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Cash payment
Swapping (payment in kind)
Lease to own
Formation of Cooperative (Community Mortgage Program)
Joint Venture
loans
Installment basis
1. Qualification of Mortgagor
a. Residency
b. Age
c. Civil Status
d. Financial Capacity
e. Documents availability (i.e. SPA)
f. Cash Flow
g. Depository bank
h. Government financing membership
2. Qualification of Mortgagee
1. Financial stability
2. Appraisal
3. Timeline
4. Interest rate
5. Financing scheme
3. Qualification of Collateral
a. Location
b. Kind/type
c. Collateral value
d. Developer/Seller
e. Timeline (documentation)
4. Compensation (practitioner)
Borrowers Eligibility
An active member and in good standing
Has not availed of any housing loan
Does not own residential unit in a capacity as sole owner or co-owner
Loan Package
Loan Amount (house and lot) Interest Rate per annum
Up to 180,000
9%
Over 180,000 to 225,000
12%
Over 225,000 to 375,000
16%
Loan Amount (Lot only)
40% of 180,000
375,000
30 times monthly income based on
Borrowers monthly basic salary plus
Other income
subject to approval
Monthly amortization shall not
of monthly income
Based on Collateral
70% to 90%
MEMBERSHIP
1. Mandatory Membership
Employers and employees covered by SSS/GSIS
Filipinos employed by foreign-based employers whether they are
deployed here or abroad
2. Voluntary Membership
Open to individuals 18 to 65 years old, provided, they comply
with the set of rules of Pag-Ibig including the amount of
contribution and schedule of payment (includes daily wage
earners)
Eligibility Requirements
To qualify for a Pag-IBIG housing loan, a member shall satisfy the following
requirements:
1.
On Pag-IBIG Membership
Loan Period
30
3
5
Window !! the developer assists the member but does not offer any
buyback guarantee
Window III the member applies directly to the Pag-Ibig Fund
HOUSING LOAN PROCEDURE
1. Attend the Pag-ibig housing loan counseling
2. File Pag-Ibig housing loan application (Form PHLAF) with required
documents and Membership Status Verification Slip (MSVS)
3. Processing fee
P 1,000 upon application (non-refundable)
P2,000 to be deducted from loan proceed
4. Approval of housing loan
5. Release of loan proceeds
(for house construction and home improvement with staggered release
DOCUMENTS REQUIRED UPON LOAN APPLICATION
A. Documentary Requirements
1.
2.
3.
Proof of income
3.1 For Locally Employed, any of the following:
a.
b.
c.
Compensation
e.
f.
g.
h.
i.
j.
4.
k.
l.
m.
5.
6.
7.
Insurance Coverage
a.
b.
8.
9.
B. TECHNICAL REQUIREMENTS
a.
b.
c.
Unit,
Purchase
of
Lot
and
1. Contract to Sell or similar agreement between the buyer and the seller
b.
For Refinancing
Subsidiary Ledger
c.
(GLAD)
and
other
2. Collateral value
buyback
100%
without
100%
100%
95%
90%
90%
85%
80%
3. Capacity to pay based on gross income
50 x monthly income
4. Capacity to pay based on amortization
Monthly amortization should not exceed 40% of monthly
income
5. Maximum loan 6,000,000
Note: whichever is the lowest from the above
HOUSING PROGRAMS FOR DEVELOPERS
6. Circular 279 Rehabilitation and Disposal of Pag-Ibig Fund Real and
Other Properties Acquired (ROPOA) through Memorandum of
Agreement with developers
7. Circular 259 Pag-ibig take-out mechanism under CTS/REM scheme
8. Circular 258 Housing Receivables Financing Scheme
9. Circular 257 house construction financing line
10.
Circular 255 development of Medium/high rise condominium
building ; up to 60% of project cost or P200,000,000.00
11.
Circular 253 Direct Development Loan Program; up to 40%
project cost per phase or P100,000,000.00
Risks
CAPITAL STRUCTURE
ASSUMPTION : CERTAIN CASH FLOW
ABC Corp. has 100 outstanding shares of stocks with a market price of
P10.00 per share. In this case , the firms value is V=E (Value = Equity) =
P1,000.00. Assuming a perfect certainty, interest is certain and there are no
inflation and taxes, ABC Corp. is certain that its rate of return is 15%. What
is the best capital structure to maximize its rate of return.
