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Important Information PDF Print E-mail
Written by Administrator   
Wednesday, 04 January 2012 11:30

Important Information Buyers Need To Know Before Acquiring/Buying A House And Lot

  1. Reservation Fee
  2. Down Payment
  3. Payment Schedule
  4. Important reminders on Downpayment (DP)
  5. Legal and Miscellaneous Fees
  6. Grounds for Cancellation of the Reservation
  7. Pro-friends Policies on Payments
  8. Taxes
  9. Occupancy and Possession
  10. Transfer of Ownership/Title
  11. Use of the Property
  12. Improvements and Alteration
  13. Membership on the Home Owneship Association

Bank Financing Guidelines

     1.Pre-Approval
     2.Full Compliance with (5) Key Requirements
     2.1 Age Requirement
     2.2 Submission of Requirements
     2.3 Requirements for OFW's
     2.4 Personal Appearance and Signing of LOG
     2.5 Prompt Payment

The Reservation Fee (RF)

  • The Reservation Fee closes the sale (on first-come,first served basis) and holds the unit for the buyer.
  • It forms part of the downpayment(DP).(Equity)
  • It is non-refundable in case the account is cancelled.

The Down Payment

  • The (DP) is a percentage of the Total Contract Price(Total Selling Price plus the Legal & Miscellaneous Fee)
  • It is payable over a prescribed period and does not bear interest.

Payment Schedule

Payment is due on the 5th or 20th of the month depending on the date of reservation:

        Reservation date                                                                Hit Date

       6th to 20th of the month                                               20th day of the subsequent month

       21st to 5th of the next month                                      5th day of the subsequent month

Legal and Miscellaneous Fees include the following:

  • Premiums for the first year of coverage – Mortgage Redemption Insurance (MRI) & Fire Insurance
  • Real Property Taxes for one year
  • One set of Blue Print of house plans
  • Home Owners Association (HOA) dues for Provision for Preventive Maintenance
  • Administrative expenses
  • Transfer of TC in the buyer's name (applicable for Bank Financing)                                                        

Important remiders on Downpayment (DP);

  • Non-payment of the first DP automatically cancels the reservation and ail payments made are forfeited
  • Penalty for delayed payment: 1/10th of 1% per day of delay
  • Legal and Miscellaneuos Fees(LMF) is computed as follows:

                   Bank Financing   - 8.0% of the Total Selling Price(TSP)

              InHouse Financing  - 4.5% of the Selling Price(TSP)

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Grounds for Cancellation of the Reservation

  • Failure to appear in person for loan counselling;
  • Failure to pay the first DP;
  • Failure to remit any three (3) consecutive monthly installment or amortizations;
  • Failure to submit within the prescribed period any of the documents that may be required by
  • Pro-Friends or the financing institution;'
  • Willful misrepresentation or falsification of any documents submitted;
  • Voluntary withdrawal from the RA for any reason whatsoever.

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Company Policies on Payment

  • All payments must be made in favor of PROPERTY COMPANY OF FRIENDS, INC.
  • Payments must be remitted directly to the cashier for the proper issuance of a provisional receipt
  • (PR) or an official receipt (OR)
  • Agents and brokers are not allowed to receive payments
  • Payments made through agents and brokers shall be the responsibility and risk of the buyer,
  • and shall not be the liability of Pro-Friends

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Taxes

The buyer is bound to pay the real estate taxes and special taxes levied or that may be levied on the property

during the time the CTS is in force.As proof of payment, the buyer shall submit the official receipt (OR)

 to Pro-Friends within fifteen (15) days from the date the taxes are paid.                               

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Occupancy and Possession

  • Pro-Friends will issue a Notice of Completion to the buyer stating the date the unit shall be ready for occupancy
  • The buyer is given 60 days to inspect the unit before acceptance. If the buyer fails to inspect the unit within this period,
  • it shall be deemed accepted in good condition.                                                                       
  • Any loss or damage to the unit after it is deemed accepted or after Pro-friends issues an Authority to Move In shall no longer
  • be the responsibility of the company.                                                                                                

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Transfer of Ownership/Title

  • The buyer shall shoulder any and all other expenses for the preparation of the  Contract to Sell and
  • the Deed of Absolute Sale and other necessary documents for the transfer of the  Certificate of Title in the name of the buyer.                                             
  • The Title shall be transferred in the name of the buyer after two years from the date of release of his Pag-Ibig loan,
  • provided his account is updated.                                                                               

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Use of the Property

The property shall be used exclusively for residential purposes. Pro-friends does not allow the property,

to be converted for other uses or purposes even after the unit has been transferred in the name of the buyer.

