If you are planning to purchase or invest a property but you have limited budget, you may considering buying Pag IBIG Foreclosed Properties.
Pag IBIG Foreclosed Properties are mostly previously owned properties that are now being offered at a lower price.
This is a good option for those who are looking for affordable and cheaper real estate properties.
How to Find the List of Pag-IBIG Acquired Assets for Sale
There are two ways to view Pag-IBIG foreclosed property listings:
- by visiting the Pag-IBIG Fund office
- by checking the government agency’s website at www.pagibigfund.gov.ph
To get the list of foreclosed properties in the Pag-IBIG office, go to the second floor of JELP Business Solutions Center, 409 Shaw Blvd., Mandaluyong (for properties in Metro Manila) or the Pag-IBIG regional branch (for properties in the provinces).
Inquire at the Marketing and Sales-Acquired Assets Management Group or whoever is in charge with Pag IBIG Foreclosed Properties.
How to View the List of Pag Ibig Foreclosed Properties Under Negotiated Sale
To see the list of acquired assets online, check the Pag-IBIG website’s Property Finder page.
Listings of foreclosed properties in Metro Manila are updated regularly, while the list for properties in the provinces is updated every Friday.
Here’s how to find the list of Pag-IBIG acquired assets online:
- Click the Property Finder link on the Pag-IBIG Fund website which will take you to the Pag-IBIG Fund Acquired Assets page.
- Click the Properties Under Negotiated Sale button.
- Select your preferred location (province and municipality) and price range from the drop-down menu.
- Click the Search button. All the available foreclosed properties for sale based on your search criteria will appear, including the following details:
– Subdivision name
– Location
– Branch account (the Pag-IBIG office that supervises the property’s sale)
– Contact numbers of the supervising Pag-IBIG branch
– Date when the property was last updated - Click the View Property/s link to view these specific details of the property you’re interested in:
– Exact location of the property (phase, block, and lot)
– Lot area
– Floor area
– Price (value of the property)
– Property type (house and lot / lot only / duplex / quadruplex / row house / townhouse)
– Status (occupied/unoccupied)
– Remarks (available/reserved) - Click the Print button if you want to have a copy of the foreclosed property’s information.
How to View the List of Pag IBIG Foreclosed Properties for Auction
If you prefer to bid for an acquired property over getting one under negotiated sale, you can also view the list of foreclosed properties available for bidding on the Pag-IBIG website.
Here’s how to check the list of Pag-IBIG acquired assets for public auction:
- Go to the Pag-IBIG Fund Acquired Assets page.
- Scroll down the page to find the Schedule of Public Auctions section, which is divided into those with discount and no discount. The property listings are grouped into either the NCR branch or provinces.
- Click on your preferred bidding schedule and venue for the location of the property. A PDF file will pop up, which contains the bidding guidelines and listing of foreclosed properties up for auction.
- Read the guidelines and scroll further to find the listing. Take note of these details of the foreclosed property you’re considering to buy:
– Property number
– Property location
– Type of property
– Transfer Certificate of Title (TCT)
– Lot area
– Floor area
– Minimum bid
– Appraisal date
How to Join the Bidding for Pag IBIG Foreclosed Properties
If you are planning to join a public auction to buy a Pag-IBIG acquired asset, follow these instructions on how to bid for a Pag IBIG foreclosed property.
1. Prepare the Bidding Requirements
Before you participate in the public bidding for Pag-IBIG acquired assets, gather all the requirements first and put them in a sealed envelope.
- Two copies of accomplished Offer to Bid form
- Bidder’s bond equivalent to 10% of your proposed bid price for your desired property (paid either in cash at a Pag-IBIG office or manager’s check payable to Pag-IBIG Fund)
- Accomplished Special Power of Attorney and Acknowledgment form (if you can’t attend the bidding and will have an authorized representative to bid on your behalf)
2. Check for Any Erratum Posting on the Pag-IBIG Website
Five days before the scheduled auction, visit the Pag-IBIG Acquired Assets page to check if there’s any erratum posted on the property listing under the auction you’ll be attending.
An erratum contains the list of properties that are recently removed from the list for public bidding. Usually, these properties are excluded from bidding because they’re already sold to a direct buyer before the auction.
It’s important to verify that the foreclosed property you want to buy is still available for bidding.
3. Attend the Scheduled Bidding
Approach the secretariat or technical working group at the entrance of the venue to register and submit your sealed bid.
After the deadline of bid submission, the sealed bids will be opened. The highest bidder will be announced the winner.
If you win the bid, your bidder’s bond (10% of the bid price) will automatically become your down payment for the foreclosed property. You can pay the remaining 90% of the bid amount in cash, in installment, or through Pag-IBIG housing loan.
If you lose the bid, you’ll get your bidder’s bond back with an acknowledgment receipt.
How to Buy Pag-IBIG Foreclosed Properties Under Negotiated Sale
1. Reserve the Foreclosed Property
Go to the Pag-IBIG office that’s in charge of the sale of the acquired asset.
Present these documents for making the reservation:
Valid ID (any of the following):
- Company ID
- Passport
- UMID
- Driver’s license
- PRC ID
- Driver’s license
- Voter’s ID
- Postal ID
- HDMF-Pag-IBIG Overseas Program (POP) ID
- OWWA ID
- AFP ID
- IBP ID
- Senior citizen ID
Proof of income:
- Local employees: Latest one-month payslip
- Self-employed: Income tax return (ITR) / Barangay Permit / Business Permit
- OFWs: Active employment contract / Certificate of employment and compensation
To reserve your chosen property, fill out the Reservation Form and Offer to Purchase Form where you’ll indicate your preferred mode of payment. You may choose to purchase through cash, installment, or availing of the Pag-IBIG housing loan. These payment modes have different discount rates and payment terms.
