Step by Step Guide before Moving in to your New House

Step by Step Guide before Moving in to your New House

Are you ready to take the First Step in Buying Your First Home?

Many first time Home Buyers do not have idea on the step by step procedures on getting their first Home. Some would ask me if after paying the downpayment, can they already move-in? partially yes, but it is still one of the pre-requisite before move-in.  Here, I will elaborate the step by step process from inquiry to actual move in to your new Home.

Step 1. Contact the Seller either the Licensed Real Estate Broker or the Accredited Real Estate Agent

Probably, you've stumbled in a website, online advertisement or facebook campaign and you've seen a housing project that caught your interest. If the project really got your interest, you then need to contact the seller regarding the details of the project as a first step in your quest for your first home. Please be advised that it is very important to deal only with Licensed Real Estate Brokers and Accredited Agents for you to be assisted well. 

Step 2. Schedule a site viewing with your Broker/Agent.

To check the property that you are going to buy, it is advisable that you, yourself have seen it, for you to decide whether you want to buy it or not. If you're outside the country, working abroad, you can delegate a representative, either your parents, siblings or relatives. Please note that there are available free tripping schedule of various developers.

Step 3.  Choose and Reserve a Unit 

From the available inventory of the developer, choose the specific unit that you wanted to reserve. Seek assistance with your broker/agent to choose wisely.  They can guide you on the block and specific location of the unit based on the site development plan of the project.

After choosing the unit, it's now time to complete the reservation by submitting your initial requirements i.e. valid ID, payslip/job contract to the site or reservation officer of the developer.  You then need to fill up the Buyer's information sheet, stating your personal details, source of income, etc... You will also sign the Reservation Agreement as evidence of your unit purchase.

Step 4. Submission and completion of Requirements

Within 30 days after reservation, you need to submit the requirements needed. The requirements depend on whether you're getting a housing loan thru Pagibig, bank or in house financing. The requirements also vary if you're an OFW. Since most of our clients are thru Pagibig Financing, I listed here basic requirements if you're getting a housing loan thru Pagibig.

Locally Employed

• MSVS (Membership Status Verification Slip)
• Certificate of Employment w/ Compensation Original
• Latest Premium Payments (HDMF - 2 years orig.)
• Latest 1 month Payslip original
• Latest Proof of Billing / Cert. of Tenancy / Valid ID
• Company ID (photocopy) 
• I.D. Pictures 1 x 1 ( 5 pcs ) 
• Latest W2 / ITR Clear copy
• Marriage Certificate/Birth Certificate/Spouse ID (clear copy)
• Any Govt I.D. (2 valid ID) (clear copy, back to back)
• Tax Payer's Identification Card (clear copy)
• Sketch of Residence Address

OFW

• MSVS (Membership Status Verification Slip)
• Latest/Authenticated Copy of Job Contract
• Latest Premium Payments (HDMF - 2 years orig.)
• Latest 1 month Payslip / latest Remittances orig.
• Proof of Billing / Cert. of Tenancy / Valid ID
• Latest Passport ( photocopy )
• I.D. Pictures 1 x 1 ( 5 pcs )
• Latest W2 / ITR photocopy
• NSO Marriage Certificate/Birth Certificate (clear copy)
• Any Govt I.D. (2 valid ID) (clear copy, back to back)
• Tax Payer's Identification Card (clear copy)
• Sketch of Residence Address

Step 5. Paying your Monthly Downpayment

Most of the housing projects at the start are selling at  pre-selling stage, meaning, the house is for construction, not yet ready for occupancy.  The advantage of this is that, the downpayment is stretch to an average of 12-24 months to pay, so it gives the buyer flexible payment terms that suits his/her budget. In contrast, ready-for-occupancy units, have shorter downpayment terms.

Once you have completed paying the downpayment, your documents is now ready of housing loan process.

