Here are some reasons why you should transact with licensed real estate practitioner?

• Real estate practitioners are bound to follow the law to avoid penalties and suspension of their licenses.Though colorums if got caught will also get penalized we as real estate practitioners can't get to use and practice our craft once our licensed got revoked.

• Colorum agents especially those who didn't issued an alternate valid identification card can easily leave and victimized other while licensed practitioners have a reputation to take care for their long term business in real estate industry. As a licensed practitioner it is very important for us to transact with out-most care as our clients rely and trust us. With integrity, transparency and open communication we are building a bridge between the buyer and the seller making sure that the sale/transaction will benefit both clients.

• We are the right people to work with as we have the right knowledge and skills for real estate job. We continue to learn as we master our craft. We don't stop learning, we learn in every transaction, in every sale, in every client and co real estate practitioners we meet. Every transaction is uniquely challenging as our clients have different situations. With this we gain more and more knowledge. Plus the fact that we need to renew our licenses with new CPE units which means new trainings/seminars/forums etc. These experiences teach us not just to do our job but to do it accordingly, be it legal or ethical.

To my co-licensed real estate practitioners, feel free to add up something to this. For now these are those that come first in my mind when I hear this question.

You may like and share. Happy closings to everyone!

To our public readers, you may verify if you are transacting with a licensed real estate practitioner through PRC's website.
Just go to this link
Select Profession then put in the Last and First name of the person and click the Verify Button.

Example:
Profession: REAL ESTATE BROKER
First Name: LYNDY HONEY
Last Name: YOUNG

If the VERIFICATION RESULT is "no matching record found" then the person you are transacting with is a COLORUM.
Protect Yourself. Protect your hard earned money. Transact ONLY with Licensed Real Estate Practitioners.

REAL ESTATE: GUIDELINES ON HOW TO DETECT FAKE LAND TITLES

THE LAND REGISTRATION AUTHORITY (LRA), an agency responsible for the issuance of land decrees of registration and certificates of title and register documents in the Philippines, has published an important information and tips to the public to protect them from fraudulent land dealers/sellers and real estate transactions. The following are
guidelines on how to detect fake titles in the country.

1. Check the initials, signatures, technical description, annotation and other important details. They should appear the same on the front and at the back of the owner’s duplicate copy of the title as exactly as that found in the original copy. Any variance is a ground for suspicion;

2. A serial number is always assigned to each Judicial Form. The serial number to be used for the original copy is printed in red and the serial number for the duplicate copy is in printed in black. The LRA distributes the judicial forms with serial number in consecutive order to the various Registries of Deeds. Any certificate of title bearing a serial number which is not among the ones delivered to a particular registry is of doubtful authenticity;

3. A number is assigned to each Judicial Form. It is always indicated on the upper left-hand corner of the form.

Example: If a Judicial Form No. 109 is used for the original copy of the Transfer Certificate of Title (TCT) (which emanated from a decree of registration), then if the Judicial Form No. 109-D used for the title, it is not the proper form as indicated by the number (109) with letter (D), it should only have number. This should be investigated. Immediately below the Judicial Form number is the year the form was printed or revised. If the judicial form on which the title was prepared bears a date that is previous to the time when such form was printed or revised, then this is a ground for suspicion;

4. The owner’s duplicate copy of the title contains the words “Owner’s Duplicate Certificate” on the left side margin of the judicial form. On the lower left corner of the form is affixed a red seal. The seal should not blot or stain when wet;

5. The last two digits of the title number should correspond with the page number of the registration book indicated on the upper right corner of the title. Any variance should be investigated;

6. A reconstituted TCT is identified by the letters “RT” preceding the title number, while the reconstituted original certificate of title carries the letter “RO” before the title number;

7. The Central Bank judicial form is printed on security paper which contains security features. The paper is 50% cotton and 50% chemical wood pulp with artificially colored silk fibers. It has a NALTDRA or LRA watermark which can be seen if held against the light. Fake titles are usually printed in forms made of cartolina or some other material of inferior quality;

