Housing Loan

[cebu.opportunities]

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@waldingkoy,

in-house financing na siya?
or sa bank?

if in-house financing, naa sila'y gi provide nimo contract?
base sako nabasahan for equity payment, they will reimburse 50% if ever ma-change imong mind nga di nlng mopadayon.
pero mag depende gihapon na sa developer, kay sa pikas nako, pwede ka tagaan og 2 months leeway, more than that, TY imong payments.

Bahin anang "Maceda Law", wa raba ko'y idea ana boss.
pero we'll try to ask around lang niya.

mao diay, naa diay ka sa gawas. if banks, naa mai 24/7 nga customer service, i-search lang ang international numbers nila. or pwede sad manugo ka kana na diri pinas igo lang jud to get the right email ad to raise your concerns with. tagai nlng pud details like loan account number, etc kay di mana sila magpataka og disclose og info.

maayo kay naa ny ni rent at least mo generate og income. I presume long term sila so di nato pwede ang 28 kabuok nga short term, hehe. kato unta sila, possible for 3 days nila, one to 2 months na nga amort nimo, hehe.

[waldingkoy]

@waldingkoy,

in-house financing na siya?
or sa bank?

if in-house financing, naa sila'y gi provide nimo contract?
base sako nabasahan for equity payment, they will reimburse 50% if ever ma-change imong mind nga di nlng mopadayon.
pero mag depende gihapon na sa developer, kay sa pikas nako, pwede ka tagaan og 2 months leeway, more than that, TY imong payments.

Bahin anang "Maceda Law", wa raba ko'y idea ana boss.
pero we'll try to ask around lang niya.

mao diay, naa diay ka sa gawas. if banks, naa mai 24/7 nga customer service, i-search lang ang international numbers nila. or pwede sad manugo ka kana na diri pinas igo lang jud to get the right email ad to raise your concerns with. tagai nlng pud details like loan account number, etc kay di mana sila magpataka og disclose og info.

maayo kay naa ny ni rent at least mo generate og income. I presume long term sila so di nato pwede ang 28 kabuok nga short term, hehe. kato unta sila, possible for 3 days nila, one to 2 months na nga amort nimo, hehe.

hi, tanx sa reply..
o inhouse financing ni cya...sa RCBC nga bangko ko ga inhouse financing...
contract sa bangko? murag application raman tu ako napirmahan.. dn ang naa nko katu nga murag kuntrata sa deca man tu ,,katu naa didtu ang amount ,dn documents inig turnover na nila sa balay..
ai walay gaabang oi...nangita pami mu abang ,,amo paabangan ang taas..k ako igsuon naa man sa ubus.,
aw o try nako inquire if naa ba email add sa ila website din maayu unta ug paspas makareply ila customer service..
ai d ka ma sigu guru ang 28 ka buok ..duha raman kwartu sa taas...sayanga gud atu...
basin nai maka explain diri bahin anang "maceda law"....hehehe..sa ako nasabtan pwede ma refund and 50% peru dapat atlease 2 yrs na gabayad...tsk tsk maghuwat pko aning ma duha katuig diay...ug tinuod ug ma apply na sa ako ang Maceda Law

[cebu.opportunities]

@waldingkoy,

ang in-house financing kay sa developer na siya, that is, ang Deca. sa developer ang naay contract2x pero sa installment equity payment ra ako na exp. kay bank financing pud mi after equity payment.

ang imo is, bank financing so mao jud to sir, application sa loan ra then approval nila.
mag try kog ask sa among bank giapplyan bout Maceda Law. mag update lang ko if unsa man gani.