Step 6. Loan Processing

Loan processing is being done after paying the full downpayment/Equity and the house is already built by the Developer.  It may take 3-4 months to process the loan either thru Pagibig or Bank financing. It may be shorter but consider this as the average processing time for you to meet your time expectation.

Step 7. Loan Take Out

Your loan is taken-out and payment will be released by Pagibig or Bank. Developer will inform you of loan take-out and guide you on the next steps.  The date of your first monthly amortization, is one (1) month after the release of your loan.  

Just for clarification, I have received some comments that they thought, the loan will be given to them by Pagibig or bank. It is not that way, the Bank or Pagibig will pay the Developer and you as a borrower, will pay the Bank or Pagibig thru monthly amortization. 

Step 8. House Inspection

After fully paying the downpayment, and the housing loan was released, you will now be scheduled for house inspection which we often called as "Punchlisting". Check if your unit is ready for move-in.

If there are minor repairs or retouch , another re-inspection date will be set until house is acceptable.

Step 9. Move-In

After accepting the unit, you are now ready to move-in. But wait, you are still bound to pay move-in fees, that cover, applications and deposits for electricity, water, lightings, association dues etc.

After that, you're now totally ready for Move-in. Congrats to your own new Home.

I hope that this simple step by step guide help you understand fully the process of acquiring your first home.

Regards,

Ralf Roger C. Tagao

CPA

Real Estate Broker

  

Am I Qualified of a Housing Loan?

Am I Qualified of a Housing Loan?

Maybe you are renting a house right now or just living with your parents or relatives.  Maybe you are already thinking of getting your own house instead of renting. And you have asked yourself, "Am I qualified of a Housing Loan?" if ever that I wanted to get the house that I want?

We all want our own house, and I will be discussing here some of the criteria whether you are qualified for a housing loan or not and other course of action that you can do if ever that you do not qualify of the house you want to purchase.

For a Housing Loan, one of the major qualification is the capacity to pay which is evidenced by the proof of income i.e. contract of employment/payslip.

For a Pag-IBIG housing loan, here are the basic qualifications;

In addition to this, there is a required income needed on the part of the Buyer for the property he/she is about to buy.

Note: the interest rates here are from the old Pag-IBIG guidelines, these figures are presented only to give idea on the buyer how much is the required income needed on his part.

As seen above, if your housing loan is P500,000 and you want it to be paid in 5 years, you need to have at least P28,956 monthly salary to be qualified.

Or we can compute it this way:

A.)For loans up to P1,250,000 - 35% of your Gross monthly income should be more than the monthly amortization of your housing loan.

Example:
Housing Loan Amount- P900,000
Monthly Amortization - P6,680
Required Gross Income - Should be at least P19,085 (P6,680/35%)

B.) For loans over P1,250,000 - 30% of your Gross monthly income should be more than the monthly amortization of your housing loan.

Example:
Housing Loan Amount- P1,300,000
Monthly Amortization - P9,500
Required Gross Income - Should be at least P31,666 (P9,500/30%)


In cases where your income is less than the required income, one course of action is to have a co-borrower or increase the Downpayment for you to qualify. Pag-IBIG allows tacking of loan of up to three (3) members.

For Bank or In-House Financing, same concept as Pag-IBIG applies.  

I hope that this article helps you understand on the qualification of having a Housing Loan.


Regards,


Ralf Roger Tagao.
Certified Public Accountant
Real Estate Broker

How Much Can I Borrow for a Pag-IBIG Housing Loan?

How Much Can I Borrow for a Housing Loan?

Pag-IBIG Fund now offers up to P6Million housing loan. On the Borrower's standpoint, maybe you're asking how much you can borrow from Pag-IBIG.  It is not automatic that you can borrow a certain amount in Pag-IBIG, there are certain criteria that will determine how you can borrow. 

The Loan amount shall be based on the lowest of the following:

1.) Actual Need

Actual need is usually the value or price of the house you are about to purchase.  If your purpose is to borrow to finance your house construction, then the actual need is the construction cost. If it is for refinancing the old outstanding housing loan, then the outstanding balance of the loan.