8. Check if the Register of Deeds official who signed the title was the incumbent officer at the time the title was issued;

9. Check the entry of a related transaction in the Primary Entry Book to be certain that the title was issued on the basis of a duly registered document;

10. Check the Enumeration Book or logbook which contains information on the personnel assigned to prepare the title on a certain date and the serial number of the judicial form used;

11. Check the Releasing Book if there was a title of such number that was released by the registry on that certain date;

12. If necessary, trace the history of the title to determine the genuineness of its source. This may entail going back to the mother title, the derivative titles and relevant documents.

Source: Land Registration Authority (LRA) Philippine – Guidelines on How to Detect Fake Titles

STEP BY STEP ONLINE MEMBERSHIP REGISTRATION:

Note: Please use Internet Explorer for your browser as the Pag-IBIG representative told me to do so.

1. Go to this link http://www.pagibigfundservices.com/PubReg/Starter_Page.aspx

2. Select, Register as a New Member then click Continue Button

3. Enter the Code that will be generated by the system. Click Proceed

4. Fill up the Form. Once done, have it print.

5. Visit the nearest Pag-IBIG branch in your area with your form.

6. The registration section will have your ID print out for you.

7. You can then start paying your contribution in any payment centers near you.

Hope this helps. Don't hesitate to comment or share this procedures.

Note: These procedures are all that I can remember. If I missed something let me know and I will rectify it.
For further assistance you can chat with Pag-IBIG customer service. Their yahoo messenger is pagibigchat@yahoo.com and pagibigchat1@yahoo.com.

FREQUENTLY ASKED QUESTIONS

How can I buy a house thru Pag-IBIG? I'm locally employed but not yet a Pag-IBIG member.
-You must apply for Pag-IBIG membership first to be eligible to buy a house thru Pag-IBIG.

Who are eligible to borrow?
-Must be a member under the Pag-IBIG I or Pag-IBIG II program for at least 24 months as evidenced by the remittance of at least 24monthly contributions at the time of loan application:
-Must be a member under the Pag-IBIG Overseas Program (POP) for at least two years.
-A member under Pag-IBIG I & II or the POP shall be allowed to make a lump sum payment equivalent to the required number of monthly contributions to satisfy this requirement;
-Under the Pag-IBIG Overseas Program (POP), must have remitted an amount equivalent to his savings for at least 12 months.
-Must not be more than 65 years old at loan maturity and must be insurable;
-Must have the legal capacity to acquire and encumber real property and currently employed;
-Must have passed satisfactory background/credit and employment/business checks of the developer and the Fund;
-Had no Pag-IBIG housing loan that was foreclosed, cancelled, bought back or subjected to "dacion en pago"
-Must have no outstanding Pag-IBIG housing loan, either as a principal borrower or co-borrower;
-Has no outstanding Pag-IBIG multi-purpose loan in arrears at the time of loan application. 
-A member whose multi-purpose loan is in arrears shall be required to pay his arrears over the counter to update his account.

2.  How can I join Pag-IBIG? I'm locally employed.
Employees who are not regularly employed can join the Pag-IBIG Fund on a voluntary basis.
a.  Accomplished two (2) copies of the Members Data Form (MDF).
b.  Submit the MDF form with all required supporting documents like:
            1. Certificate of Employment & Compensation
            2. Latest Payslip
            3. Company ID
            4. Two 1x1 picture
             (bring all originals for authentication)
c. Present all verified and stamped documents to:
        Marketing and Enforcement Division
        Pag-IBIG Branch Office
        (where company pays contributions)
d. Secure Payment Order Form (POF) from Marketing and Enforcement Division.
e. Proceed to Cash Division for payment of initial membership contributions (MC).

