Mauie Flores

I have already written how we applied for a Pag-ibig Housing Loan for our Php 2.5 M home here in Cainta. Our loan was approved in 2007, a few months after we moved in, but only for Php 1.6 M. For thirty years, we will be paying the monthly amortization of around 16 thousand pesos. We have already done our part as buyers when it comes to submitting the required documents. We left the rest of the responsibility to our developer to go on with the other procedures like the transfer of title and mortgage processing. We paid around 53 thousand pesos for the transfer tax by the way. Here's the funny part, the loan application was made in 2007 and our developer has not taken out the 1.6 million peso payment from Pag-ibig yet. It's their fault, not ours. They had administrative problems during the duration of our loan application process that they failed to complete the required documents. So from November 2007 up to the present, we have not paid a single cent for the monthly amortization. I am not so happy about this though because it will just mean that instead of having our loan end in 2037, it will be in 2039 or 2040. My goodness, Ralph will be 40 years old by then! I hope we can restructure the loan or pay out the whole amount in a few years to save us from paying the annual interest.

Yesterday, we went back to the developer's office to hand over a 12 thousand peso cheque as payment for the annotation fee required by Pag-ibig. It turned out that the developer's office had a major staff reorganization and our file is one of those countless files that they finally decided to follow up. At least, we now know that they are starting with the leg work again and that they will be shouldering the penalties for the late submission and all. However, since we shelled out the 12 thousand pesos unexpectedly, my home re-decorating plans will be postponed. Oh bummer... to think that I am planning to get some industrial knobs to replace the ones that we already have to make our doors more secure. Hmm... I guess letting the dogs out of their cages at night is an option. What do you think?