This is contained in the terms and conditions in the Master Deed of Restriction,to which the buyer is bound.                                                  

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Improvements and Alteration

  • The buyer shall be allowed to make any alteration or additional construction to the unit after house acceptance.
  • The buyer shall be required to submit the proposed building plans for any improvement and alteration,
  • and pay a deposit fee which will serve as a construction bond, to be refunded after modification,
  • is complete and all deductions for damages (if any) have been made.
  • Pro-Friends reserves the right to make modifications on the plans and specifications during the course of construction.

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Membership on the Home Owners Association
Upon acceptance of the unit or once the buyer has taken possession of the unit, the buyer automatically becomes a member

of the Home Owners Association (HOA) and is required to pay the monthly dues. Possession may mean the following:                                                                  

  1. Unit is deemed accepted
  2. Key was already turned over to the buyer
  3. Actual move in has taken place
  4. Alterations or improvements on the unit have been implemented.

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_________________________________________________________________________________________________________

First, the PRE-APPROVAL process to determine whether you qualify for bank financing:
Your name will be submitted to the bank for credit checking with the Credit Management Association of the Philippines

(CMAP)to determine whether you have any unpaid loans, credit card bills and other negative transactions.

Common findings are cancelled credit cards and unpaid credit bills.

If you do not pass the PRE-APPROVAL checking, your application will be converted to our IN-HOUSE FINANCING.

However, your loan application with the bank may still be considered,

provided that you can show proof of your loan or credit card payments.

Please inform us immediately so that we can ask the banks to reconsider your application.

Second, full compliance with five (5) key requirements documents follows:
1. Age upon loan maturity should not exceed 65 - for those locally employed and 60 years old for OFWs.
2. Submission of complete documentary requirements.
Basic documents include: IDs, proof of billing, ITR, Community Tax Certificate (Cedula),Tax Identification Number (TIN), marriage contract,

if applicable, 3 ID photos.Additional documents are required depending on civil status and employment type.
3. OFW-applicants must not be employed in any “war-torn country” included in the bank’s listing. Further,

they must nominate Attorney-in-Fact (AIF).
4. For those locally employed, personal appearance to sign the Bank Letter of Guaranty’s (LOG) in the presence of bank personnel,

together with their spouse if applicable.

5. Prompt payment throughout the loan seasoning period
Annexed hereto is a detailed explanation on the manner of compliance for each item,

together with the complete checklist of documents for submission. Our intention is to facilitate the processing,

of your loan application and to avoid delays due to submission of incorrect or incomplete documents.

We trust that we have provided herein a useful guide on the compliance with requirements for bank financing.
In order for us to be remain in touch with you at all times, please advise us of any change/s,

in your contact numbers and/or email address.We look forward to serving you better.

ANNEX A : DETAILS ON REQUIREMENTS FOR COMPLIANCE
Please refer to the following detailed explanation on the manner of compliance for each item,

together with the complete checklist of documents for submission. You will be referred to herein as the PRINCIPAL BORROWER.

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Age Requirement

Your age should not exceed 65 (for locally employed) and 60 years (for OFW) upon loan maturity.

Computation starts at the end of the equity or downpayment term, not from date of reservation.
Example: Locally Employed                          Age

Upon Reservation   40
Add: number of months (downpayment term):     1 
Add: upon end of DP term
  41
Maximum loan term   20
Age upon loan maturity      61

