Last August 12, 2017 I received a text message stating that we are for the advanced signing of Pag-IBIG Housing Loan documents. It heralded and confirmed the information we have personally seen ourselves – the unit has been 100% constructed already.
My first response was to verify whether the information was accurate so I called my broker who confirmed that the person whom we need to meet up with is her colleague.
In preparation for the meeting with the Marketing Documentation Officer, I prepared the necessary documents. I started to panic when I realized that the previously audited Financial Statement of Business does not include entries for July, 2015 (when I started my freelancing business) up until July, 2017.
I had to dig my old files again and fortunately everything was intact. All invoices related to my business have been rescued from the dusty bag.
Today, I brought the following documents:
- matrix containing my net earnings (Gross Income Less Upwork service fees and direct-to-local bank transactions and reflecting my total net income from July, 2015 up to July, 2017;
- bank statement (which needs to be updated as it covers entries from September, 2015 (when I started to really earn from the platform) until March, 2017;
- current Income Statement;
- current Balance Sheet;
- matrix showing a summary of my Operating Expenses;
- original and photocopies of the Annual ITR for 2015 and 2016;
- tax receipts and certification receipts;
- NSO copies of my birth certificate and related documents;
- proof of billing reflecting my current location;
- government-issued IDs (SSS, TIN, & PRC);
- invoice booklets for years 2016 and 2017;
- emailed notifications (stating that payments sent to my bank account has been processed by the platform);
- Certificate of Earnings Report (stating that Upwork is not my employer and that I have been actively earning from my transactions with clients through this site since the last day of July, 2015 when I first registered as a user);
- compilation of receipts with information reflected in my Cash Disbursement ledger;
- Books of Accounts and other pertinent tax documents showing my current status as a BIR-registered self-employed Upwork freelance contractor.
When we got to the building where document signing will be taking place, we were ushered into a space with a metallic table and three orange chairs. The Marketing Documentation Officer introduced himself to us. He clarified everything that seemed unclear in the documents which I previously submitted to the office of the land developer processing my Pag-IBIG housing loan. I presented documents which looked satisfactory during the interview. His questions were direct to the point and he seemed both sharp and pleasant at the same time.
The document signing was relatively of a brief duration. We were instructed where to specifically affix our signatures. The part of the document with a check mark was for the Principal Buyer. Documents which were signed included the application for a housing loan through Pag-IBIG, contract to sell, paper asking for about a dozen specimen signatures, and legal documents asking for the signature of a Notary Public lawyer among all others.
After the document signing we were instructed of the next stage of the loan process. It looks like the preliminary appraisal of the house and lot unit will be done in order see if the loanable amount may be maximized. The results of the appraisal are likely to be released three months from now and it is projected that the take-out phase will be next year.
By November of this year, I will be notified whether the documents that we signed today will be ready for processing.
This implies requirement compliance. Documents that will matter at this phase of the loan processing are the following:
- Updated bank statement (reflecting inward remittances)
- Updated and audited Financial Statement of Business
- Certified True Copy of the 2017 ITR
- Updated Pag-IBIG verification slip
- List of Pag-IBIG monthly contributions (updated)
- Barangay Business Clearance
After these documents have been submitted, the first stage of official loan processing will commence. This step entails intense verification and credit investigation of the platform and my earnings. This will likely take 1 and a half months.
If I pass this stage successfully, then I will be declared as qualified for a housing loan through Pag-IBIG. All signed documents will be processed at two government agencies within a duration of 2 to 6 months. These government agencies include the Registry of Deeds and the Bureau of Internal Revenue (BIR). The land developer which handles my application for a housing loan has separate accounts in each of these government agencies.
I think that to sum up everything that transpired today, the best word that can capture the entire proceedings will be verification – a word that can mean dreams are about to come true.