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Assumption of Mortgage thru Pag-ibig

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mmdvo:
Hello po! Patulong naman po, ano po ba ang tamang proseso for the assumption of mortgage in pag-ibig?
Si seller po ang magbabayad ng CGT, may I ask po kung ma-fully pay na po ni new owner ang loan, magbabayad ba din po sya ng CGT?? kasi may nakapagsabi po sa akin na ganun po daw ang proseso.

thanks for your valuable comments!

PinoyBroker:

--- Quote from: mmdvo on August 21, 2015, 05:49:16 AM ---Hello po! Patulong naman po, ano po ba ang tamang proseso for the assumption of mortgage in pag-ibig?
Si seller po ang magbabayad ng CGT, may I ask po kung ma-fully pay na po ni new owner ang loan, magbabayad ba din po sya ng CGT?? kasi may nakapagsabi po sa akin na ganun po daw ang proseso.

thanks for your valuable comments!

--- End quote ---

It is customary for the seller to pay the Capital Gains Tax because he/she "gains capital" by selling the unit...

jasonconferido:
The seller should pay the CGT. May i know what kind of transaction did the seller and the new owner had agreed on? Why does the payer of the loan have to pay CGT?

mmdvo:
@Jasonconferido

The buyer wanted to assume the mortgage of property in pag-ibig. So, after the payment of the assume price, yung buyer na po ang mgcocontinue ng pagbabayad using his/ her pagibig account.

Thanks everyone!

PinoyBroker:

--- Quote from: mmdvo on September 10, 2015, 08:39:48 AM ---@Jasonconferido

The buyer wanted to assume the mortgage of property in pag-ibig. So, after the payment of the assume price, yung buyer na po ang mgcocontinue ng pagbabayad using his/ her pagibig account.

Thanks everyone!

--- End quote ---

I would advise that you discuss directly with the Pag-ibig department and branch who has jurisdiction of the property. There may be new circulars and regulations regarding this...

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