 Submission of Requirements

You are required to submit the following basic requirements:
• 2 government issued valid IDs
• Proof of Billing
• Latest Income Tax Return (ITR), only if locally employed
• Community Tax Certificate or Cedula, only if locally employed
• TIN number
• Marriage contract, if applicable
• 3 pcs.Photos 1 x 1
• Consularized Special Power of Attorney (SPA) for OFWs, if applicable
• SPA, if applicable
For married applicant, the spouse shall likewise submit the following:
• One (1) government issued ID; postal ID is acceptable if unemployed
• 3 pcs. Photos 1 x 1
• Photocopy of passport if working abroad (1st and last page)
• Community Tax Certificate or Cedula, if locally employed
If you nominate an Attorney-in-Fact,he/she should submit the following:
• One (1) government issued ID; postal ID is acceptable if unemployed
• 3 pcs photo (1 x 1)
• Community Tax Certificate or Cedula
Valid IDs are subject to two (2) considerations: type of ID and validity date on the ID.
Acceptable Government Issued IDs
Not all government issued ID’s are acceptable. The list of government issued IDs accepted by banks is shown below:
• SSS
• HDMF
• GSIS
• TIN
• Passport (mandatory for OFWs)
• Driver’s License
• Professional Regulations Commission (PRC) ID
• Unified Multipurpose ID
POSTAL IDs are acceptable ONLY IF submitted by a non-working spouse,

and the principal borrower has submitted the required VALID IDs.
Validity Date of ID
If your ID has a validity period with a date inscribed thereon, said DATE should still be valid by date of loan takeout.

Please note that the DATE here is very important as part of banks’ compliance with

BSP’s AMLA guidelines (Anti-Money Laundering Act). You will be asked to present/submit,

new copy of the ID after renewal,if needed.

Your loan takeout will not be released if IDs presented have already lapsed. 

This requirement applies to all IDs, whether submitted by the principal borrower, his/her spouse or the AIF.
Latest Proof of Billing Your proof of billing should bear the same address as you have indicated in your

Buyer’s Information Sheet (BIS) and should be dated/issued at least within the month of submission date.

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Requirements for OFWs

Special Power of Attorney An OFW should nominate his/her Attorney-in-Fact (AIF) and execute a

SPECIAL POWER OF ATTORNEY (SPA) which must be consularized in the country of your employment.
The SPA need not be consularized if your passport bears a departure date prior to the execution/notarization of the SPA.

You need to submit the original (1) copy of the SPA.
Please make sure that all information in the SPA, AIF and other documents are exactly the same.

Any discrepancies,e.g.wrong spelling of name must be corrected prior to submission so as not to delay loan processing.

We will provide you with the standard SPA form. You may fill up the SPA form in typewritten or handwritten format.

The pertinent data needed in the SPA form are the following:
• Name of Principal Borrower
• Name of AIF
• Project name, block and lot
Passport Copy of passport is mandatory for all OFWs. Submit photocopies of the 1st and last pages ONLY.

THERE’S NO NEED TO PHOTOCOPY ALL PAGES OF THE PASSPORT.
War torn countries Banks consider some countries as very risky due to political reasons.

This may result in the disapproval of your application. Please check if your country of employment is included in the list

of war torn countries referred to in Annex “A”.There are instances,however,

when banks lift the ban on a case to case basis.

We shall try to work out your situation with the bank on best efforts basis.

Normally, banks may ask for additional requirements such as payment of higher insurance premiums.

Personal Appearance and Signing of LOG in the presence of bank officers
Please be reminded that banks require your physical presence in the signing of the LOG,

together with your spouse,if you’re married.

It is important that you execute an SPA in advance if you feel you cannot be present for the signing of LOG.

For married OFWs, the AIFs will be their spouse/s. As a matter of policy, an AIF is allowed to sign only for OFWs.

However, it may be allowed in some instances for locally employed applicants,

provided there is a valid reason why he/she cannot be present during the signing.

The acceptable AIFs are relatives within the first civil degree of consanguinity.

If you think you will have a problem on this, please let us know immediately and we will give you some alternatives.
During the LOG signing, you will be required to bring your valid ID’s for validation of signature.
Additional reminders for married applicants:
• Submit complete requirements of spouse
• Secure marital consent in the signing of bank documents
• Spouse must personally sign LOGs in the presence of bank officer/s
• Submit SPA if spouse is abroad
(Note: SPA must be notarized in the Philippines if passport reflects departure date prior to execution/notarization of SPA.)

Otherwise, SPA must be consularized.)
• Submit waiver and passport if spouse is FOREIGNER

Prompt Payment throughout seasoning period
We strongly encourage you remain updated in your monthly payments.

Never incur three (3) consecutive months default and/or five defaults in a year or during the equity period.

If you fail to comply with the monthly payment requirement, your account will be converted to in-house financing.

This means higher monthly amortization because our in-house interest rates are 18% for 5 years and 21% for 10 years.

 

Last Updated on Friday, 19 April 2013 09:55