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Assume Balance for PAG-BIG house

bomberman · 21 · 40414

bomberman

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on: Feb 12, 2011, 08:17 PM
Does PAG-IBIG allow assume balance tyoe of deal... Meaning I have a house that I loaned thru PAG-IBIG however, I wouldlike to sell it, and the buyer woud assume my balance with PAG-IBIG..

If any one knows, or has experienced it, much appricieted if you could lend me some knowledge :applause:


norynne1101

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Reply #1 on: Feb 13, 2011, 07:56 AM
yes, pag-ibig allows someone to assume the balance of your housing loan as long as that person is a pag-ibig member, passes all the minimum requirements, e.g, membership requirements, and has attended the orientation/loan counseling seminars..

actually, pag-ibig wants to know if you already sold or has intention to sell your rights as this will save you from trouble in the future..
if you have further inquiries, you may send them to publicaffairs@pagibigfund.gov.ph (nagre-reply naman sila based on my experience)

hope this helps :)


bomberman

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Reply #2 on: Feb 14, 2011, 07:47 PM
thank you thank you thank you,....  :applause:


andie99

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Reply #3 on: Feb 23, 2011, 02:58 PM
Interesting. Thanks for posting. If the buyer isn't a member of pag-ibig, the seller will certainly have to pay in full.


julz

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Reply #4 on: Apr 14, 2014, 11:57 PM
The property title and pag-ibig loan is under the name of the seller.
The buyer will assume the balance with pag-ibig, so the pag-ibig loan will be transfered in buyer's name, what about the property title?
Does it remain under the SELLER until pag-ibig loan is fully paid by the BUYER?

Also, when do you pay Capital Gains Tax? Upon assumption of mortgage?


justmelis

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Reply #5 on: May 23, 2016, 12:10 AM
The property title and pag-ibig loan is under the name of the seller.
The buyer will assume the balance with pag-ibig, so the pag-ibig loan will be transfered in buyer's name, what about the property title?
Does it remain under the SELLER until pag-ibig loan is fully paid by the BUYER?

Also, when do you pay Capital Gains Tax? Upon assumption of mortgage?


Does anyone know the answer to this po?


Thomas

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Reply #6 on: May 23, 2016, 04:32 PM
The property title and pag-ibig loan is under the name of the seller.
The buyer will assume the balance with pag-ibig, so the pag-ibig loan will be transfered in buyer's name, what about the property title?
Does it remain under the SELLER until pag-ibig loan is fully paid by the BUYER?

Also, when do you pay Capital Gains Tax? Upon assumption of mortgage?
  I ASUME Pag-Ibig don't lend to anyone else than the title owner, because otherwice they don't get the property as collateral, and I asume they want that   :hihi:

All UNPAID taxes has to be paid to get the title transfered (if the office do it proper. It has happened they have failed to check that, but transfered the title anyway, so the NEW owner get the tax dept...)
After the title transfer it functions as usual  =The title owner has to pay the tax each year.


justmelis

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Reply #7 on: May 24, 2016, 02:12 AM
Went to Pag-Ibig kanina with the seller. Ganito pagka initndi ko (masters, please correct me if I'm wrong) when you assume a mortgage --

a. Seller and Buyer will fill out and sign an SPA provided by Pag-Ibig
b. Have the SPA notarized
c. Submit to Pag-Ibig
d. Done.

Hanggang dun lang ang pakialam ni Pag-Ibig. At hanggang dun lang din ang i explain sayo kung hinde ka mag tanong. Ang problema, most of us do not know ano ang itanong.

When I asked when to pay Capital Gains Tax and other taxes, sabi ng employee nila, saka na yun pag fully paid na. I guess that's really how it works?

Pero when we asked about yung Assignment of Contract or Deed of Absolute Sale with Assumption of Mortgage (I have no idea really if both are the same), sabi nya that's something you need pag fully paid na, kasi that will be needed sa Registry of Deeds.

I don't know if I'm asking too much, pero sana ilantad nila lahat. Kaya siguro marami nayayari kasi isang tanong isang sagot lang sila. Or maybe, kaya siguro meron agents/brokers/title companies for this purpose? Akala ko kasi since Pag-Ibig is the government agency na nagfofocus on helping people buy a house, sila din ang mag explain sayo what has to be done from start to finish, even if hinde part sa agency nila ang BIR, Registry of Deeds, etc. Kahit overview lang, okay na sana e.

