Individualization of Lot SHFC

SOCIAL HOUSING FINANCE CORPORATION

Processes Community Association’s (CA’s) requests or the following :

Individualization of:1. Title (Subdivision of Mother Title or Stage 1)

2. Computation of Adjusted Loan Value (Final Masterlist of Beneficiaries and Loan

Apportionment)

3. Loan (Unitization or Stage 2)

Substitution of Member-Beneficiaries:1. Voluntarily Waiver of Rights2. Default in Payment (3 consecutive monthly amortization or more)

3. Violation of Ordinances and By-Laws of Community Association

Issuance of Certification:1. As member-beneficiaries of the CA of elected officers/trustees or directors (for HLURB purposes)

2. Capital Gains Tax Exemption (for Stage 2 purposes)

Donation/Sale of Roadways and Open Spaces to the Local Government Unit

SUBSTITUTIONSUBSTITUTIONHOW CAN A MEMBER-BENEFICIARY BE SUBSTITUTED ?

SUBSTITUTIONSUBSTITUTION

☞ Waiver of Rights - Member- beneficiary voluntarily waives his or her rights to the allocated lot

☞ Default in Payment - Member-beneficiary is in default in the payment of his or her amortizations equivalent to at least three (3) consecutive months or

more

☞ Violation of Rules and Regulations- Member-beneficiary violates existing laws and ordinances on land

use in the locality, CA and/or SHFC rules and regulations.

Documentary Requirements(Waiver of Rights)

1. Notarized Original copy of Board Resolution2. Notarized Amendment to the Masterlist of MBs3. Lease Purchase Agreement (LPA) of substitute4. Notarized Original copy of Waiver of outgoing MB’s rights on the awarded lot5. Notarized Certification from CA president /authorized officer stating that the account of outgoing MB is updated/fully paid6. Photocopies of Abstract of Collection with Community Mortgage Receipt as proofs that the account is updated7. Proof of payment of Substitution Processing Fee of P 500.00 per member-beneficiary

SUBSTITUTIONSUBSTITUTION

WAIVER OF RIGHTSWAIVER OF RIGHTS

4. NOTARIZED ORIGINAL COPY OF WAIVER OF OUTGOING MEMBER- BENEFICIARY OVER INTEREST AND RIGHTS ON THE AWARDED LOT.

IF MARRIED, WITH MARITAL CONSENT

IF SEPARATED, SUBMIT COURT DECISION OF ANNULMENT OF MARRIAGE

WAIVER OF RIGHTSWAIVER OF RIGHTS

DEFAULT IN PAYMENTDEFAULT IN PAYMENT

STEP 1STEP 1


STEP 2STEP 2


STEP 2STEP 2

INDIVIDUALIZATIONINDIVIDUALIZATION

TCT # 40001

HOAI____________

TCT # 40001

HOAI____________

TCT # 0001

JUAN D. CRUZ________________________

TCT # 0001

JUAN D. CRUZ________________________

ADJUSTED LOAN VALUE(FINAL MASTERLIST OF MBs)

SUBDIVISION / INDIVIDUALIZATION OF MOTHER TITLE/S(INDIVIDUALIZED TCTs ARE STILL UNDER CA’s NAME)

UNITIZATION / INDIVIDUALIZATION OF LOAN (TRANSFER OF TITLE FROM CA’s NAME TO MB’s NAME)

ALV

STAGE 1

STAGE 2

Documentary RequirementsFor STAGE 1

ADJUSTED LOAN VALUE

ALV X 0.41/1000= MRITC – EQ = ALV∑TC X HL / THL= TC

∑TC = SUMMATION OF TOTAL COST (TOTAL LOAN AMOUNT + TOTAL EQUITY)HL = HOMELOTTHL = TOTAL HOME LOTTC = TOTAL COSTEQ = EQUITYALV=ADJUSTED LOAN VALUE

ALV X 0.00644301= P/I

STAGE 2 (UNITIZATION OF COMMUNAL LOAN & TRANSFER

OFTITLE INTO MEMBER-BENEFICIARY’S NAME)

CHECKLIST OF DOCUMENTARY REQUIREMENTS

1. CERTIFICATION ISSUED BY THE HOUSING LAND USE REGULATORY BOARD (HLURB) ON THE PRESENT SET OF OFFICER OR DIRECTORS

2. PHOTOCOPY OF TITLE

3. PROOF OF PAYMENT OF INDIVIDUAL REAL PROPERTY TAX

NOTE: Only those Member-beneficiaries with updated accounts arequalified to undergo this Stage

DOSAM FORMS(DEED OF SALE WITH ASSUMPTION OF

MORTGAGE)PROMISSORY NOTE FORMS

“ONE-SHOT INDIVIDUALIZATION”


NOTE : This One-Shot Individualization is an option given only to CA’s with CER of 80 % and above as in incentive to

them


1 2

7

8

6 5

EXIT

OTHER CHECKLIST

MA. SYLVIA N. MENDOZA

CHARINA Y. BENITEZ

JULIA C. FRADES

LORNA P. PADUA

ANA MARIE Y. MISOLES

SUBSTITUTION

INDIVIDUALIZATION

PROJECT INDIVIDUALIZATION DEPARTMENT

TRUNKLINE .: 750-6337 to 65 Local 541/542

THANK YOU…

JULITA R. PARREÑOMANAGER

MS. DELIA V. SILVIACHIEF OF DIVISION

PERRY D. ALAMBRO

JOSEPH J. HAYAGAN

MA. SYLVIA N. MENDOZA

CHARINA Y. BENITEZ

JULIA C. FRADES

LORNA P. PADUA

ANA MARIE Y. MISOLES

PERRY D. ALAMBRO

JOSEPH J. HAYAGAN

SUBSTITUTION

INDIVIDUALIZATION

PROJECT INDIVIDUALIZATION DEPARTMENT

TRUNKLINE .: 750-6337 to 65 Local 541/542

THANK YOU…

ENGR. FELMAN R. GILBANGMANAGER

MS. DELIA V. SILVIACHIEF OF DIVISION

Economy & Finance

Individualization of Lot SHFC