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Philippine Housing Fair 2009

Last Updated on by Jay Castillo | Filed under: - 53 Comments

Update: The 4th Philippine Housing Fair that is supposed to be held on October 27 to 29, 2009 at the Megamall Megatrade Hall has been postponed to December 27-29, 2009. My wife has confirmed this with the Megatrade Hall office. Please be guided accordingly.


HOUSING FAIR_LOGO

My very first post in Foreclosure Philippines (formerly Foreclosed Real Estate Philippines) was about the 3rd Philippine Housing Fair (2008).  I can’t believe almost a year has passed since then! Now, the 4th Philippine Housing Fair (2009) is almost here, and Foreclosure Philippines is nearing its first anniversary.

Around this time of the year, people normally spend most of their money on Christmas gifts. This time, why not invest it on a place you can call your own? The Philippine Housing Fair 2009 can be looked at as a tiangge or bazaar featuring acquired assets for sale.

I haven’t found any official announcement yet about the 4th Philippine Housing Fair but based on the SM Megatrade Hall website, it shall be held on October 27-29, 2009 at Halls 1 and 2 of the SM Megatrade Hall:

*Update as of October 23, 2009 – The Philippine Housing Fair 2009 has been moved to OctoberDecember 27-29, 2009 at Halls 1 and 2 of the SM Megatrade Hall.

Philippine Housing Fair 2009 ScheduleSource: http://www.megatrade.com.ph/events.php#

The Philippine Housing Fair 2008 was also held at the SM Megatrade Hall and I was fortunate enough to have been able to attend it. I’m sure a lot of  home buyers and investors have benefited from it. This year, hopefully more people will be able to attend.

When I attended the Philippine Real Estate Festival 2009 last July, I received a copy of the Housing Fair Fact Sheet at the booth of  the National Home Mortgage Finance Corporation (NHMFC).  At that time, they couldn’t tell me the exact dates for the event. I called them up recently and the person I spoke to told me that the tentative schedule for the 2009 Housing Fair is on OctobereDecember 27 – 29, 2009 at SM Megamall because the venue has already been booked for the event. He also said that this is most probably the final schedule as he believes they probably can’t change the schedule anymore.

Anyway, let me share below the contents of the Housing Fair Fact Sheet which I got from NHMFC’s booth at the 3rd Philippine Real Estate Festival.

Housing Fair Fact Sheet

Bakit ka Mangungupahan pa? Kaya mo namang magkabahay na! (Why rent? You can buy a home now!)

Objectives

The Housing Fair aims to:

  • Assist and provide non-wage benefits to the government and private sector employees, including Overseas Filipino Workers to acquire housing units at affordable cost.
  • Fast track the disposition of acquired assets of key shelter agencies and government financial institutions

Participating Agencies:

The Housing and Urban Development Coordinating Council (HUDCC) spearheaded the conduct of the Housing Fair in coordination with the key shelter agencies and government financial institutions.

The selling key shelter agencies and government financial institutions that will dispose their acquired assets are the following:

  • Home Guaranty Corporation (HGC)

Contact Person: Ms. Ma. Caridad L. Calingo
Tel. No. 896-0425
www.hgc.gov.ph

  • National Home Mortgage Finance Corporation (NHMFC)

Contact Person: Ms. Mercedita Lorenzana
Tel. No. 892-5191
www.nhmfc.gov.ph

  • Home Development Mutual Fund (Pag-Ibig Fund)

Contact Person: Mr. Oscar Empensando
Tel. No. 811-4141
www.pagibigfund.gov.ph

  • Bangko Sentral ng Pilipinas (BSP)

Contact Person: Ms. Geraldine Alag
Tel. No. 524-8587
www.bsp.gov.ph

  • Government Service Insurance System (GSIS)

Contact Person: Ms. Normita Pascua
Tel. No. 551-4830/891-6161 loc. 4695
www.gsis.gov.ph

  • Social Security System (SSS)

Contact Person: Ms. Luz Generoso
Tel. No. 922-1061
www.sss.gov.ph

Housing Clinics will also be provided by the following shelter agencies:

  • Housing and Land Use Regulatory Board (HLURB)

Contact Person: Ms. Mila Mendoza
Tel. No. 927-2723
www.hlurb.gov.ph

  • National Housing Authority (NHA)

Contact Person: Engr. Jovita Panopio
Tel. No. 922-3318
www.nha.gov.ph

  • Social Housing Finance Corporation (SHFC)

Contact Person: Ms. Elvira Inton
Tel. No. 812-6978; 750-6337 to 50 loc. 821
www.shfcph.com

Qualified Borrowers/Buyers

All government and private sector employees including the Overseas Filipino Workers are qualified to avail acquired assets in any of the participating selling agencies.

Income Requirement

Applying the provision in the General Appropriations Act (GAA), the net take-home pay of a government employee should not be lower than P3,000.00. Deduction for the program will be prioritized next to the statutory deduction.

