planning to start a family, are spending their earnings and savings for down payment for a house and lot.
As a homebuyer, you need to find a property that can suit your budget and lifestyle. However, buying a house requires a lot of money too. When purchasing a property, the house price itself is a big amount. There are several fees and charges that you need to pay too.
Luckily, you can have your own house without spending great. Instead of purchasing a new house, a Facebook user shared that you can get a PAG-IBIG or foreclosed property for less. These houses were previously under PAG-IBIG housing loans which were not paid by the previous owners. With just 8,600 per month, you can get your own house through bidding via auction or negotiated sales.
Availing the PAG-IBIG Negotiated Sale Option
If you don’t have enough money to pay for the downpayment, you can choose the Negotiated Sale option.
1. Visit the PAG-IBIG website (http://www.pagibigfund.gov.ph/AA/search.aspx) to see the list of properties under Negotiated Sale. Choose from the list and visit the property first before placing a reservation.
2. Once you have the property in mind, go to the PAG-IBIG Office of Acquired Asset in Shaw Blvd Branch for NCR with your valid ID.
3. Fill-out the Reservation Form and pay the reservation fee of P1,000. Choose the mode of payment that you want: cash (30% discount), installment (20% discount for 1 year) or housing loan (10% discount).
The housing loan option is available for qualified members of PAG-IBIG Fund and offers a long-term installment of up to 30 years. You also need to wait for up to two months for approval.
4. After two months, you will receive a text message if your housing loan is approved or not. If it’s approved, the text message also includes the processing fee and advance payment for the insurance premium that you need to pay within 5 days (or else, it will be canceled).
5. Upon arrival at the PAG-IBIG Office, you will be asked to sign a Notice of Approval and pay the processing fee and advance payment. You also need to photocopy the receipts and your valid ID. Prepare P200 for the Notarization of the Deed of Conditional Sale too. After that, you will receive the keys to your new house. Just wait for the date when you can move in and start your monthly payment.
Congratulations! You’re now a proud house owner!
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Are you excited to purchase your own house? Where do you think is the best place to choose?