Payment Mode |
Discount Rate |
Payment Term |
|---|---|---|
| Cash | 30% | One month |
| Installment | 20% | Up to 12 months, with a 12% interest rate per annum |
| Pag-IBIG housing loan | 10% | Up to 30 years (Borrower’s age shall not exceed 70 years old at the loan maturity date.) |
You’ll also be required to pay the PHP 1,000 non-refundable reservation fee.
2. Submit the Requirements for Purchase of Pag-IBIG Acquired Assets (For Housing Loan Only)
This is an additional step for buyers who will purchase a foreclosed property through a Pag-IBIG housing loan.
Within 30 calendar days from paying your reservation fee, submit all the required documents to the Pag-IBIG office.
Basic Requirements
- Two copies of accomplished Buyer’s Information Sheet with 1×1 ID photo attached to each form
- Photocopy (front and back) of valid ID of principal buyer and spouse, co-buyer and spouse, if applicable
- Proof of income (any of the following):
– Local employees: Notarized certificate of employment and compensation / Latest one-month payslip / Latest ITR
– Self-employed: ITR, audited financial statements, and official receipt of tax payment / Commission vouchers / Bank statements or passbook for the last 12 months / Lease contract and tax declaration / Certified true copy of Transport Franchise / Certificate of engagement
– OFWs: Employment contract / Certificate of employment and compensation / ITR filed with host country/government
Also, pay the PHP 2,000 processing fee and PHP 100 documentary stamp tax.
3. Receive the Notice of Approval of Loan
If your housing loan is approved, you’ll be issued a Notice of Approval of Loan and Disclosure Statement on Loan Transaction. Within 30 days from receiving these documents, pay the one-year advance insurance premiums.
4. Sign and Submit Mortgage Documents
Submit a signed and notarized Deed of Conditional Sale and other mortgage documents that certify your housing loan from the Pag-IBIG Fund.
5. Make Your Payment
Cash purchase: Pay the property’s net selling price in full within 30 calendar days from your reservation date.
Installment purchase: Pay the net selling price in 12 monthly installments.
Purchase through housing loan: Start making your monthly amortization payments after 30 days from loan takeout date. Use the Pag-IBIG housing loan calculator to compute your monthly amortization.
Tips for Buyers of Pag-IBIG Foreclosed Properties
Inspect the Property First
Before you make a reservation or purchase a foreclosed property, be sure to visit the unit to check for structural damage and anything that needs fixing. Verify also the provided information on the property, such as its lot and floor area.
Assess the property’s environment (i.e., Is it peaceful? Is it prone to flooding?) and accessibility to public transport, malls, schools, hospitals, etc.
You may visit the property with an engineer or real estate expert to help you evaluate the property and identify the necessary repairs and improvements.
Proceed with the bidding or reservation of the property only when you’re sure that it fits your desired qualities.
Be Personally Present During Reservation
The Pag-IBIG Fund requires the buyer’s personal appearance when making a reservation of an acquired asset. Buyer’s appearance is still required for reservations under real estate agents or brokers.
Pag-IBIG accepts the Special Power of Attorney only if the principal buyer is an OFW who’s currently abroad.
Transact with Pag-IBIG Employees Only
Beware of fixers and fake agents or employees of the Pag-IBIG Fund. Make your payments only in the Pag-IBIG office. Even agents and brokers are prohibited from collecting or accepting payments for the purchase of Pag-IBIG acquired assets.
Avoid Occupied Properties
The Pag-IBIG Acquired Assets page specifies which foreclosed properties are occupied or vacant. Buying or bidding on an occupied property can cause you trouble later on if the occupants refuse to vacate it.
Source: MoneyMax
Schedule of Pag IBIG Foreclosed Properties Auction in June 2019
NCR Branch
- Date: June 13-14, 2019
- Venue: Roof deck JELP Business Solution Center, No. 409 Shaw Boulevard, Bgy. Addition Hills, Mandaluyong City
Calamba Branch
- Date: June 6, 2019
- Venue: Pag-IBIG Fund, GF High Rise Business Center Bldg., Brgy. Halang, Calamba City
Tuguegarao Branch
- Date: May 22, 2019
- Venue: 3rd floor, Conference Room, Editha Tuddao Building, Balzain Highway, Tuguegarao City, Cagayan
Tacloban Branch
- Date: May 23, 2019
- Venue: G/F Activity Area, Robinsons North, Abucay, Tacloban City, Leyte
How to Contact Pag IBIG Fund
- Pag IBIG Fund Contact Numbers: Tel: 654-1398 or 422-3000 local 5124
- Main Office: Pag-IBIG Fund Acquired Asset Management Group
7th Floor JELP Business Solutions Center Shaw Boulevard, Mandaluyong City - Website: www.pagibigfund.gov.ph
- Or send an Email to Pag IBIG Fund here.
RELATED ARTICLES:
- How to Invest in Modified Pag-IBIG or MP2 Fund?
- How to Apply for Multi-Purpose Loan from Pag-IBIG Fund