Yesterday, February 1, 2018, I finally received the Notice of Installment/Amortization from the Pag-IBIG Fund. It states that my application for a housing loan through the Fund has been approved and was taken out last 29th day of December, 2017. As a consequence, my monthly installment/amortization would have begun last January 29, 2018 and subsequent payments shall begin on February 28, 2018 until the loan has been fully paid in fifteen (15) years.
It, further, states that my monthly amortization shall cover my monthly savings (which has almost doubled in value), mortgage redemption insurance (MRI), fire insurance, principal loan amount and its accompanying interest. The total amount coincides with the amount stated in the transmittal sheet, procedures upon take out guideline sheet, and check reports issued by the developer company which assisted me in this housing loan. There is a slight difference, however, and my guess is that the extra amount will be allocated for the real property tax which will be shouldered by the company until after two years when the title will be released to the principal buyers of their housing projects.
So for two years, my monthly amortizations will be due on either the 28th or 29th day of the month but I need to make sure that each check (because I issued 23 post-dated checks to cover my monthly installments for 2 years) is funded before the 19th day of each month.
The next few steps will include the following (in a chronological order):
- Pay the discounted (because I paid early so I do not need to pay for the MERALCO, streetlight and garbage fees) move-in fees to cover the occupancy bond of Php 1,000.00 and water meter amounting to Php 8,200.00
- Fill-up the occupancy permit
The occupancy permit must be accomplished within 60 days upon take-out so I can avail of the punch-listing-of-corrective-works privilege. The last phase of the entire ritual is the turning-over ceremony in which principal buyers get to finally receive house keys and be allowed to move in to their respective units.
Equities that have been paid for since 2015 until early this year is equivalent to less than my total Upwork earnings. Needless to say, I am grateful to all my generous, kind-hearted and empowering clients who allowed me to chase this dream. Upwork has given me an all-out support by matching me with these clients and for making sure that I get trained and helped properly through their Top Rated program (which is analogous to a large formation house) and have access to this forum of forums where I got to share my stories of woundedness and struggles with authentic (and about-to-get-real) individuals who are (and about to be) agents of change themselves.
I am, likewise, grateful to my families outside the virtual world. They are migrant workers who fed me and gave me shelter and tried (and continue to try) to understand my peculiarities while I was (and am) chasing this dream. My landlady and her company (of friends and relatives) has also been so kind to us while we were (and are) in the struggle of waiting for this chance.
At the bottom of my list, I also remember with gratitude all my former employers who religiously paid for my Pag-IBIG contributions since 2003. Without them foreseeing this basic human need for a shelter, this dream would not have had initial funds.
Can BIR-registered, self-employed Upwork freelance contractors have housing benefits?
Yes. The government is with us and the global arena is equipped with opportunities to let us have dreams while we stay with our families and practice our duties as citizens by paying for our taxes.
Ron Cirujano, our country manager, may you now rest in peace and be engulfed with His loving and perpetual light.