Housing loan processing shortened

Processing of Pag-ibig housing permits will now take 21 days instead of 37 days.

This after Vice President Manuel “Noli” de Castro, chairman of the Housing and Urban Development Coordinating Council, ordered the Housing and Land Use Regulatory Board to shorten the processing period in the issuance of Certificate of Registration and License to Sell from 37 to 21 days upon  meeting the publication requirement.

The Implementing Rules and Regulations of Presidential Decree 957, otherwise known as the Subdivision and Condominium Buyers’ Protective Decree dated July 12, 1976, require the publication of the application for registration and licensing of the project upon its filing, pursuant to Section 4 on Registration of Projects of said decree.

During the period of two weeks after the completion of the publication, interested parties are given the opportunity to inspect the documents on the project on file with the HLURB. This is also the period where parties adversely affected by the project may file any objection.

The HLURB, as the sole government regulatory agency on housing and land development, issues housing permits for subdivisions and condominiums. Before selling their subdivision lots or condominium units, developers must register their projects so they can be issued a license to sell.

This assures the buying public that the projects for sale have clean titles and that the developers/owners have the capability to complete the project in accordance with the standards of development.      

Other tips to safeguard home buyers from unscrupulous developers and brokers include visiting the subdivision/condominium where the property is located and validating that the facilities and amenities indicated in the advertisement flyers/brochures are in accordance with the approved subdivision and condominium plan filed with the HLURB. — Jasmin R. Uy/MEEV