Assuming further that ABC Corp. is considering to mix 25% debt and 76%
equity such that the total money raised remains constant at P1,000.00. The
financing mix would change capital structure. Would the change in the
capital structure increase the rate of return on the firms equity?
EVALUATION
Intere
st
Rate
Before the
Change
in
Capital Structure
Basic Data
Value of
Equity
Value of Debt
1,000.00
Total Capital
1,000.00
1,000.00
Net Income
150.00
150.00
750.00
250.00
INTEREST
0
0
0
10%
15%
20%
25.00
37.50
50.00
STOCKHOLDERS' INCOME
150.00
125.00
150.00
112.50
150.00
100.00
10%
15%
20%
RATE OF RETURN ON
EQUITY
10%
15%
20%
15%
15%
15%
16.67%
15%
13.33%
The Community Mortgage Program (CMP) aims to improve the living conditions of
homeless and underprivileged citizens by providing them affordable financing with
which they can secure tenure on the land they occupy.
The CMP is a mortgage financing program which assists legally organized
associations of residents of blighted or depressed areas to own the lots they occupy,
providing them security of tenure and eventually improve their neighborhood and
homes to the extent of their affordability.
The maximum loan entitlement of individual members would be as follows:
PURPOSE
1. Lot Acquisition
Undeveloped
Developed
2. Site Development
3. Housing Materials
LOAN PACKAGE
P120,000.00
Baguio City
6. Angeles City
11. Olongapo City 15. Puerto Princesa City
Lucena City 7. Bacolod City
12. Iloilo City
16. Metro Manila
Cebu City
8. Mandaue City 13. Zamboanga City
Butuan City 9. Davao City
14. Gen. Santos City
Iligan City 10. Cagayan de Oro City
The CMP loan will bear 6% interest per year based on the outstanding balance and
will be payable over a maximum period of 25 years in equal monthly amortizations.
DUE DILIGENCE
The processing of CMP loan applications will essentially involve due diligence
verification by SHFC on the CMP loan application and the collateral.
Upon acceptance of complete documentary requirements, SHFC shall strive to
devote no more than one hundred twenty (120) working days to complete the due
diligence process from CMP loan application to loan release.
CMP PROJECT CLASSIFICATION
ON-SITE
Members of the Community Association (CA) are already living/residing in the
project site
The community has been in existence for five (5) years; 85% of the total number of
members should have a residency of 5 years;
at least 85% occupancy rate at the time of application and 100% after two (2) years
from loan release
Maximum of 200 beneficiaries
100% appraisal
OFF-SITE
Homogenous group living outside the project area but has to be relocated due to
any of the following reasons:
Beneficiaries living in danger zones/areas;
Beneficiaries affected by government infrastructure project; and
Beneficiaries with threat of eviction or actual ejectment thru a case/court order
Maximum of 200 beneficiaries
100% appraisal
CMP LOAN COLLATERAL
The land to be acquired by the Community Association (CA) shall serve as the CMP
loan collateral, and will be acceptable if the following criteria are met:
1. The title to the land is free from all liens and encumbrances at the time of release
of the CMP loan;
2. The land is not classified as agricultural;
3. The land is not within environmentally-constrained/ hazardous or high-risk areas
as certified by the DENR and the concerned local government unit;
4. The land has a road right of way or an access road lot to a city, municipal or
barangay road; and
5. The landowner should have the legal capacity to sell or transfer the subject
property for loan collateral under the CMP.
BORROWERS
Tenants/beneficiaries shall form and register a CA, which entity shall borrow and
initially own and mortgage the land. Individual beneficiaries right over the land and
eventual ownership of the lot is achieved through a Lease Purchase Agreement
(LPA) with the CA.
ELIGIBILITY OF CMP BORROWERS
1. Filipino citizen, of legal age (18) at the time of the loan application and shall not
be more than 60 years old upon loan release;
2. Certifies under oath that he/she has not been a recipient of any CMP loan or other
govt. housing programs. Does not own or co-own a real property and is not a
professional squatter as defined in RA 7279;
3. Must be a structure owner, a renter or a sharer at the site.
DELINQUENCY / DEFAULT
A CA account is considered in default if it is not up to date with its loan amortization
payments equivalent to three months.