I left their office definitely with a lot more knowledge that when I went in, so thankful pa din ako kahit papano. Pero alam ko na ang dami ko pang need malaman. So, sa mga nag assume mortgage or kung sino man may information, sana share kayo :)


justmelis

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Reply #8 on: May 24, 2016, 02:17 AM
Laman ng SPA template ni Pag-Ibig, in case this is helpful:

a. To represent me in any transaction with HDMF (info of property including TCT #), including but not limited
to the restructuring and/or lengthening of the term of the subject lot/housing loan

b. To sign, execute, and receive any documents pertaining to the said acct, as well as other docs that may be required by the said institution in connection with the said loan

c. To pay the monthly amortization of the said loan

d. To get, receive, and accept the title upon full payment and to sign documents to cause the release of mortgage, with the HDMF

e. To get refund, if any, due to excess payment

f. To encash, endorse, or negotiate the check/checks that may be issued by the HDMF in connection with the said loan

g. To perform such other act or acts as necessary or proper in order to carry into effect the foregoing authority


bauer

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Reply #9 on: May 24, 2016, 11:20 AM
@justmelis,

the PAGIBIG staff / employee just WANTED TO PROTECT THEIR INTEREST NOT YOURS (being the new buyer).  They do not care how you will acquire ownership BUT they wanted to make sure they get the loan fully paid.

An SPA is just an authority for you to  continue paying for the loan instead of the registered borrower.

I think this procedure will take place once you completed paying for the loan:

1. The mortgage will be cleared.  hence, PAGIBIG will turn over to you the title but it is not under your name (still the registered borrower's name).

2. To transfer it under your name (being the true owner), you needed an absolute deed of sale between you and the registered borrower.  Hence, you need to pay the CGT and transfer tax.


justmelis

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Reply #10 on: May 24, 2016, 11:44 AM
@bauer

Thank you so much for your response. Would you have an idea what type of Deed of Sale is needed for this type of transaction if I need the seller to give me one now, not when I fully pay the mortgage? The seller is actually outside the country and I'm only dealing with the wife. The wife is also migrating soon and I don't know them personally. I just saw a sign sa bahay nila and contacted them. So, I'd prefer to cover all the bases sa umpisa pa lang.

Aside from this, meron pa other documents or requirements na dapat kong kunin kay seller to ensure smooth ang transfer ng property to my name, in let's say, 25 years from now?

Would you also know what the risks are for this type of transaction?


bauer

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Reply #11 on: May 24, 2016, 11:58 AM
^Please consult a lawyer.

Our RD requires an absolute deed of sale signed by both husband and wife.  once the absolute deed of sale is notarized, corresponding taxes must be paid to avoid penalties.


justmelis

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Reply #12 on: May 24, 2016, 12:03 PM
^ Yes, will do consult a lawyer.

For the RD, so even if not yet fully paid si mortgage, taxes need to be paid na? Or some stipulations lang neeed to be written sa deed, maybe? Na deed was created but mortgage needs to be paid pa before deed is effective, or something like that? I guess will have to check with a lawyer for this one also. Just wanted to get some ideas first before I see one.


Thomas

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Reply #13 on: May 24, 2016, 06:45 PM
The seller is actually outside the country and I'm only dealing with the wife. The wife is also migrating soon and I don't know them personally. I just saw a sign sa bahay nila and contacted them. So, I'd prefer to cover all the bases sa umpisa pa lang.

Aside from this, meron pa other documents or requirements na dapat kong kunin kay seller to ensure smooth ang transfer ng property to my name, in let's say, 25 years from now?
So it's EXTRA important you get compleete documents signed NOW.

How will you find them abroad 25 years from mow?   :hihi:     PERHAPS it can be solved by a COMBINATION of 25 years lease contract
plus a NOW signed (Conditional) Dead of sale  (=You become owner when you have fullfiled the condition) but I doubt they want to have business left in the Philippines after they have migrated.


beigh

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Reply #14 on: Jul 16, 2016, 04:02 PM
Hi, sana may makasagot. May house and lot kasi ako na ni-loan sa pag-ibig last 2011 pa na-approved,may mga late payments ako but now, up to date na ang bayad ko. Gusto ko po ipa-assume nalang sa brother ko yung bahay. Member po siya ng pag-ibig and eligible na din for a housing loan. My question is this: Kaya ko kasi ipapa assume ang house is because gusto ko mag purchase din ng bigger house and lot. Pwede na ba ako mag loan ulit sa pag-ibig once mapa assume ko na yung unang loan ko? If not, my plan B is this: hindi ko na ipapaassume sa brother ko yung house ko, instead siya ang mag loloan ng house na gusto ko. In the end, mageexchange kami ng property. Any advice on the matter? Thanks


 


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