3.  How can I join Pag-IBIG? I'm an OFW.
Requirements in Applying  Pag-IBIG membership for OVERSEAS FILIPINO WORKER (OFW)
     a. Latest Contract of Employment
     b. Passport or any valid ID
     c. Two 1×1 ID pictures
If a representative submit and pay member's contributions:
     d. Special Power of Attorney (SPA) - Consularized

4.  How much is the maximum loan amount for Pag-IBIG housing loan?A qualified Pag-IBIG member shall be allowed to borrow an amount up to a maximum of Three Million Pesos (P3,000,000.00).

5.   I am an OFW, where to apply for Pag-IBIG Overseas Program (POP)?
Where can I register as a Pag-IBIG member?
In the US, Canada and Middle East - Thru the Philippine Embassy or Consular Office nearest you or accredited/authorized Pag-IBIG coordinator.
In the Philippines - Mail or submit the accomplished Member's Data Form to:
   Pag-IBIG Overseas Department
   6/F Atrium of Makati
   Makati Ave., Makati, M.M., Philippines 1200
   c/o Vincent N. Nery or Voltair M. dela Rosa

 6.  I'm separated,  is my spouse's signature needed in the Pag-IBIG forms?
Yes.  You may ask her/him to sign a Special Power of Attorney for you to process the loan.

7.  I stopped paying my monthly contributions, can i still use my Pag-IBIG in buying a house?
Yes.  Just reactivate your Pag-IBIG membership.  Update contribution payments and pay reactivation fee.

8.  Can my fiance and I apply jointly for a Pag-IBIG housing loan?
No.  Only married couple are allowed or relatives within the second civil degree of consanguinity or affinity.  Either you or your fiance will be the principal buyer.  Just change civil status as soon as you're married.

9.  Can I apply for ADDITIONAL LOANS even if I still have a housing loan?
Yes.  A member who is updated with his monthly contributions as well as his monthly housing loan amortizations as of date of application for additional loan shall be eligible for the said loan.
A qualified Pag-IBIG member who has an existing housing loan may avail himself of an additional housing loan for the following purposes:
1. House construction on a lot purchased  or refinanced through a Pag-IBIG housing   loan.
2. Home improvement.

 10. During amortization period, Are we allowed to pay partial or full amount in advance?
Yes.  A borrower shall be allowed to prepay his loan in full or in part without prepayment penalty.
Accelerated payments – any amount paid in excess of the required monthly amortization shall be applied automatically to principal. The treatment of excess payment the borrower prefers must be noted on and properly disclosed in the Pag-IBIG Fund Receipt (PFR).

11.  When can I apply for another Pag-IBIG housing loan?
A Pag-IBIG member may avail himself of a second Pag-IBIG housing loan provided he has fully paid his first housing loan, whether as a principal borrower or as a co-borrower.

12. What are the importance of Fire Insurance (FI) & Mortgage Redemption Insurance(MRI)?
The borrower shall be compulsorily covered by mortgage/sales redemption insurance and fire insurance.

Application of Insurance Proceeds

In the event of death, Pag-IBIG Fund shall apply the proceeds of the member’s mortgage/sales redemption insurance (MR/SRI) to his outstanding housing loan balance, and the excess, if any, shall be paid to the member’s designated beneficiaries.
In case the insurance proceeds shall not be sufficient to pay the member’s housing loan balance fully, the Fund shall offset the remaining amount against the member’s TAV.

13. What is the maximum loan term?
The loan shall be repaid at a maximum term of thirty (30) years .
The borrower shall be allowed to lengthen or shorten the loan term only once during the life of the loan.

14.  Who are accepted as co-makers if my salary did not meet the required amount?
A maximum of three (3) qualified Pag-IBIG members may be tacked into a single loan which is secured by the same collateral, provided they are related within the second civil degree of consanguinity or affinity.

