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Availing a housing loan can be as easy as it may look,
but beware! Advertising campaigns on how affordable
availing a housing loan can be may just be a marketing
tool. If people will only look deeper, there are lots of
other fees and charges that will be incurred along the
way to owning that dream home.
It should be a duty of lending institutions to inform
their borrowers about these fees. Informing the
borrowers about these fees will avoid miscalculations of
budget. Also, allocation of financial resources would be
easier, thus in a way help them prepare for their
financial obligations.
Banks, financial institutions, government lending
institutions and others lending institutions basically
collect same fees for housing loan. However, there are
also legal fees that will be taken into
consideration and is subject to the amount of loan or
amount of property to be loaned. In general, it is the
buyer or borrower who shoulder all the costs of housing
loan processing. However, certain specifications can be
agreed upon by both parties.
Foremost is the processing fee. Also known as appraisal
fee, is a fee for assessing the market value of the
property. This is usually non-refundable as for the
reason that a professional appraiser estimates the
market value of the property. There is a little chance
that the appraisal fee will be returned because the
service has already been rendered. Appraisal fee is
usually fixed. However, there are lending institutions
that subject appraisal fee on specific characteristics
of home. Appraisal fee usually costs from three thousand
pesos (PHP3,000.00) to five thousand pesos
(PHP5,000.00).
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| Besides to processing fee are
legal fees on documents needed for housing loan
application. Of course the borrower needs to have
documents notarized by an authorized notary public.
Notarize fee usually ranges from 50 pesos to 100 pesos
on simple documents. However for Deed of Sale
production, a minimum of two thousand pesos(P2,000.000)
to three thousand pesos (PHP3,000.00) may be collected.
There are also government taxes that must be settled to
register the property with the government. In every sale
of property there is the capital gains tax. According to
Bureau of Internal Revenue (BIR), capital gains tax is
imposed on gains presumed to have been realized by the
seller from the sale, exchange and other disposition of
capital assets located in the Philippines. For real
property, the prevailing capital gains tax rate is 6%.
Payments should be made in less than 30 days after each
sale, exchange, transfer or other disposition of real
property.
Then there are Documentary Stamp taxes. Simply put,
documentary stamp taxes are taxes imposed on documents,
instruments, loan agreements and papers evidencing the
acceptance, assignment, sale or transfer of an
obligation. There is a documentary stamp tax on
certificate of profits or interest in property or
accumulation. A separate documentary stamp tax on Deed
of Sale, instrument or writing and Conveyances of Real
property and a Documentary stamp tax on loan agreement.
The borrower, in addition, may also pay for payment of
transfer tax, registration fees for transfer of title,
and mortgage annotation fee.
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