2.) Capacity To Pay

Capacity to pay is the ability of the buyer to pay for the monthly amortization of the housing loan that he/she has taken.

In every housing loan, there is a corresponding required Gross income needed to qualify for the loan.

Gross income is being computed as follows:

A.)For loans up to P1,250,000 - 35% of your Gross monthly income should be more than the monthly amortization of your housing loan.

Example:

Housing Loan Amount- P900,000

Monthly Amortization - P6,680

Required Gross Income - Should be at least P19,085 (P6,680/35%)

B.) For loans over P1,250,000 - 30% of your Gross monthly income should be more than the monthly amortization of your housing loan.

Example:

Housing Loan Amount- P1,300,000

Monthly Amortization - P9,500

Required Gross Income - Should be at least P31,666 (P9,500/30%)

3.) Loan-to-Appraisal Value ratio

The loan to appraisal ratio is determined by multiplying a certain percentage on the appraised value of the property.  Pag-IBIG fund has already a team of Appraisers that estimate the value of a certain house and lot or property.

The lowest value on these three (3) basis will be the value of loan that the buyer/borrower can borrow.

Please note that for cases that the gross income is not sufficient to cover the monthly amortization, Pag-IBIG has the "tacking provision" wherein 3 maximum Pag-IBIG members can be co-borrowers.

I hope this blog has given you idea on how much you can really borrow for a Pag-IBIG housing loan.  If you like this article, I appreciate if you can share it to others.

If you're looking for affordable house and lot in bulacan, feel free to contact us. We will give you the best assistance to you.

Regards,

Ralf Roger Tagao,

Your Licensed Real Estate Broker/CPA

Top Reasons Why Choose Pag-IBIG Housing Loan over Banks

Top Reasons Why Choose Pag-IBIG Housing Loan over Banks

These are the lists that I believed Why Choose Pag-IBIG housing loan over Banks

1.) Longer terms of up to 30 years

Pag-IBIG has the longest terms of housing loan of up to 30 years. This enables the borrower/buyer to have a very low monthly amortization. We know for a fact that the lower the monthly amortization, the lower the required income will be to be approved on a housing loan.

2.) With regards to Non-payment (foreclosures)

Pag-IBIG has the longest time of foreclosures processing, most of the time they will give you a chance and consideration to still pay for your unpaid monthly payments. Unlike bank, once you have defaulted on succeeding monthly payments, their process of foreclosures is very fast.

3.) Prepayments or Advance payment of Housing Loan

For Pag-IBIG, you can make advance payments equal to the monthly amortization of your housing loan, this will be applied to the principal which later on shorten the terms of your housing loan. You can also pay all of your loan once you have money without paying pre-termination fee which is usually been charged by banks.  Also for banks, you are required to pay for the interest based on the fixing period if you will pay your loan in advance.

4.) Increase in Interest rates every fixing period

Pag-IBIG may increase the interest rates at a maximum of 2% every fixing period that the borrower has chosen during the time of loan.  For banks, it can be higher.

5.) Your monthly contribution included in your amortization earns Dividends

The monthly contribution that is included in your monthly amortization is earning dividends. This is one of the advantages that Pag-IBIG is giving to its members.

6.) Minimal processing Fee as compared to Bank charges of an average 3% of Loanable amount.

Are you looking for affordable house and lot in Bulacan?

Are you looking for affordable house and lot in Bulacan?

You maybe browsing the internet right now, and you are searching for a house to buy.  And you are looking for a house and lot somewhere in Bulacan.  You've come to the right website. This website is for those who are looking for townhouse or house and lot in Bulacan area.  Bulacan is the nearby province of Metro Manila in the North.  It is a gateway of the provinces in the North Area.

