Changes in the Philippine economy, such as the November 2022 8% inflation rate, have affected Filipinos’ income and purchasing powers. Some have lost their jobs, and others who own businesses have faced a decrease in profit. For property seekers looking for alternative ways of buying a home, Pag-IBIG Housing Pasalo (Assume Balance) is one option.
Simply put, when you choose to buy a Pag-IBIG Housing pasalo property, the house is under a specific loan agreement. As a buyer of an assume balance property, you will be assuming or taking over the mortgage from its previous owner or first buyer to prevent it from being foreclosed.
Investing in pasalo properties is often ideal because they are ready for move-in. You only need to pay for the initial payment that the original buyer already has paid for the property, then assume the remaining balance.
Financing Your Pag-IBIG Housing Pasalo Property
If the property offered is under Pag-IBIG, there are three ways you can finance or pay for your chosen Pag-IBIG Housing pasalo property:
Direct Payment to Pag-IBIG on Behalf of the First Buyer
Under this option, you will make direct payments for the remaining loan amount on behalf of the first buyer’s name. This arrangement is an internal agreement between you and the first buyer. However, you should be protected by specific documentation you will provide to Pag-IBIG. To access the first buyer’s Statement of Account (SOA), you may go to Pag-IBIG and request the change of the address and contact information of the first buyer with a Special Power of Attorney (SPA).
Assume balance thru a new Pag-IBIG loan
This is the ideal yet challenging way to pay for the remaining balance of the pasalo property under Pag-IBIG financing. You need to apply for a new Pag-IBIG Housing Loan application which can require additional effort on your part. The good thing is, with this option, you’ll be assuming the loan under your name right from the get-go. Once your application is approved, the property will be named after you, not to the first buyer.
To qualify for this option, the first buyer should have been able to pay for at least two years to Pag-IBIG. The advantage of this option is that you are sure that the payments you make directly go to Pag-IBIG, and you can monitor your payments with the SOA.
Assume Balance Outside Pag-IBIG
This is the most convenient yet the riskiest option. If you choose to pay using this arrangement, you will directly pay the remaining balance to the original buyer, trusting that they will forward your payment to Pag-IBIG. The property will remain under the original buyer’s name until you complete the payment for the remaining balance.
If you choose either option 2 or 3, here are the documents you need to prepare to be sure that the property will be under your name once you have fully paid for the remaining balance of the Pag-IBIG Housing Pasalo property:
- Deed of Absolute Sale with Assumption of Mortgage
- Transfer of Rights with Assumption of Obligation
- Acknowledgement Receipt or Certification of Full Payment
- Special Power of Attorney
Finding Pasalo Properties Online
You can find everything with just a click of a button on the internet. That includes pasalo properties in the Philippines you can buy.
Here are just a few pasalo properties available on Lamudi you can consider investing in:
House and Lot in Avida Verra Settings Vermosa
This four-bedroom, 86-square-meter Trista model house is located inside Avida Verra Settings Vermosa in Imus, Cavite, by Ayala Land, a community that promotes resort-type living. In addition, this gated subdivision is expansive. Aside from residences, the subdivision houses a large mall and world-class sports facilities which hosted the recent South East Asian (SEA) games swimming competition.
Corner Lot Townhouse for Sale
This 44-square meter townhouse standing on a 136-square meter lot plus an extra 50-square meter lot, is located in Langkaan II, Dasmariñas City in Cavite. It is also located near the city proper and PNTC Colleges. The size and location of this house are perfect for starting families who want to experience comfortable living in a suburban community.
A Spacious, Furnished House and Lot
This 194-square meter up and down house in Dasmariñas stands on a 125-square meter lot area plus extension. It has three bedrooms, two bathrooms, a dirty kitchen, garage space, and extra space you can use for gardening and other purposes. The interiors feature a sofa set, built-in cabinets, an oven, and an induction cooker. This is also perfect for families who want to move into their new home immediately.
Single Attached House at Zone 1 Lancaster New City
This 84-square meter Gabrielle single-attached house model inside Lancaster New City in General Trias, Cavite, stands on a 120-square meter lot area. It has three bedrooms, two bathrooms, a car garage, and a linear park. This property has a terrace and an extended kitchen. Due to its proximity to Metro Manila, this home is perfect for families who study or work in the metro and want to come home to a peaceful, suburban community.
Row House for Sale in Lumina Homes Inc.
If you have a tight budget but want to live in a house you can call your own, this inner row house unit inside Lumina Homes in Tanza, Cavite, is perfect for you. It has a 22-square meter living space standing in a 36-square meter lot. Additionally, the unit has water, electricity, internet, and cable installed. All you need to do is bring your items to make your living experience comfortable.
A Two-Bedroom Townhouse in Tierra Vista Homes
This 48-square meter townhouse in Tierra Vista Homes, Imus, stands on a 50-square meter lot. It has two bedrooms, one bathroom, and a modest space you can use for parking and gardening. Since this is like a blank canvas, you can redesign your living space based on your preferences and budget to showcase your personality in your home.
Single Attached in Lancaster New City
This family home in General Trias has four bedrooms, one family room, three bathrooms, a parking space, and a big balcony. It has a 110-square meter living space perfect for growing families to thrive. In addition, this house is sold as a furnished property. It has a sofa, beds, cabinets and countertops, air conditioning units, television, refrigerator, and other appliances.
Studio Condo Unit in La Nobleza Terrazas
This 29.5-square meter ready-for-occupancy (RFO) studio unit in La Terraza Condominium faces Luneta Park. This unit has not yet been occupied. It is sold along with several appliances, including a refrigerator, induction cooker, air conditioning unit, and television. Because of its location, this is perfect for college students who need to live closer to the university. Professionals who work in the metro can also benefit from this property.
Most of these properties are newly built. These properties are often offered at their old prices, so you get to save more with these properties. Because of the location of these properties, their retail value appreciates in time, making them worthwhile investments.
Check each one of them out, including other residential properties for sale listed in Lamudi–the number one real estate platform in the Philippines to find the perfect home for you and your family.
For more tips on the Philippine real estate market, check out other related journals on Lamudi here.
Photos from Deposit Photos