[waldingkoy]

@waldingkoy,

ang in-house financing kay sa developer na siya, that is, ang Deca. sa developer ang naay contract2x pero sa installment equity payment ra ako na exp. kay bank financing pud mi after equity payment.

ang imo is, bank financing so mao jud to sir, application sa loan ra then approval nila.
mag try kog ask sa among bank giapplyan bout Maceda Law. mag update lang ko if unsa man gani.

k cge cge tanx ayu t.s ....karun lang jud ko ni email sa rcbc ,,ambut makareply ba tu dayun.... try sad ko email sa deca if usnai paagi if e stop nako ,,,asa ko duol sa bangko ba or nila,,dn asa ko ask ug 50% ug kung naa man galing.....
matsalams ayu...heheehe...

[cebu.opportunities]

@waldingkoy

ako lang sa diay klarohun ha.

katong akong nabasahan sa contract for equity payment. sa pre-selling pato siya, meaning, wala pana natukod and nag sige na start og bayad. mao siguro naay reimbursement of 50% in case maka-decide di dayunon. pero once, maka-sign naka mo go, inspected and gi turn-over na sa imo, wa ny reimbursement from the developer.

after equity payment, you have the option nasad if PAG-IBIG, bank or in-house financing (sa developer raka mag installment payment). if asa sa ila imo napilian, it's already between the two of you. sa imo nga case, sa rcbc ka ni loan or sa rcbc na nga policy, terms and conditions imo basihan.

I already got a response from our bank nga gi loanan (dili RCBC; maglisod siguro mi ask didto kay we do not have any loan account sa ila). Mao ni ila tubag: "once the account has been subjected to foreclosure, no reimbursement or refund will be extended to the client." then, 3 months of nonpayment siya ma subject to foreclosure. pero it will depend jud sa bank pud so the best way is to ask them.

bahin sa Maceda Law, lawyer imo angay kaistorya ana, hehehe. In my opinion, ma alarm siguro ang bank if ever mohisgot ka og Maceda Law kay naa diay ky plan to file in case ma subject to foreclosure and the fact nga niask ka ana, basi makaingon nga mag late2x nani og bayad siguro for the coming months. In their end, they will try to protect themselves so naa sad na sila'y ilang own plans unsaon to win and to think they have been rendering housing loans for several years with cases of foreclosed properties najud so mas kahibaw sila sa pasikot-sikot.

[waldingkoy]

@waldingkoy

ako lang sa diay klarohun ha.

katong akong nabasahan sa contract for equity payment. sa pre-selling pato siya, meaning, wala pana natukod and nag sige na start og bayad. mao siguro naay reimbursement of 50% in case maka-decide di dayunon. pero once, maka-sign naka mo go, inspected and gi turn-over na sa imo, wa ny reimbursement from the developer.

after equity payment, you have the option nasad if PAG-IBIG, bank or in-house financing (sa developer raka mag installment payment). if asa sa ila imo napilian, it's already between the two of you. sa imo nga case, sa rcbc ka ni loan or sa rcbc na nga policy, terms and conditions imo basihan.

I already got a response from our bank nga gi loanan (dili RCBC; maglisod siguro mi ask didto kay we do not have any loan account sa ila). Mao ni ila tubag: "once the account has been subjected to foreclosure, no reimbursement or refund will be extended to the client." then, 3 months of nonpayment siya ma subject to foreclosure. pero it will depend jud sa bank pud so the best way is to ask them.

bahin sa Maceda Law, lawyer imo angay kaistorya ana, hehehe. In my opinion, ma alarm siguro ang bank if ever mohisgot ka og Maceda Law kay naa diay ky plan to file in case ma subject to foreclosure and the fact nga niask ka ana, basi makaingon nga mag late2x nani og bayad siguro for the coming months. In their end, they will try to protect themselves so naa sad na sila'y ilang own plans unsaon to win and to think they have been rendering housing loans for several years with cases of foreclosed properties najud so mas kahibaw sila sa pasikot-sikot.

thanx ayu...
ah ok ..mao saktu sad ...peru as of now ako gi email ra nila ni ask ko unsay process if e stop na nako ..din if ma stop na ...naa ba koi amount ma uli nako ,,kai ako man e stop na ang kuntrata or e cancel nalang nako...
now, ga huwat kos reply nila if unsa man ang sunud ug unsay maayung buhatun ...
ako gi inquire lang una nila sa pag kakarun ..wala pako hisgut anang Maceda kai wa bya ko klarung ieda ug detalye pa ana.
Peru maynta naay maka post diri ug kasuway na inani nga sitwasyun... sa ako nahibaw an ang ipa assume ra ang pinaka maayu mabuhat para mabawi ang kwarta nga na gastu.