If you're residing and renting in Quezon City, Caloocan, San Juan, Manila, Valenzuela, Navotas or Malabon, then it is very accessible to get a house and lot in bulacan area.  We have projects in Santa Maria Bulacan, Bocaue Bulacan, Guguinto Bulacan, Marilao Bulacan that you can choose from.  Our townhouses are very affordable ranging from 4-5K monthly thru Bank or Pag-IBIG financing.

Did you know that if you're earning around P17K monthly, you can already own a unit here? Well, this is for our townhouses.  

One of our Project in Santa Maria Bulacan at Sonoma Residences, developed by New Apec Devt Corporation, Top 1 Developer in Pag-IBIG

For Families looking for bigger units, well, we also have Duplex and Single Attached Units. For just 7-9K monthly amortization, you can already buy a unit here.

DUPLEX HOUSE 7K/MONTH

SINGLE ATTACHED 9K/MONTH

Aside from the projects of New Apec, we also have projects in Bright Homes Sta Maria Bulacan.

Townhouses include these model houses:

AT EL PUEBLO DEL RIO SUBDIVISION OF BRIGHT HOMES

PATRICIA MODEL 6K/MONTH

ELIZA MODEL AT 11K/MONTH

KATRINA ROYALE MODEL AT 10K/MONTH

AT PRIMEVILLE RESIDENCES

ZEN MODEL AT 14K/MONTH

PRINCESS CATHERINE AT 17K/MONTH

Also, we have affordable townhouse at Las Palmas Subdivision Sta Maria Bulacan

Aside from these projects, we other listings in

Bocaue Bulacan, 

Guguinto Bulacan, 

Marilao Bulacan

These are just some of our affordable house and lot projects in Bulacan, to check more projects, browse this website.  Contact now at 0922.879.7968/0935.317.2057 to discuss the project details. Please look for our Licensed Real Estate Broker/CPA Mr. Ralf Roger Tagao.

Take the 1st Step in Getting Your First Home...

Take the 1st Step in Getting Your First Home...

Did you know that the demands of affordable housing is about 4Million Units in the Philippines? Meaning to say, there are a lot of Filipino who just rely on renting and they don't have their own houses. Depending on the location, rentals for a small family is around 5K already for a small unit in metro manila.

If you're renting for a long time already, why not consider getting your first home at a place near manila area, like Bulacan. It will only take 2-3 rides from-to Metro Manila especially when you're living in Quezon City, Manila, Caloocan, Valenzuela, Malabon, San Juan area.

There are now affordable townhouse in bulacan with low downpayment and it is available thru Bank or Pag-IBIG financing. I'm handling townhouse projects in Bocaue, Sta Maria and Guguinto Bulacan which has a monthly amortization of P5K only.  So instead of renting, why not get you're own house.

Take the 1st step in getting your first home.  This website will help you in finding an affordable house and lot in Bulacan.  Whether it is a townhouse, house and lot, duplex, we have an available house for you.

Schedule a Free Tripping Now.  We have schedule every saturday and sunday.  Feel free to contact us at 0922.879.7968/0935.317.2057. Look for Mr. Ralf Roger Tagao, our Licensed Real Estate Broker. 

Some of the Not-So-Normal Questions and Comments I received from Real Estate Inquiries from Clients

Some of the Not-So-Normal Questions and Comments I received from Real Estate Inquiries from Clients

Everyday, I received  lot of inquiries from my advertisement of affordable house and lot in bulacan through Facebook. I can say that among the inquiries, there are a lot of people who really are not aware yet of the process of acquiring a property in the Philippines especially the housing loan aspects.  I would like to share here some of the not-so-normal questions and comments I've received from the inquiries I've gathered from Facebook.

