OFW Buying Guide 2023: Why Buy a House and Lot in Pililla, Rizal?

Real estate properties have the potential to appreciate in value over time. This means that you may be able to sell the property for more than the price you have acquired it for, providing a significant return on investment. While there is always the risk that the value of the property may not increase as much as you anticipated, property values tend to be more stable than other assets, making it a less volatile investment option.

Hence, if you're interested to start your home investment, we got you covered! Lumina Homes is a reliable property developer that can provide you with the opportunity to acquire an affordable house and lot for sale in Pililla, Rizal. We have accredited sales agents to help you get started and check out more options to purchase an affordable house and lot in the Philippines.

What Are the OFW Requirements For Property Purchase

If you are currently residing outside the country, you will need to designate a representative to purchase the property on your behalf to sign legal documents. The representative will sign all forms and contracts and pay the required reservation fees. To facilitate this, the real estate agent will send you an attorney or SPA document (Special Power of Attorney) that must be signed and consularized by the Philippine embassy in the country where you currently work as an OFW.

Note that the cost of consularization will depend on your country of residence. The SPA document you receive should have both a real and a red ribbon. Once you have obtained the SPA, you must submit the following OFW requirements within 30 days:

1. Consularized SPA: This refers to a Special Power of Attorney document that you will need to sign and has consularized at the Philippine embassy in the country) where you are presently working. This document will give your appointed representative in the Philippines the legal authority to sign documents related to the purchase of your house and lot on your behalf.

2. Proof of income: You will need to provide proof of your income for the past three months, such as your payslips or salary statements. This will help the bank or PAG-IBIG determine your eligibility for a housing loan.

3. Certificate of Employment and Compensation: This is a document that your employer will need to provide, stating your employment status, position, and compensation. It is also used to verify your income and employment history.

4. TIN number in the Philippines: This refers to your Tax Identification Number (TIN) in the Philippines, which you can obtain from the Bureau of Internal Revenue (BIR). You will need to provide this number as part of your loan application.

5. Proof of Billing: You will need to provide a recent utility bill or any document that shows your address in the Philippines as proof of billing. This is usually required to establish your residency in the country.

6. Employment Contract: Your employment contract must be in English and contain the employer's seal or the signature of authorized personnel (HR). This document will be used to verify your employment status and income.

7. Scanned copies of your passport entries: You will need to provide scanned copies of your passport entries, including the latest entry stamp, as proof of your travels and residency in the country where you are currently working.

8. Post-dated Checks: These are checks that are dated in the future and are used as payment for the down payment of your house and lot. You will need to provide these checks to the developer or the bank to secure your payment.

From Abroad to Your Dream Home: OFW Guide for Buying Real Estate in the Philippines

Purchasing a property in the Philippines requires careful planning and consideration. It is crucial to ensure that the property you select caters to your requirements and those of your loved ones. Here are some essential tips to guide you toward making a more informed and prudent buying decision:

Step 1: It's important to partner with a reputable real estate developer, sales agent, or real estate broker to avoid future problems with your property. Ask yourself whether the developer delivers what they promise, whether their properties are built to high standards and whether they meet construction deadlines.

Step 2: If you can't personally be there to purchase your property, appoint a reliable attorney-in-fact. This person will need a Special Power of Attorney (SPA) document, which you will have to sign and have consularized to grant them the power to sign legal documents for you.

Step 3: Once you've found the house and lot you want to purchase, complete the necessary requirements. OFWs need to provide multiple copies of specific requirements to buy a house in the Philippines.

Step 4: If your documents of proof are not in English, ask your employer or HR to certify your papers and their translations as true and correct.

Step 5: Your attorney-in-fact can apply for a housing loan through the bank or through PAG-IBIG, or you can send your payment or monthly amortization through remittance if no loan is needed.

Step 6: Open a checking account under your local savings account to pay for your house and lot through post-dated checks. This helps keep track of account expenses if you've already set up bank notifications.

OFW Financing Plans

Buying a home in the Philippines can be an expensive investment. That's why there are financing options available for OFWs such as bank financing and housing loans from government institutions and banks. Some of the available options include Pag-Ibig Overseas Program, SSS Direct Housing Loan, BPI Housing Loan, HSBC Home Loan, and BDO Kabayan Loan.

Navigating Real Estate Transaction Costs in the Philippines: A Guide for OFW Homebuyers

As an OFW (Overseas Filipino Worker) looking to buy a home in the Philippines, it is essential to consider all the fees included in the purchase. Buying a house involves several transaction costs that you need to pay upfront or over time. These fees can be significant, and failing to take them into account can lead to financial strain in the long run.