[tindahanni_ate]

akong na pay for the 900,000 property kay almost 2,800 pesos. bale duha man to nka list sa receipt, cancellation of mortgage ug cancellation of assignment man to kay loaned under pagibig man. mga 1,4k each mao almost 2,8k ang total

[cebu.opportunities]

@tindahanni_ate

Salamat kaayo sa info sis. At least maka=bana2x na sa mga gasto.

@waldingkoy

Maceda Law

Spoiler! 

a Defaulting Buyer under RA 6552
Realty Installment Buyers Protection Act (MACEDA LAW)
Downloadable version in pdf

Right to update payments without additional interest or in the alternative a refund of cash surrender value.

There are two categories of buyers accorded protection under this law:

1. a buyer with at least 2 years of installments under Section 3 RA 6552, and
2. a buyer with less than 2 years of installments under Section 4 RA 6552

Buyer with at least two (2) years of installment – Section 3 RA 6552
If the buyer in this category defaults in the payment of his succeeding installments, he is entitled to the following rights:
1. to pay without additional interest the unpaid installments due within the total grace period earned by him. Said grace period is equal to one (1) month for every year of installment payments he has made. Here the buyer has at least two (2) months grace period for he should have paid at least two (2) years of
installments to avail of the rights under this section.

This right can be exercised by the buyer only once in every five years of the life of the contract.
2. to be refunded of the cash surrender value of his payments equal to 50% of his total payments if the contract is cancelled. But if he has paid five years or more, he is entitled to an increase of 5% every year and so on but the cash surrender value shall not exceed 90% of his total payments.

The actual cancellation of the contract referred to above shall take place only:

1. after 30 days from receipt by the buyer of the notice of cancellation or demand for rescission, AND
2. upon full payment to the buyer of the cash surrender value.

In the computation of the total number of installment payments the following are included:
1. down payment and
2. deposit or option money

Section 3 of RA 6552 provides, thus:

“SECTION 3. In all transactions or contracts, involving the sale or financing of real estate on installment payments, including residential condominium apartments … where the buyer has paid at
least two years of installments, the buyer is entitled to the following rights in case he defaults in the payment of succeeding installments:

“(a) To pay, without additional interest, the unpaid installments due within the total grace period earned by him, which is hereby fixed at the rate of one month grace period for every one year of installment payments made; provided, That this right shall be exercised by the buyer only once in every five years of the life of the contract and its extensions, if any.

“(b) if the contract is cancelled, the seller shall refund to the buyer the cash surrender value of the payments on the property equivalent to fifty per cent of the total payments made and, after five years of installments, an additional five per cent every year but not to exceed ninety per cent of the total payments made; provided, That the actual cancellation of the contract shall take place after thirty days from receipt by the buyer of the notice of cancellation or demand for rescission of the contract by a notarial act and upon full payment of the cash surrender value to the buyer.

“Down payments, deposits or options on the contract shall be included in the computation of the total number of installment payments made.”

Buyer with less than 2 years of installments Section 4 RA 6552
If he has paid less than two (2) years of installments, he still has the right to pay within a grace period of not less than sixty (60) days from the date the installment became due.

If the buyer fails to pay the installment due at the expiration of the grace period, i.e. 60 days, the seller may cancel the contract after 30 days from receipt by the buyer of the notice of cancellation or demand for rescission of the contract by a notarial act.

