Bank housing loan

[earthlyken]

Hello guys,

Quick question, normally if we buy a property thats under the name ng tao na, we normally negotiate who is going to pay the capital gain tax sa BIR.

Now how about if we acquire a property (assume balance) from a person (we signed all the xfer of right and approve by the bank) and the title is under a banks. When we finish paying the monthly due..bank now is going to execute deed of sale, in this case...should the bank shoulder the capital gains tax of BIR?

Hope someone can help us..

TIA..you guys are the best!

[minicarph]

nope the bank is considered a coporation therefore that is not a capital asset but an ordinary asset. capital assets are taxable by taxable by capital gains tax, ordinary assets are considered taxable as corporate income tax and also vAtable, pero depende ata sa presyo, pag less than 1.5M vat free.

pero if you gonna ask what's the difference in terms of amount to pay, both are 6% whether capital or ordinary asset. but with capital gains, the seller pays. with ordinary assets, buyer pays.

think of ordinary assets as buying a car, di ba you pay for the taxes.

[dr. d]

carpy, you surprise me sometimes!

[Little Missy]

carpy, you surprise me sometimes!

He cracks me up with his weird comebacks sometimes. But yeah, I didn't expect this from him. [emoji23]

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[minicarph]

well isa yan sa mga dapat na alam ko sa line of work eh hihihi

[kaidemitsui]

well isa yan sa mga dapat na alam ko sa line of work eh hihihi

Baka po matulungan mo ko.
I purchased a house and lot sa isang subdivision. Approved na ng bank and may bank guarantee na. On going na transfer of title to my name. Tapos na ang bahay and pede na lipatan. But the developer won't allow me to move in kasi di pa sila bayad ng bank. And di naman magbabayad ang bank til malipat sa name ko ang title. Ang problema, inaabot dw ng 6 to 8 months ang process ng transfer of title. Ano po pede ko pa gawin para maka move in na kmi?

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[chronicle]

Baka po matulungan mo ko.
I purchased a house and lot sa isang subdivision. Approved na ng bank and may bank guarantee na. On going na transfer of title to my name. Tapos na ang bahay and pede na lipatan. But the developer won't allow me to move in kasi di pa sila bayad ng bank. And di naman magbabayad ang bank til malipat sa name ko ang title. Ang problema, inaabot dw ng 6 to 8 months ang process ng transfer of title. Ano po pede ko pa gawin para maka move in na kmi?

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Typically ganyan ang style ng mga developer. Pinapatagal ang transfer of title para in the mean time magbabayad ka sa developer to move in.
But if my option ka na to not move in and not pay the inflated monthly for x months, take it.

Ngayon, kung may hinahabol ka na promo sa bank and booking it needs to be done asap, no choice ka. Pay for x months and move in.

Based on exp, it took me less 3 months to transfer the title to my name. Sabi lang nila na 6 months yan. Just demand and pressure the developer but be nice to them of course.

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[papi smith]

Baka po matulungan mo ko.
I purchased a house and lot sa isang subdivision. Approved na ng bank and may bank guarantee na. On going na transfer of title to my name. Tapos na ang bahay and pede na lipatan. But the developer won't allow me to move in kasi di pa sila bayad ng bank. And di naman magbabayad ang bank til malipat sa name ko ang title. Ang problema, inaabot dw ng 6 to 8 months ang process ng transfer of title. Ano po pede ko pa gawin para maka move in na kmi?

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Wow, ganito pala ang bank loan? I thought it was just as simple as the TCT of the developer, DOAS to you, RE Tax paid and they release the payment to the developer. Title transfers by my experience takes at least a year from date of full payemnt. DOAS ko nga 6 months after full payment.

[papi smith]

Typically ganyan ang style ng mga developer. Pinapatagal ang transfer of title para in the mean time magbabayad ka sa developer to move in.
But if my option ka na to not move in and not pay the inflated monthly for x months, take it.

Ngayon, kung may hinahabol ka na promo sa bank and booking it needs to be done asap, no choice ka. Pay for x months and move in.

Based on exp, it took me less 3 months to transfer the title to my name. Sabi lang nila na 6 months yan. Just demand and pressure the developer but be nice to them of course.

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Ganyan ba SOP nila? That is unfair, kasi I think it is automatic in the CTS that upon reaching certain date, usually full payment of DP, the monthly amortization on the loan balance kicks in autimatically. That's why dami reklamo on penalty charges, due to unpaid amortizations waiting for bank payment. Eh di pala sa bank problem yun, but sa developer? Tsk.. tsk...

[chronicle]

Ganyan ba SOP nila? That is unfair, kasi I think it is automatic in the CTS that upon reaching certain date, usually full payment of DP, the monthly amortization on the loan balance kicks in autimatically. That's why dami reklamo on penalty charges, due to unpaid amortizations waiting for bank payment. Eh di pala sa bank problem yun, but sa developer? Tsk.. tsk...

