The first step to understanding is to be familiar with terminologies used in Philippine Real Estate
Absolute Deed of Sale – is a document for a type of deed where the sale is not subject to any condition and where the transfer of ownership is complete and irrevocable.
Abstract of Title – is a summary, or digest of the conveyances, transfer and any other facts relied on as evidence of title, together with any other elements which may impair the title. Acceleration Clause – is a clause on trust deed or mortgage giving the lender the right to call all sums owing him to be immediately due and payable upon the happening of a certain event.
Accession – is the right pertaining to the owner of a thing o...
Evidence of ownership – In house and lot, evidenced by original or transfer certificate of title while in condominium, ownership is evidenced by condominium certificate of title
Capacity to buy – In house and lot, or lot only or townhouse, alien acquisition is not allowed. In the condominium concept, alien ownership not to exceed 40% interest in the project is legally allowed
Extent of ownership – the interest of the owner in house and lot consists of absolute ownership of the inner and outer structures of the building (the entire building). In the condominium concept, the unit owner is the absolute owner of the space within the interior surface of his unit, but is only a co-owner of the exterior or façade of the unit.
A. Attend a loan counseling session at the Pag-ibig office concerned and be briefed on the eligibility. Accomplish a preliminary loan counseling questionnaire, Housing Loan Application (HLA) and Membership Status Verification Slip (MSVS).
This will find out if one has an outstanding obligation with Home Development Mutual Fund (HMDF). If eligible, secure the following documents:
-Members Status Verification Slip (MSVS)
-Notarized Housing Loan Application (HLA),
-Principal / Co-borrowers
-Latest payslip duly certified by the employer (Indicate printed name and designation of assigned signatory)
-Notarized Certificate of Employment Compensation (CEC) -Income Tax Return (ITR) with W2 form -Proof of billing address (Electric bills, PLDT. water bil...