Here the buyer is not entitled to any refund.

Section 4 of RA 6552 provides, thus:

“SECTION 4. In case where less than two years of installments were paid the seller shall give the buyer a grace period of not less than sixty days from the date the installment become due. If the buyer fails to pay the installments due at the expiration of the grace period, the seller may cancel the contract after thirty days from receipt by the buyer of the notice of cancellation or the demand for rescission of the contract by a notarial act.”

Right to Assign/Reinstate Contract

The buyer has a right to sell or assign his rights over the lot or unit to another person or reinstate the contract by updating the account provided this is done during the grace period and before actual cancellation of the contract.

Section 5 of RA 6552 states:

“SECTION 5. Under Sections 3 and 4, the buyer shall have the right to sell his rights or assign the same to another person or to reinstate the contract by upgrading the account during the grace period and before actual cancellation of the contract. The deed of sale or assignment shall be done by notarial act.”

Right to Advance Payment without Interest and Annotation of Full Payment in the Title Subject of the Sale

The buyer has the right to pay in advance any installments or the full unpaid balance without interest any time and have such full payment annotated in the title.

Section 6 of RA 6552 states:

“SECTION 6. The buyer shall have the right to pay in advance any installments or the full unpaid balance of the purchase price any time without interest and to have such full payment of the purchase price annotated in the certificate of title covering the property.”

Source:
HLURB Link: Rights of a Defaulting Buyer under RA 6552 | Housing and Land Use Regulatory Board

base sakong nasabtan, murag between the seller and buyer ni siya nga law. so sa imong case, sa deca but then na transfer nmn sa bank. ambot lang pud ha.
katong pre-selling contract ako na read before, under man sad to sa developer. similar jud sa Maceda Law naka-stipulate didto so with grace period then kanang 50%. basi applicable sad ni siya if in-house financing but with bank, pag-ibig or other financing firms, good as gi full payment naman gud sa developer. try nlng ngayo advice sa lawyer sir.

[waldingkoy]

@tindahanni_ate

Salamat kaayo sa info sis. At least maka=bana2x na sa mga gasto.

@waldingkoy

Maceda Law

Spoiler! 

a Defaulting Buyer under RA 6552
Realty Installment Buyers Protection Act (MACEDA LAW)
Downloadable version in pdf

Right to update payments without additional interest or in the alternative a refund of cash surrender value.

There are two categories of buyers accorded protection under this law:

1. a buyer with at least 2 years of installments under Section 3 RA 6552, and
2. a buyer with less than 2 years of installments under Section 4 RA 6552

Buyer with at least two (2) years of installment – Section 3 RA 6552
If the buyer in this category defaults in the payment of his succeeding installments, he is entitled to the following rights:
1. to pay without additional interest the unpaid installments due within the total grace period earned by him. Said grace period is equal to one (1) month for every year of installment payments he has made. Here the buyer has at least two (2) months grace period for he should have paid at least two (2) years of
installments to avail of the rights under this section.

This right can be exercised by the buyer only once in every five years of the life of the contract.
2. to be refunded of the cash surrender value of his payments equal to 50% of his total payments if the contract is cancelled. But if he has paid five years or more, he is entitled to an increase of 5% every year and so on but the cash surrender value shall not exceed 90% of his total payments.

The actual cancellation of the contract referred to above shall take place only:

1. after 30 days from receipt by the buyer of the notice of cancellation or demand for rescission, AND
2. upon full payment to the buyer of the cash surrender value.

In the computation of the total number of installment payments the following are included:
1. down payment and
2. deposit or option money

Section 3 of RA 6552 provides, thus:

“SECTION 3. In all transactions or contracts, involving the sale or financing of real estate on installment payments, including residential condominium apartments … where the buyer has paid at
least two years of installments, the buyer is entitled to the following rights in case he defaults in the payment of succeeding installments:

“(a) To pay, without additional interest, the unpaid installments due within the total grace period earned by him, which is hereby fixed at the rate of one month grace period for every one year of installment payments made; provided, That this right shall be exercised by the buyer only once in every five years of the life of the contract and its extensions, if any.