15.  Will there be re-computation or repricing of my loan after 3 years?
Yes.  For loans over Four Hundred Thousand Pesos (P400,000.00) up to Three Million Pesos (P3,000,000.00), Pag-IBIG Fund shall reprice the interest rate of the loans every three years at rates based on prevailing market rates at point of repricing,

16.  How shall I pay my Pag-IBIG housing loan?
a. Post-dated checks issued by the borrower, co-borrower or relatives up to the first civil degree of affinity or consanguinity, initially to cover the monthly amortizations.
Staggered payments for an amortization/installment period shall be allowed  provided the amortization is paid in full on or before the due date.

17.  How much is my penalty if I cannot pay on due date?
The borrower who fails to pay the full monthly amortization and/or other loan obligations when due shall pay a penalty of 1/20 of 1% of the amount due for every day of delay.

Credits to pagibigmlsblogspot
Note: Visit Pag-IBIG official website for updates and precise details as they may make any changes at any time.

CHECKLIST OF REQUIREMENTS:

• Locally Employed:

1. (2) Copies of Housing Loan Application Forms with recent 1x1 picture in each form.
2. Approved MSVS.
Note: Housing Loan Application Forms and MSVS are available in the Pag-IBIG office.
3. Income Documents
- Notarized Certificate of Employment & Compensation plus Latest (1) month payslip.
4. Photocopy of Official Receipt (Processing Fee of P1,000 and downpayment if applicable).
Note: Downpayment is not a mandatory for Pag-IBIG Acquired Assets. A buyer can directly loan the whole contract price.
5. Current Residence certificate (CEDULA)
6. Photocopy of Marriage Certificate.
Note: Unmarried/Single buyers no need to present a birth certificate.
7. Photocopy of Billing Address or Barangay Clearance.

• OFW/POP:

1. (2) Copies of Housing Loan Application Forms with recent 1x1 picture in each form.
2. Approved MSVS.
Note: Housing Loan Application Forms and MSVS are available in the Pag-IBIG office.
3. Latest Employment Contract and Photocopy of Passport.
4. Photocopy of Official Receipt (Processing Fee of P1,000 and downpayment if applicable).
Note: Downpayment is not a mandatory for Pag-IBIG Acquired Assets. A buyer can directly loan the whole contract price.
5. Current Residence certificate (CEDULA)
6. Photocopy of Marriage Certificate.
Note: Unmarried/Single buyers no need to present a birth certificate.
7. Photocopy of Billing Address or Barangay Clearance.
8. Special Power of Attorney (Authenticated by the Philippine Consulate, if applicable) with attached photocopy of ID of both principal and atty-in-fact.

• Self-Employed:

1. (2) Copies of Housing Loan Application Forms with recent 1x1 picture in each form.
2. Approved MSVS.
Note: Housing Loan Application Forms and MSVS are available in the Pag-IBIG office.
3. ITR (with OR of tax payment0, Audited Financial Statements
- DTI Registration and Mayor's Permit
- Franchise, OR/CR and Deed of Sale (for operators)
- Certificate of Engagement (for private drivers, maids, etc.)
4. Photocopy of Official Receipt (Processing Fee of P1,000 and downpayment if applicable).
Note: Downpayment is not a mandatory for Pag-IBIG Acquired Assets. A buyer can directly loan the whole contract price.
5. Current Residence certificate (CEDULA)
6. Photocopy of Marriage Certificate.
Note: Unmarried/Single buyers no need to present a birth certificate.
7. Photocopy of Billing Address or Barangay Clearance.

Note: It is best to visit Pag-IBIG official website for any updates and changes.

For Pag-IBIG member with P17,500 monthly gross salary and below
Pag-IBIG Housing Loan Interest is fix 6.5% up to 30 years.

For Pag-IBIG members with above P17, 500 monthly gross salary 
Pag-IBIG Housing Loan Interest is as follows:

First 3 years @ 7.985% annual interest
First 5 years @ 8.985% annual interest
First 10 years @ 10.0% annual interest
First 15 years @ 10.75% annual interest
Straight 30 years @ 12.25% annual interest
 
Note: It is best to visit Pag-IBIG official website for any updates or changes.

UPDATE: Latest Pag-IBIG housing loan interest as of July 1, 2017