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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[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?

[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]

^
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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[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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[chronicle]

Weird. Some developers would prefer bank over pag-ibig.


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[fleas2016]

If the developer is an accredited developer of the bank and vice versa, the Deed of Undertaking and an updated SOA are enough for release of the funds. Just went through the same exp recently to make the BPI promo.

Had the worst experience with our Greenfield developer account coordinator, she didn't update our SOA of lapses she herself made months earlier, hugas kamay, dropped everything and went on vacation. She even turned off her company phone. Buti na lang BPI has been accommodating.

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[Baeconator99]

If the developer is an accredited developer of the bank and vice versa, the Deed of Undertaking and an updated SOA are enough for release of the funds. Just went through the same exp recently to make the BPI promo.

Had the worst experience with our Greenfield developer account coordinator, she didn't update our SOA of lapses she herself made months earlier, hugas kamay, dropped everything and went on vacation. She even turned off her company phone. Buti na lang BPI has been accommodating.

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Sir if I may ask, what is the rate that you got? I am planning to get an equity loan with BPI.

[andsmv]

I also purchased a pre owned house and lot from an individual seller thru bank loan.
When the bank released the LOG, the seller gave the go signal to transfer the TCT under my name. I personally handled the transfer process and able to complete the transfer in two weeks. Submitted the TCT to the bank and eventually released the funds to the seller.

[kaidemitsui]

I also purchased a pre owned house and lot from an individual seller thru bank loan.
When the bank released the LOG, the seller gave the go signal to transfer the TCT under my name. I personally handled the transfer process and able to complete the transfer in two weeks. Submitted the TCT to the bank and eventually released the funds to the seller.

Kailan po ito sir and saan? Dumaan ka pa ba sa BIR to pay the taxes? That alone I think will already take up to 1 month.

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[papi smith]

Actually this is a 2 step process, pay BIR taxes and file transfer at RD. Kaya yan in 1 day if you start early, then waiting time lang yung 2 weeks for processing. Dumaan na din ako sa ganitong proceso dati.

Subukan mo i-check sa developer kung nasaan na ang progress ng iyong transfer. Lahat ng proceso nasa google na ngayon kung gusto mo malaman detalye