August 12, 2009

Title, Title Title. What I Didn't Know.


Did you know that when you get a housing loan from Pag-Ibig, you will only have a xerox copy of the title after 2 years of continuous payment? I know, I should have known, but I didn't know! Anyway, according to my developer, they received a notice from Pag-Ibig two years that the title can now be transferred to my name. The initial photocopy of title I received is still under the name of the developer and Pag-Ibig. Now it is being transferred to my name. But I will only get a photocopy and the original will be with Pag-Ibig until after I have completed the payment of the loan. Did you also know that this process takes forever? According to my developer, after they received the notice from Pag-Ibig and I signed some papers ( I cant recall what documents are they) they will return it to Pag-Ibig. Upon release, they will file it with the BIR. I am now in this stage. They filed with the BIR last July 7 and told me to follow-up again after a month. Of course, when I called last week, it is still with the BIR and I should call again in a month. Then after the BIR, they will again return it to Pag-Ibig for the release of the title, then to RD for the change of name in the title. Then I will finally get a photocopy of the title. My developer told me that this whole process may take 6 months to a year. I started this process last March so I guess this may take a year or longer. Again, the long wait is upon me! And I still don't know anything about titles!

The reason why I need that title is because I would like to apply for another loan from Pag-Ibig, this time for home improvement. But as it is, this may took sometime. Or in this case, more time, a lot more time.

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