It is everyone’s dream to own a house and live in it peacefully. It may be a simple dream but some circumstances prohibit most people from achieving it. Especially when it comes to the financial aspect of owning your own house.
Lucky for Filipinos, the government gives assistance for everyone to have their dream home through the Pag-IBIG fund. Aside from granting a loan to new house and lots, the agency also gives chance for others to buy repossessed properties which are called “Acquired Assets”.
What are the acquired assets?
When a property owner fails to pay their housing repayments through Pag-IBIG, the property will be foreclosed and auctioned off to recover the defaulted home loan.
To put it briefly, Pag-IBIG acquired assets are properties that are repossessed due to non-payment by the previous owners. These properties are auctioned to the public at a cheaper price.
For those who are unable to afford a brand new property or even a property from the secondary market, they can consider a Pag-IBIG acquired assets.
So, here’s how you can actually purchase Pag-IBIG acquired assets
It’s relatively easier to purchase Pag-IBIG acquired assets compared to foreclosed properties from banks. Since these properties are now owned by Pag-IBIG, you are given a few flexible payment options to purchase these properties with the flexible payment.
- Reserve the property and pay the ₱1,000.00 reservation fee (non refundable/non-transferable). Bring one valid ID and choose among the following modes of payment along with the offered discounts: Cash – 30% discount; Installment – 20% discount; or Housing loan – 10% discount, for qualified members of Pag-IBIG Fund.
- For purchase through housing loan, submit the complete documentary requirements within 30 calendar days from payment of reservation fee and pay the processing fee of ₱2,000.00 and Documentary Stamp Tax ₱100.00.
Here is a list of the requirements:
- Housing Loan Application with recent ID photos of borrower
- Membership Status Verification Slip
- Proof of Income
- Photocopy (back-to-back) of one (1) valid ID of Principal Borrower and Spouse, Co-Borrower and Spouse, and Attorney-In-Fact, if applicable. The same ID must be presented during the conduct of borrower’s validation.
- Authorization to Conduct/Credit Background Investigation
- For OFW members, Special Power of Attorney notarized prior to date of departure or duly certified and authenticated by the Philippine Embassy or Consulate in the country where the member is staying, if abroad
- Insurance Coverage
- Marriage Contract (For all married borrower/s, co-borrower/s, spouse, family member/s included on the computation of aggregate income)
- Birth Certificate or any proof of relationship, if with co-borrower/s or family member/s included on the computation of aggregate income
3. Receive the Notice of Approval of Loan and pay three-month worth of premium for your home insurance coverage one year in advance within 30 days.
4. Execute and submit notarized Deed of Conditional Sale and other mortgage documents evidencing the loan in favor of the Fund.
For everyone to have access to these acquired asset properties, Pag-IBIG Fund gives an updated list through their website which you can visit anytime. The site also gives options for everyone to find properties close to their location and also gives them the option to choose price ranges to fit their capacity to pay.
Have you had any experience in purchasing through the acquired asset program of the Pag-IBIG Fund? Share us your experiences through the comment section below.