PENALTIES
In case of non-payment of monthly amortizations on the due date (one month after
release of the loan), the CA shall pay a penalty equivalent to delay.
INSURANCE
For the duration of the loan, there shall be a Mortgage Insurance on the lives of
the principal borrowers as identified in the Master List of Members on a yearly
renewable term basis. The insurance premiums shall be included in the monthly
amortizations of the members.
SUBSTITUTION OF BENEFICIARIES / FORECLOSURE
The Master list of members submitted as part of the CMP loan application are
deemed final and may not be subject to substitution during loan application
processing period.
A member may be substituted due to the following:
1. A member is in default in the payment of his/her share in the monthly
amortization of the CA loan; and
2. A member voluntarily waives his/her rights to the allocated lot/property in favor
of the CA.
Renters or sharers in the project sites shall be preferred or prioritized in the
substitution process.
The CA shall be responsible for the substitution of the member without prejudice to
the right of SHFC to disqualify substitute members if they fail to meet the
qualifications of a member or if there is proof of misrepresentation by the CA
officers.
COMMUNITY MOBILIZERS (CMP-M)
Accredited CMP-Ms are tasked to assist informal settlers in organizing
themselves into CAs.
CMP-Ms may either be any government entity, non- government organizations
(NGO) and Peoples Organizations (PO) and must possess the needed skills to
organize communities, document CMP project applications and provide access to
other government agencies involved in the program.
CMP-Ms shall be entitled to a service fee equivalent to two percent (2%) of the
loan amount or P1,000.00, per member, whichever is higher.
Mr. Castro owns a 240 sqm rectangular lot with 12-meter frontage.
He wanted to enclose if with a fence made of hollow blocks, 1.7m. high
above the ground with 0.3m. below the ground. The fence cost is
P250.00/sqm. How much will the fencing cost if a 4-meter wide steel
gate cost P7,500.00 is installed)
10.
A prospective buyer of a house and 300 sqm. Lot consulted his
architect and advised that the present cost to duplicate the house is
P3,000,000. The architect also estimated that the effective age of the
house is 10 years and the economic life for such structure is 50 years.
If the buyer is willing to pay P5,000/sqm for the lot, how much should
he buy the property?
11.
The sale of lots with an area of 100 sqm each is 10 units per
month.
The selling price per lot is P3,000.00/sqm with 15%
downpayment and the balance payable in 5 years with interest at 16%
per annum. If there are only 35 lots in the project and amortization
starts 30 days after the signing of the contract, what is the total
monthly amortization as of the fifth months? Amortization factor is .
0253393 (note: indicated in the actual exam---.025393)
12.
Mr. John wants to sell a parcel of land he inherited from his
parents to invest in the money market. It is a corner lot and has a good
view of Taal lake, but a portion of the land thereof slopes down slightly.
The lot is 600 square meter and the prevailing market price in the area
is P2,500 per sqm. He asked you how much he could sell the property.
What price would you recommend given the following data: A corner
influence at 30%; topography disadvantaged at 10% and a plottage
advantage at 20%
13.
You are asked by Mr. Sy to come up with a budget for fencing and
stalling a steel gate for the property a vacant lot with a street
frontage of 10 meters and lot area of 300 sqm. The concrete fence will
have a height of 6ft above the ground and 2ft below the ground. The
steel gate will have a length of 4meters and height of 6ft above the
ground. The concrete fence will cost P1,000/sqm and the steel gate at
P800/sqm. Compute how much is the total cost of fence and the gate?
14.
A parcel of land has the following features: the area is 700 sqm;
it is a corner lot but normally flooded during rainy season and almost
rectangular in shape. A comparable property which is rectangular lot
and at the same level as the road was sold at P5,000 per sqm recently.
Market value
Assessment
Rate of
SEF
Level
basic tax
Tax rate
Land
5,000,000
50%
2%
1%
Building
5,000,000
70%
2%
80%
2%
1%
Machineries
5,000,000
1%
Based on the above , compute the following:
a. Basic realty tax before discount for one quarter
b. Special education fund (SEF) for one year
c. Total tax (basic plus SEF) for one year net of 10% discount
21.