Here are some of the significant real estate transaction costs that you need to consider when purchasing a house in the Philippines as an OFW:

Notary Fee: This is the cost of getting your legal documents notarized, such as the deed of sale, mortgage documents, and other legal papers. In general, the notary fee costs around 1% to 2% of the property’s value. However, this amount can be negotiated between the buyer and seller.

Capital Gains Tax: This tax is paid on the profit made from capital invested, and it is imposed on the seller when they sell their property. The capital gains tax costs 6% of whichever is higher among the zonal value, fair market value, or property’s sale price according to the Bureau of Internal Revenue (BRI).

Transfer Tax: This is a tax paid when the title of the property is transferred from the seller to the buyer. The transfer tax can range from 0.50% (provincial rate) to 0.75% (Metro Manila rate) of the property's sale price or zonal value, whichever is higher.

Documentary Stamps Tax: This tax is imposed on all the paperwork that evidence the sale of the property, including the deed of sale, mortgage documents, and other legal papers. It amounts to 1.5% of whichever is higher among the zonal value or property’s sale price.

Real Property Tax: This is a tax paid every year based on the property’s assessed value. The amount of real property tax varies depending on the location, size, and value of the property. It is utilized to fund the local government unit’s public services, including law enforcement services, water maintenance, and/or other services that are associated with your property.

Maintenance Fees: As a homeowner, you need to pay maintenance fees to keep your property in good condition. These fees can be in the form of association dues, which are paid to the homeowners' association that manages your property. These fees can vary depending on the amenities and services provided by the association.

Acquiring a house in the Philippines as an OFW involves several transaction costs that you need to consider. These costs can be significant, and failing to take them into account can lead to financial strain in the long run. Hence, it is critical to consult with a real estate professional or financial advisor to understand the total costs involved in buying a house and plan your finances accordingly.

5 Reasons to Buy a House and Lot Unit in Pililla, Rizal

It's true that there are lots of ideal locations across the Philippines where you can purchase your very own house and settle for good. But allow us to give you some points on why you should consider buying a house and lot in Pililla, Rizal.

1. Affordable Real Estate Prices

In comparison to other areas in Metro Manila, you can score an affordable house and lot in Pililla, Rizal with plenty of options. As a result, homebuyers like you can get greater value for your money, enabling you to buy larger properties or invest in more desirable locations that suit your budget.

2. Proximity to Metro Manila

Located just a few hours away from Metro Manila, Pililla makes it a great option for those who want to live outside the city but still have easy access to its amenities and attractions. This is particularly advantageous for those who work or study in Metro Manila but prefer to live in a quieter and more relaxed environment.

3. Scenic Location

Situated in a picturesque setting, Pililla, Rizal boasts breathtaking vistas of the Laguna de Bay and the Sierra Madre mountain range. This serene and tranquil ambiance makes it an ideal getaway for those seeking to break away from demanding city living.

4. Growing Development and Infrastructure

Pililla, Rizal is an emerging location that is currently undergoing numerous new developments and infrastructure projects. These initiatives include the construction of new highways, bridges, and other transportation facilities, which will enhance accessibility to and from Pililla, Rizal. These improvements are projected to increase property values in the region, rendering it a lucrative investment prospect for potential homebuyers.

5. Attractive Tourism

Pililla, Rizal is home to several tourist attractions, including the wind farm and the Pililla Rizal Wind Farm Resort. These attractions have the potential to draw more visitors to the area, which could lead to the growth of businesses in the tourism industry. This could create more job opportunities and contribute to the economic development of the area.

Experience the comfort of living in your dream home at Lumina Pililla! With our three house-type models, including Angeli Townhouse, Angeli Single Firewall, and Angeli Duplex, you will have a wide range of options to select the unit that best suits your preferences. Each residential house features a spacious living area, a comfortable dining & kitchen area, at least three-bedroom provisions, one toilet and bathroom, one carport provision, and a service area where you can build your perfect home.

At Lumina Pililla, your safety and security are our topmost priority, which is why we provide our residents with a guardhouse and perimeter fence surrounding the property. Moreover, the Lumina project is only 5 to 10 minutes away from Rizal's scenic attractions, including Laguna de Bay, Pililla windmill, Bulawan Floating Restaurant, Treasure Mountain, Bahay Bakasyunan, Martessem, JE Camp, Punta de Fabian, Daranak Falls, and many more.

Lumina Homes is a trusted real estate brand that offers affordable and quality homes for every Filipino. With our commitment to providing a better life for Filipinos, we have built over 50 residential communities across the country that offer comfortable and convenient living. So if you're looking for your dream house, consider Lumina Homes and experience the affordable and quality living that you deserve!