“(b) if the contract is cancelled, the seller shall refund to the buyer the cash surrender value of the payments on the property equivalent to fifty per cent of the total payments made and, after five years of installments, an additional five per cent every year but not to exceed ninety per cent of the total payments made; provided, That the actual cancellation of the contract shall take place after thirty days from receipt by the buyer of the notice of cancellation or demand for rescission of the contract by a notarial act and upon full payment of the cash surrender value to the buyer.

“Down payments, deposits or options on the contract shall be included in the computation of the total number of installment payments made.”

Buyer with less than 2 years of installments Section 4 RA 6552
If he has paid less than two (2) years of installments, he still has the right to pay within a grace period of not less than sixty (60) days from the date the installment became due.

If the buyer fails to pay the installment due at the expiration of the grace period, i.e. 60 days, the seller may cancel the contract after 30 days from receipt by the buyer of the notice of cancellation or demand for rescission of the contract by a notarial act.

Here the buyer is not entitled to any refund.

Section 4 of RA 6552 provides, thus:

“SECTION 4. In case where less than two years of installments were paid the seller shall give the buyer a grace period of not less than sixty days from the date the installment become due. If the buyer fails to pay the installments due at the expiration of the grace period, the seller may cancel the contract after thirty days from receipt by the buyer of the notice of cancellation or the demand for rescission of the contract by a notarial act.”

Right to Assign/Reinstate Contract

The buyer has a right to sell or assign his rights over the lot or unit to another person or reinstate the contract by updating the account provided this is done during the grace period and before actual cancellation of the contract.

Section 5 of RA 6552 states:

“SECTION 5. Under Sections 3 and 4, the buyer shall have the right to sell his rights or assign the same to another person or to reinstate the contract by upgrading the account during the grace period and before actual cancellation of the contract. The deed of sale or assignment shall be done by notarial act.”

Right to Advance Payment without Interest and Annotation of Full Payment in the Title Subject of the Sale

The buyer has the right to pay in advance any installments or the full unpaid balance without interest any time and have such full payment annotated in the title.

Section 6 of RA 6552 states:

“SECTION 6. The buyer shall have the right to pay in advance any installments or the full unpaid balance of the purchase price any time without interest and to have such full payment of the purchase price annotated in the certificate of title covering the property.”

Source:
HLURB Link: Rights of a Defaulting Buyer under RA 6552 | Housing and Land Use Regulatory Board

base sakong nasabtan, murag between the seller and buyer ni siya nga law. so sa imong case, sa deca but then na transfer nmn sa bank. ambot lang pud ha.
katong pre-selling contract ako na read before, under man sad to sa developer. similar jud sa Maceda Law naka-stipulate didto so with grace period then kanang 50%. basi applicable sad ni siya if in-house financing but with bank, pag-ibig or other financing firms, good as gi full payment naman gud sa developer. try nlng ngayo advice sa lawyer sir.

o mao gyud...dapat lang gyud ask tas abugadu ani..hehehe..k cge tanx ayu

[xyberblue]

Question about PAG-IBIG
1. If ever nakakuha tag loan for 30 yrs terms, naa bay option ang buyer to fully pay the loan for 5 yrs ba ron?
2. If allow ta na mo bulto ug bayad let say 30% sa currently loaned na amount, when mag readjust ang pag-ibig sa monthly amortization? If mag readjust, pwd ba ma readjust ang terms instead? like instead of 30 yrs, ipa request nako to lower the term to 15 yrs after paying 30% sa loaned amount?
3. Unsa kadugaya ma approve ang pag-ibig loan application? Once approve, makadawat daun ang seller sa full amount sa gi loan?