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How OFWs Can Reserve a Property in Davao City

How OFWs can reserve properties in Davao, Philippines I’m an OFW – How can I reserve the house and lot?

You’re an OFW who wants to purchase a house and lot in Davao City, Philippines. You’ve chosen the property that you like and now you want to reserve it to make sure that no one else gets hold of that specific property, may it be a house and lot, lot only, a condo unit, and etc.

There two ways on how you can reserve the property even when you are still abroad.

1. Reserve the property by using a Special Power of Attorney (SPA)
Choose a representative here in Davao City. Make sure that this person is someone you can trust. It’s best if you designate one of your relatives or a family member as your trustee. Send them the reservation money through bank to bank transfer, LBC, or any other types of money transfer convenient to you. Send a Special Power of Attorney to your trustee so he/she can legally represent you. Make sure that the SPA is duly authenticated by the nearest consul in the place where you are currently residing. The authentication of the SPA may take around a month. However, you may fax or send the notarized copy so that your reservation can already be processed. Make sure to send the authenticated copy at a later time.

Here’s a sample SPA:
IMPORTANT: It’s always advisable to consult a lawyer before entering into any legal agreements or executing any legal documents.

[gview file=”http://www.davaopropertyfinder.com/wp-content/uploads/2010/11/SPA-sample.doc”]

2. Reserve the property through a Bank to Bank Transfer of Payment
The second option you have in reserving a property here in Davao City is to pay directly to the Real Estate Developer.
You will need the following:

The Real Estate Developer’s bank account
The Real Estate Developer’s contact numbers to confirm the authenticity of the bank account and the people involved.

After paying the reservation fee, kindly inform us so we can trace the incoming deposit and the developer can issue an Official Receipt (O.R.). A scanned copy of the official Receipt will be sent to you via e-mail while the original copy will be sent later via postal mail.

It’s as easy as that! Even if you are living and working abroad, you can still reserve any properties for sale in Davao City.

Note:
*The Reservation Fee varies from developer to developer. Reservation fees usually range from Php5,000 to Php30,000. This may go higher depending on the developer and the type of property. For example, the reservation fee of a house and lot located in a high-end subdivision may go as high as Ph50,000.
*This reservation fee shall be deducted from the total package cost of the property.

Pag-IBIG Housing Loan Steps

You have found the perfect house and lot for you and your family. You’ve researched about the different financing options you have as a buyer and finally decided that a Pag-ibig housing loan is the best option for you. You have been a Pag-ibig member for quite a while and now you want to avail one of the many benefits you have as a Pag-ibig member. How do you go about it?

As you may already know, Pag-ibig membership is mandatory (R.A. 9679) for the following:

All employers and employees who are covered by the SSS and GSIS; uniformed members of the Armed Forces of the Philippines, the Bureau of Fire Protection, the Bureau of Jail management and Penology, and the PNP; OFWs, and Filipinos employed by foreign-based employers.

If you’ve been a member for at least 2 years, you are likely qualified to avail a Pag-ibig housing loan. Now, what are the steps in availing a Pag-ibig housing loan?

There are 4 major steps in the Pag-ibig housing loan procedure:

1. Attend the Pag-ibig housing loan counseling at the Pag-ibig office near you.
Inform the staff that you will be attending the housing loan counseling session. Applicants are asked to present 1 valid ID, sign the attendance sheet and accomplish a Preliminary Loan Counseling questionnaire (PLCQ) and a Membership Status Verification Slip (MSVS). The Pag-ibig officers will determine if the applicant is eligible for a housing loan. If found eligible, the applicant will be given a checklist of requirements that he/she must comply before moving on to step 2.

2. Apply for a Pag-ibig Housing Loan by submitting your housing loan application and the necessary documents as stated in the checklist of requirements given to you. Pay the Php1,000 processing fee.
*The processing fee is non-refundable even if the application gets disapproved.

3. Wait for the notice of Approval of the Pag-ibig housing loan application. This may be through telephone or cellphone call. Once approved, go back to the Pag-ibig Fund office and sign loan documents there. Complete the other requirements in the Notice of Approval (NOA)
* The requirements must be submitted within 90 days from receipt of LOG/NOA

4. Release of Loan Proceeds
Submit complete NOA requirements which will be evaluated and processed. Wait for a telephone/cellphone call regarding Check availability. After Pag-ibig has informed you about the check availability, go back to the office and present 2 valid IDs and get Check. Then issue 12 PDCs to pay for the 1 year monthly amortization. Follow the remaining steps asked by the Pag-ibig officers.