To improve the borrowing capacity, the GSIS, SSS, and Pag-Ibig Fund will allow additional proof of income, e.g., income from sari-sari store, etc. These agencies also allow tacking in of co-borrowers. Pag-Ibig Fund allows co-borrowers up to 3rd degree of consanguinity or affinity, provided that they are Pag-Ibig members.

The inventories of the acquired assets can be found at the respective booths and the websites of the participating selling agencies.

Status/ Conditions of the Acquired Assets

  • The properties shall be sold on an “as is, where is” basis.
  • The buyer acknowledges that he has been given the opportunity to investigate, inspect, and verify the assets offered to ascertain the actual conditions as well as the status of the titles.
  • For occupied units, the buyer shall be responsible for the ejectment of squatters and/or occupants on the property subject of sale.

Steps on How to Apply for an Acquired Asset

  • Scan for properties from the list provided by selling agencies;
  • Once you have selected the property, go to the concerned selling agency to inquire about the property;
  • Fill up the reservation form provided by the agency. (For Pag-Ibig Fund, attend first the Pag-Ibig speak-up portion and get the Certificate of Attendance afterwards);
  • Conduct inspection of the property before paying the reservation fee or downpayment; and
  • Pay the reservation fee/downpayment and submit the necessary documents at the office of the selling agency.

Documentary Requirements

The prospective buyer shall submit the following documentary requirements to the selling agency that owns the property:

  • Community Tax Certificate or cedula
  • Proof of income (latest income tax return, certificate of employment and compensation, latest payslip)
  • Marriage Certificate (if married)

Additional Requirements

HGC, Pag-Ibig Fund, and BSP

  • 2”x2” I.D. picture

BSP

  • Tax identification number (TIN)
  • Copy of any government-issued I.D. (e.g., SSS, Voter’s I.D.)

NHMFC and GSIS

  • Two (2) valid identification cards

TERMS AND CONDITIONS


The following are the terms and conditions for the disposition of the acquired assets

 
 


AgencyInterest RateAmount of LoanRepayment PeriodDiscountsDown Payment
HGC*6%Up to P300,00025 Years15% discount for cash buyers 

10% discount for successful ejectment

10% down payment
9%Above P300,000 to P2M
12%Above P2M
NHMFC6%, 7%, & 8% Depending on the repayment periodAny amount15 years – 6% 

20 years – 7%

25 years – 8% or up to 65 years old

None10% down payment but not lower than P10,000
PAG-IBIG FUND6%Any amount up to P2M30 Years20% for cash buyers 

15% upfront discount for housing loans, plus 5% additional discount for litigation if occupied

5% down payment 

P1,000 Reservation fee

BANGKO SENTRAL6%Up to P400,00025 YearsCase to case basisAt least 10% down payment
10%Over P400,00015 Years
GSIS*6%Any Amount30 years or up to 70 years old10% discount  for cash payment10% proposal deposit
SSS6% 

9%

Up to P500,000 

Above P500,000

10 years or up to 70 years old10% discount for cash buyers 

10% discount for successful ejectment

5% down payment

Note: The down payment/reservation fee/proposal deposit shall be deducted from the purchase price upon consummation/perfection of sale

*Subject to changes

 

 

Modes of Payment

HGC, Pag-Ibig Fund, and GSIS

  • Salary deduction
  • Cash through over-the-counter payment
  • Post-dated checks (GSIS)

NHMFC

  • Cash through over-the-counter payment

SSS

  • Post-dated checks

BSP

  • Cash through over-the-counter payment
  • Post-dated checks

For more information or inquiry:
Please text HUDCC Hotline Number at 0917-815-5369
Or call telephone numbers 812-6495/811-4112
Or visit our website:
www.hudcc.gov.ph

You may also download a PDF copy of the Housing Fair Fact Sheet here.

In addition, I would like to post here direct links to the listing of acquired assets/foreclosed properties of each individual key shelter agencies and government financial institutions:

  • Home Guaranty Corporation (HGC)

http://www.hgc.gov.ph/property.html

  • National Home Mortgage Finance Corporation (NHMFC)

http://www.nhmfc.gov.ph/index.php?option=com_content&view=article&id=44&Itemid=56

  • Home Development Mutual Fund (Pag-Ibig Fund)

http://www.pagibigfund.gov.ph/hf/aa.aspx

  • Bangko Sentral ng Pilipinas (BSP)

http://www.bsp.gov.ph/loans/asset_properties.asp

  • Government Service Insurance System (GSIS)

http://www.gsis.gov.ph/housing/default.php?type=root&id=128

  • Social Security System (SSS)

http://www.sss.gov.ph/sss/index2.jsp?secid=1&cat=9&pg=null

I’ll be posting more information about the upcoming Philippine Housing Fair 2009 as they become available. If you know someone who is still renting, please share this to them and help them buy their own home, they will surely be thankful to you for doing so!

Happy home buying!

—–

To our financial freedom!

Jay Castillo
Real Estate Investor
Real Estate Broker License #: 20056
Blog: https://www.foreclosurephilippines.com
Social Network: http://foreclosurephilippines.ning.com
Mobile: +639178843882
E-mail: ph.investor@gmail.com

Text by Jay Castillo. Copyright © 2009 All rights reserved.

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