Mr. Uy, an appraiser, was hired by ABC Corporation to determine
the real value of its land and building in Manila. The building was built
20 years ago, 5 years after the land was acquired at a cost of
P5,000,000 while the land was purchased at P500,000.00 . Compute
the estimated fair market value of the land and building based on the
following assumptions:
a. Building is to be depreciated at 2% fixed per year; land appreciates
at fix rate of 5% per year
b. The cost to reproduce the building at the time of appraisal is
estimated at P30,000,000
22.
Compute the amount paid by a a realty buyer who bought a
subdivision lot priced at P5,600,000 inclusive of VAT if paid in cash with
5% discount
23.
Mr. So died without a will, leaving a conjugal real estate under
TCT 8888 to his wife, two legitimate children and one (1) illegitimate
child. If the property is extra-judicially settled by above heirs, what
would be the fractional share of the heirs that will appear in the new
title?
24.
A Deed of Sale with Mortgage was executed involving a total
price of P3.5M. The sum of P1M was paid in cash and the remainder
was secured by a mortgage on the same property by the buyer.
Compute the documentary stamps on sale and documentary stamps
on mortgage
25.
After 5 years the fair market value of the land owned by Mr. Sy is
P45M. If the appreciation value is 1/8 of the value before adjustment,
compute the following:
a. Value before adjustment
b. Appreciation value
c. Appreciation rate
26.
Mr. Tan bought a lot for P600,000 paying P150,l000 and the
balance by way of mortgage.
He makes a guarantee quarterly
payment of P40,000 plus 24% interest per annum . Assuming that all
his payment were on schedule, how much did he pay for the 1st year?
27.
Mr. Dy sold in June 5, 2005 his lot for P850,000 to Mr Co inclusive
of mortgage to be assumed by Mr. Co amounting to P150,000. Mr. Dy
received a downpayment of P500,000. Both agree that the balance
would be paid in 8 equal monthly instalment beginning July 2005. Mr.
Dy realized a profit of 22% of cost. Compute the following:
a. Selling price
b. Contract price
c. Initial payment for taxable year 2005
d. Capital gain tax on initial payment
e. Documentary stamps on sale
f. Documentary stamps on mortgage
g. Gross profit rate for tax purpose
28.
Mr. Chu, a real estate broker , obtained this net listing, a
residential lot with an area of 400 sqm for sale at 12,000/sqm. He
therefore has to sell the property at a price that would be inclusive of
capital gain tax, documentary stamps on sale and the brokers
commission of 3%. Compute the following
a.
b.
c.
d.
e.
29.
ABC Realty Corporation , a subdivision developer acquired a 5hectare rawland for project development. With the following data and
conditions given:
Rawland cost
1,000 per
sqm
Development cost
1,000/sqm
based on saleable area
Area of subdivision lot
100 square
meters
Selling price per lot
3,000 per
sqm
ABC reallty will give 5% commission , assume payment of 1.5%
creditable withholding tax and documentary stamps of 1.5% per sale.
Compute the following:
a. How many lots are to be sold
b. How much is the total commission
c. How much is the total expenses of the developer
30.
After paying 3% commission, the seller realized a net proceed of
P776,000. How much is the selling price of the property?
31.
Mr.Lim buys a house and lot worth 1,500,000 if paid in cash. On
instalment basis, he pays P500,000 downpayment; P300,000 at the
end of the 1st year; 400,000 at the end of 2 nd year ; did not pay on the
3rd year and a final payment on the 4rth year. How much is the final
payment if the interest is 14% per annum?
32.
A vacant lot was sold for P1,900,000 subject to the following
conditions
a. Buyer pays a downpayment of P500,000
and assume the
mortgage of 1,400,000
b. Seller will continue to occupy the house for four (4) months at a
monthly rental of P10,000 payable in advance
42.
A borrower mortgaged his real estate property for P1,500,000.
He made quarterly payments of 100,000 plus interest at 16% per
annum
a. How much did he pay for the principal for the first year?
b. How much is the total payment of interest for the first year?
43.
price
a.
b.
c.
d.
e.
44.
price
a.
b.
c.
d.
e.
45.
A 10-hectare raw land was purchased at P400.00 per sqm and
was developed based on the cost estimated at P300 per sqm based on
the gross area. The marketing , inclusive of advertising and brokers
commission is 15% of the selling price. If the company desires a net
profit of 30% of the selling price, what would be the minimum selling
price per sqm of the subdivision lots assuming that the saleable area is
based on PD 957 requirement.
a. 1,818.18
b. 1,700.oo
c. 1,800.00
d. 1,900.00
46.