One of the comments I've received is that he pointed me that the monthly amortization in Pag-IBIG of the 4K+/month would have been P1.7 Million already in 30 years for a P700K price now.  He ask me why it is already more than doubled and it so high.  Yes, if you compute it that way, if will really be about P1.7Million but what he did not understand is, the Interest on it. Of course, you are getting a housing loan, from either Pag-IBIG or Bank Financing. And it is quite normal for them to charge you interest at an average of 6-7% yearly because they will lend you money for your house.  I explained this to that client but he did not answer already.  I hope, if you're reading right now, you already know this and if not yet, maybe you know it now.  This is not only on housing loan, the concept is the same with car loan, personal loan and other loans out there.

I also received comments like this:

"The model look not nice. lack of interior designer" .  We appreciate every comment from our inquiries but this is a negative comment of the client but I pointed out that the townhouse is P700K only. Of course, you can't expect it to be perfectly nice with that price unless you are buying a house worth at least 3Million. Almost all of the Developer delivers basic finishes especially townhouses and house & lots.  

Another comment that I received is whether he can have other windows rather than the existing windows. Definitely yes, but he can do so after turnover and to his account.

Other comments are I think normal already and it is our pleasure to answer your comments and queries.

Please note that I just write this article to point out some of the weird questions and comments but not to discredit the other person's opinion.  We all respect comments and inquiries whether it is normal or not normal.  At the end of the day, it is our duty in real estate to assist you better in your quest of finding and getting your first home.

P.S. If you're looking for affordable house and lot in Bulacan, feel free to contact us.  We have projects in Sta Maria Bulacan, Bocaue Bulacan, Guguinto Bulacan, Marilao Bulacan.

Affordable House and Lot at Villa Zaragoza, Bocaue Bulacan

Affordable House and Lot at Villa Zaragoza, Bocaue Bulacan

Villa Zaragoza is an 31.2 hectare property development located at Brgy. Turo in the prime area of Bocaue, Bulacan which combines affordability and quality in housing with 3 aesthetically mastered housing varieties, a number of featured amenities, array of establishments nearby you'll surely have nothing more to ask for. Choose from the single attached units, duplex units with or without garage and townhouse. Features include entrance gate with guardhouse, clubhouse basketball court, centralized water supply, concrete roads, curbs & gutters, underground drainage system and meralco electrical system.

Offers quick access to schools, hospitals, shopping mart, fronting a private resort on one of the entrance. Very near in NLEX via Bocaue exit and Philippine Arena which is expected to be the World's Largest Domed arena, twice the capacity of Araneta Coliseum - a major spot for local & international events.

Accessibility

• 5 minutes away from NLEX

• 30 minutes away from Metro Manila

• Near Iglesia ni Cristo’s Philippine Arena,

   known as the second largest dome in the world

• Near St. Paul College of Bocaue & IS Montessori

• Near Bocaue Municipal Hall, Bocaue Public Market

• Near Bocaue Exit

• Near Dream Wave Resort 

HOUSING SPECS & AMENITIES

Housing Specifications

• Long Span Colored Roof

• Steel Roof Framings

• Tiled Bathroom

• Steel Casement Windows

• Complete Toilet & Bath

• Complete Electrical Wiring and Fixtures

• Complete Water/Plumbing Pipes & Fixtures

Amenities

• Entrance Gate with Guardhouse

• Multi-Purpose Hall

• Playground

• Basketball Court

• Centralized Water Supply

• Concrete Roads, Curbs and Gutters

• Underground Drainage System

_________________________________________________________________________________

Are you a Married Couple that is looking for an affordable house and lot in Bulacan?

Are you renting in metro manila and now you wanted to own a house instead of renting?

Are you an OFW and want to invest a house for your family?

Are you a local employee and want to own your dream home?

Or a person that is looking for an investment?

Then maybe, this is a perfect site for you to find an affordable townhouse or house and lot.

It's time to take the first step of owning your first home, Contact Now our Trusted Licensed Real Estate Broker and CPA, Mr. Ralf Roger Tagao at 0922.879.7968/0935.317.2057 to know the details of our affordable house and lot in bulacan area.