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Bank Charges/Fees - Documentary Stamp Tax Computation

spydexign · 6 · 4594

spydexign

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We recently got approved for a housing loan amounting to 1.4m

We opted for a 15 year term but they mistakenly encoded 10 year term. They initially said that they can't do anything anymore as it's already on the system. I disagreed as it was a mistake on their end and it's not something that we can just ignore. Prior to this, we already paid the bank charges amounting to 32k.

They now changed the term to 15 years but now they are asking for additional 5k fee for documentary stamp because they said we changed the term to 15 years. As far as I know the computation of Tax Stamps are based on the loan amount and not on the term you choose.

I also don't understand the difference between PN and REM

« Last Edit: Feb 04, 2014, 12:28 PM by spydexign »


bauer

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Reply #1 on: Feb 04, 2014, 12:35 PM
^ Documentary stamp tax charged by BIR is per contract (document) or transaction basis.  If the same transaction was executed twice due to some changes or amendments, there might be additional charges. 

Who will absorb the additional cost?  It must be the one who is at fault or who cause the changes to take place.


spydexign

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Reply #2 on: Feb 04, 2014, 12:39 PM
Thank you bauer.

They were the one at fault as we initially agreed to a 15 year term before signing the contract. Even though we were approved for 10 years, we agreed for a 15 as it allows us to have a breathing room.

After the error, they were initially telling us that nothing can be done as it is already on the system which find ridiculous as this is a long term commitment and the error was on their end.

It also doesn't explain how'd they come up with the 5k figure when it's all based on the loan amount. It seems to me like they just pulled that out of thin air.

Btw, do you happen to know what PN and REM is? I think REM is real estate mortgage? Not sure about PN.
« Last Edit: Feb 04, 2014, 12:44 PM by spydexign »


vicces

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Reply #3 on: Feb 04, 2014, 06:08 PM
PN = promissory note


mikoangelo

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Reply #4 on: Feb 05, 2014, 07:57 AM
Ang nangyari niyan para kang nag pa restructure ng loan...Pero parang malaki din yata yung 5k na sinisingil sayo..

Meron dn akong current loan sa banko and balak ko din parestructure...

Nag inquire si misis and yung 20 yrs pagagawin kong 5-7 yrs, depende daw kung ano maaprove dun...SIngil nila sakin is 3500 only...

Loan amount,way higher than yours..

---

REM= Real Estate Mortgage


hello_po

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Reply #5 on: Feb 05, 2014, 01:48 PM
Scary naman makipag-transact sa creditor na yan! Umpisa pa lang, may hocus-pocus na! Ingat-ingat pag may time!  :watchuthink:


 


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