Two listing and selling brokers sold a property. The brokers
commission is five (5) percent and agreed to a 50-50 percent
commission sharing. Each of them received P62,500. What is the
selling price?
a. 2,000,000
b. 2,500,000
c. 3,000,000
d. 3,500,000
47.
Mr. Cruz was the lessor of 25 units of residential apartments with
equal rental payments and made a total annual gross receipt of
2,700,000 for the year 2012. How much is the value added tax for the
year
a. 245,454.55
b. 289,285.71
c. 270,000
d. 378,000
e. None of the above
48.
Mr. Johnny bought a 2-hectare raw land at P20.00 per square
meter. If cost of money is compounded 100% every 5 years, what will
be his cost per square meter after 20 years? What will be his gross
profit per square meter if he sell the land at P500 per square meter
after 20 years?
a. 200/sqm
b. 250/sqm
c. 300/sqm
d. 320/sqm
49.
A broker sold a subdivision lot priced at 5,500,000 inclusive of
VAT. How much the 5% commission of the broker net of creditable
withholding tax?
50.
Mr and Mrs. Enkantada sold their personal property for
P4,000,000. At the time of the sale the fair market value of the
property as determined by BIR is P5M. Three months later, they
bought a residential house for P3M. Compute the capital gain tax on
the unutilized portion of the proceeds of the sale?
51.
Compute the fair market rent per square meter per month of a
500-square meter land with a fair market value of P12,000 per sqm if
interest rate per annum is 12%.
52.
During the year 2012 , the total receipt from the lease of 30
residential units is P2,000,000. How much is the output tax for the
year 2012?
a. 220,000
b. 200,000
c. 600,000
d. 900,000
e. None of the above
53.
The following data are shown on the tax declaration of a piece of
land and the structure on it located in a residential area being used as
a mini grocery
Lot area
275 sqm
Market value of land
4,525.00 per sqm
Market value of structure
2,400,000
Assessment level
Residential
20%
Commercial
50%
Property tax rate
1.5% of assessed value
SEF
1% of assessed value
Compute the following
a. The total combined market value of land and improvement
b. The total combined assessed value of land and its
improvement
c. The total combined property tax payable
54.
Philand is a major property developer in the country and sells
house & lot packages in major cities in the country. It is registered with
HLURB as habitually engaged in the realty business. Compute for
the following creditable withholding tax to be paid by the company
based on the following sales considering that sales over 2,500,000 are
subject to VAT
a. Batangas
50 units socialized housing units at 225,000 per unit
b. Cagayan de Oro 30 units at 480,000 per unit
c. Cebu City
25 units at 3,000,000 per unit
55.
A woman died intestate leaving behind a husband, three
children, 6,000,000 in gross estate but no will. Before she died, she
was hospitalized and P350,000 was spent. Actual funeral expense was
P225,000 while P25,000 was spent for the intestate proceedings. The
basic
500,000
2,000,00
5,000,000
plus
5%
15,000
8%
135,000
11%
56.
In 2010, the gross sales receipts of Rizal Properties Inc a VAT
registered company were P2,640,000 for July, P3,520,000 for August
and P5,060,000 for September.
Purchases from VAT registered
suppliers were P1,870,000 for July, 3,190,000 for August and 4,620,000
for September. Compute
a. Output vat
b. Input vat
c. Vat payable
57.
Mr. Kim Orosa is celebrating his 5oth birthday next week. His
monthly gross income is P9,600 and is qualified to borrow via his PagIbig membership through UHLP. He has been offered by Broker A to
buy a house and lot package priced at P420,000. The appraised value
of the house is P400,000. However, Mr. Orosa is willing to pay all his
savings amount to P200,000 as his equity, excluding other
miscellaneous expense. Compute the following:
a. Loan value based on collateral , regular or without warranty
b. Loan value based on income
c. Loan value based on affordability
d. Loan value based on actual need
Monthly amortization factors
9% interest
25 years
.0155899
20 years
.0146780
15 years
.0146780
12% interest
.0083919
16% interest
.0105322
.008973
.0120170
.0101427
.0120170