The Philippines economy has been affected dreadfully and impacted the purchasing power sources. Most businesses end at a loss. In such circumstances, citizens find alternative ways to construct their houses. PAG IBIG stands with the community and offers the Pasalo opportunity.
Pasalo means ‘pass it on,’ which is a Tagalog term. Hence, this term meets when a buyer supposedly pays the loan amount, but now, due to personal reasons, he can’t pay his loan anymore. In that case, he looks for someone interested in paying on his behalf. It’s known as Pasalo, and he has passed his loan to the other buyers. Besides all these action plans, various other documents are required to verify the altering buying experience.
Meanwhile, PAG IBIG allows specific agreements for this Pasalo Housing loan. It’s an ideal approach as they are interested to move-in into the same project. Now suppose you are desired to be a Pasalo partner, pay the initial amount that the first main partner has paid. Now assume the rest of the whole Balance for your property. However, how can you finance your Pasalo property?
Contents
Pay Attention Here
You need to take a step for Pasalo Property consciously. First, visit the property, whether it’s in your desired location or not, and then inquire about the PAG IBIG institute. It can be the prerequisite for every new member that the maximum loan is actually exciting and the rest of the payment is advantageous for you. You may need to pay the full package of that property with a fully increased budget. Both members should settle all the agreements and approve that agreement from the PAG IBIG.
It would be best if you collaborated with PAG IBIG officially about you will assume the loan as, in some cases, PAG can’t accept the new member as an owner of the loan. Sometimes, our routine borrowers have changed their own without appropriate paperwork. We issued the land title to our first registered owner. So, you should take a stress-free and right way to get ownership and save money from loss.
PAG IBIG Pasalo Housing loan achievement
When you have figured out the property deal under PAG, there are three ways to pay for your Pasalo housing property.
On behalf of the first Buyer, directly pay to PAG IBIG:
You pay the rest of the loan directly to PAG on your first Buyer’s behalf. Remember that this contract is between both of you and is an internal agreement. Therefore, you must take a particular step toward your ideal experience. Assign the specific documents to your buyer partner and provide them to the PAG agency. To obtain the account access of your first partner (Statement of Account; SOA), you can visit the official counter and make your application. In the same way, you can change your address details and further details of your partner along with Power of Attorney (SPA).
Get your Balance thru a new loan from PAG IBIG:
This approach is entirely under the PAG financing, and you will trustfully pay your remaining Balance. You must apply for an extra loan from the PAG housing scheme. This way adds more effort for you, but the good thing is that it’s the reliable and right way from the get-go. Likewise, when your loan application is approved, your property is officially named after you instead of your first partner.
Moreover, in this method, the main Buyer must pay two years’ payment. After that period, the whole amount is going to PAG from your side, and you can analyze your Balance by SOA. It is the most advantageous and legal way to obtain the Balance.
Balance payment outside of the PAG Company:
The convenient but most risky way to pay directly to your partner. Though, this agreement is between you and your partner only. It thoroughly depends on the trust of both members. In this case, the property is named after the first member until the second one finishes the rest payment; after that, he can own the property. PAG IBIG is not directly linked to you here.
However, you must prepare your property ownership documents once you have successfully paid the remaining PAG balance. These documents are required for both the 2nd and 3rd methods.
Pasalo Housing Properties of PAG IBIG
More than 9742 properties in the Philippines are considered Pasalo lots and housing under PAG IBIG. Furthermore, the estimated price range is ₱ 590K – ₱ 4.70M for PAG Housing Pasalo Loan. You need to visit the property, prepare your agreement and make your loan application. Enjoy your Pasalo loan with PAG IBIG.
REF: https://www.lamudi.com.ph/journal/pasalo-properties-pag-ibig-housing-loan/