Yeah. I think this is the SOP of most developers unless the developer is also affiliated with the bank.

Na approve na loan pero still cant proceed since transfer of title needs to be done which in reality may take a month of so if all things went smooth. Pipigain ka talaga minsan kung di ka demanding.

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[WallyWest]

May banks na ganun ang SOP like Chinabank. They have lower interest kaso ganun nga. No loan release until the title has been transferred. Our developer warned us of that kaya sila ang nag present sa amin ng choices of banks. Did your developer not inform you of that? Ganun nga talaga with developers. Kelangan ma-release muna sa kanila ang pera.

PNB kami nag-loan. Paid downpayment sa developer, applied for the bank loan, waited for approval, bank waited for our go signal kung ire release na nila ang loan, punch listing with the developer, developer acted on our complaints, then turnover na. Wala pa sa pangalan namin ang title. Developer will shoulder the property tax this year.

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[papi smith]

Siguro to avoid this, pwede ba yung approved na bank loan mo 1 year before the balance kicks in to give sufficient time for the developer to transfer title?

[chronicle]

^
Should work if the developer is cooperative in the terms that the monthly payment from bank will be after a year after they finish transferring the property name.
Otherwise, it really is a case to case basis.

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[kaidemitsui]

Siguro to avoid this, pwede ba yung approved na bank loan mo 1 year before the balance kicks in to give sufficient time for the developer to transfer title?

Developer talaga po ksi may problema dito. I applied for the bank loan as soon as I completed paying the DP. Nag appraise agad ang bank yet ang baba ng value dahil di pa nga naman kasi tpos ang construction. That was August 2017 pa.
Kaya nkapagtaas na ako ng boses sa developer sa tagal nila gawin ang bahay.

Last September lng nag approve ang bank on my applied amount. And narelease nila ang bank guarantee nun October.

Despite sa lapses ng developer, ni ayaw ako bgyan ng consideration to move in early. Kahit willing ako magbayad muna sa knila (deducted dapat sa principal amount of course).

I was advised to talk to the bank about deed of undertaking para maka early move in kmi while waiting for the transfer of title.
Ano po ba ito?

Nun nabanggit ksi ito nun contract signing with the bank, i think no no ang reaction nila.


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[papi smith]

Sorry bro, don't know what it means, maybe our industry experts here will chime in.

[chronicle]

*kaide,

Did you already accepted the unit?
And what is with the deed of undertaking?

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[kaidemitsui]

*kaide,

Did you already accepted the unit?
And what is with the deed of undertaking?

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Di pa po. Dahil nga ayaw kmi payagan ng developer mag move in til di pa sila bayad ng bank.

About sa deed of undertaking. Ang intindi ko, another document para i release ng bank ang loan sa developer kahit na di pa na transfer sa name ko ang title. I already tried googling kun ano nga yun DOU na yan pero di ko din maintindihan mga results.

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[chronicle]

Di pa po. Dahil nga ayaw kmi payagan ng developer mag move in til di pa sila bayad ng bank.

About sa deed of undertaking. Ang intindi ko, another document para i release ng bank ang loan sa developer kahit na di pa na transfer sa name ko ang title. I already tried googling kun ano nga yun DOU na yan pero di ko din maintindihan mga results.

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Well, you need to pressure the developer. Call them every week. Ask them why the transfer is taking too long and you demand answers. the bank wont release anything until the title is in your name cause that is your colaterral.

I dont think you dont have any other choice than wait. Btw, who is the developer and what place?

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[papi smith]

Another compromise would be that you pay the developer's MA on the condition that when the bank payment kicks in, they refund the total amount to you, that based on the reason that you did your part and everything is ready, and the ball is already well into their hands. Appeal is the word.

[kaidemitsui]

Well, you need to pressure the developer. Call them every week. Ask them why the transfer is taking too long and you demand answers. the bank wont release anything until the title is in your name cause that is your colaterral.

I dont think you dont have any other choice than wait. Btw, who is the developer and what place?

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On going na ang transfer of title so ang sagot nila saken is nasa govt agency na ang bola. Before holiday break, nasa BIR pa lng. I need to follow up on Monday kuna ano na ulit status.

The developer po is Holand and it's located in Tanauan, Batangas.

Another compromise would be that you pay the developer's MA on the condition that when the bank payment kicks in, they refund the total amount to you, that based on the reason that you did your part and everything is ready, and the ball is already well into their hands. Appeal is the word.

Ginawa ko na po yan. Ayaw nila. Kahit pa yun kapit bahay ko ay pumayag sila
Dahilan nila, pagibig daw yun sa knya. Bank ang sken.

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