August 29, 2017

How to Buy a House Thru Pag-ibig's Acquired Assets in 6 Easy Steps

I am now in the process of applying for our second Pag-ibig Housing Loan, and the property was under Acquired Assets.  It is in the area that I like, and is currently unoccupied, and hopefully, within my budget.  I am now waiting for the approval and I am praying that it will be approved. I will write more about the house once I receive a Notice of Loan Approval from Pag-ibig. 

Anyway, here are the six easy steps in buying a house thru Pag-ibig's Acquired Assets:
  1. Search for your preferred property at Property Finder of the Pag-ibig Website. (Click the images to enlarge).

  2. Inspect the property.  Acquired assets will be sold on an as-is, where-is basis, meaning you are buying the property, regardless of the condition it is in.  You are buying it at your own risk. Again, if the property is occupied, just walk away and choose something else. It's just not worth the headache.
  3. Go to Pag-ibig and pay the non-refundable reservation fee of P1,000.  Bring a valid ID and proof of income. You will be filling-up some forms.  After paying the reservation fee, you have 30 days to submit the requirements
    • 2 copies Buyer's info sheet with  1x1 colored ID picture 
    • approved membership status verification slip (get from Pag-ibig)
    • copy of 2 valid IDs with 3 specimen signatures
    • notarized certificate of employment with compensation, one-month payslip
    • copy of payment for reservation fee
    • copy of signed FAQ's form
    • you also choose your mode of payment. You get 30% discount for cash payment, 20% for installment (payable in 12 months) and 10% if thru Pag-ibig housing loan. 
  4. Once you receive the Notice of Loan Approval, pay the 1 year insurance premium within 30 days.
  5. Submit notarized Deed of Conditional sale and other mortgage documents
  6. Start paying the monthly amortization 30 days from loan take out.
Per my own experience, I paid the reservation fee without inspecting the property.  But I made sure that it was unoccupied. The property that I liked was under bidding when I first saw it, so when I saw it again under negotiated sale, I paid the reservation fee the following morning and just checked the place out the following weekend.  And I liked it at first glance. So now, I am waiting for the approval which may take up to 2 months.

I will update this blog on what happens next so keep coming back!