Last 2006, hubby and I purchased a condominium unit from DMCI Homes at one of their projects in Taguig. After paying a 10% down payment, we were able to move-in. At first, we decided to avail of their in-house financing with a 10-year term. Everything went on smoothly for more than a year until we decided to transfer our loan to PAG-IBIG Fund to avail of a much longer term so our monthly amortization will be lesser.
We signed the papers for PAG-IBIG Fund housing loan application last December 5, 2008. Because it was a developer assisted loan, the preparation of all documents was done by DMCI Homes finance section and the person in-charge assured us that once the loan application will be okay with them, PAG-IBIG Fund will automatically approve the loan. He even informed us that usually it takes 3 months before the loan is released.
We relied on what the person in-charge told us and thinking that DMCI Homes is a known real estate developer and our qualifications to apply for a loan is more than enough, we just waited for DMCI Homes to inform us when the loan is already approved.
Three months passed and we heard nothing from DMCI homes so we decided to contact them … that time we learned that we have to sign some papers which were revised because PAG-IBIG Fund had lowered their interest rate (if we did not call them, we wouldn’t know that we have to sign additional set of documents). Again, the person in-charge told us that the loan is already okay and they will just submit it to PAG-IBIG Fund for approval. Since DMCI told us that the loan is already okay, we asked them if we can stop paying our monthly amortization with them since the calculation of our loan application from PAG-IBIG Fund was based on our remaining balance as of November, 2008 so the amortizations we are paying from December of 2008 up to that time (more than 5 months after), will just be reimbursed to us once the loan will be released. DMCI agreed and they stopped to encash the checks we have issued them.
Months passed that we have already stopped our monthly amortization with DMCI Homes and our loan application with PAG-IBIG Fund was not yet released and almost monthly we call the person in-charge and asked about the status. All he can say is that it’s already with PAG-IBIG Fund and we just have to wait. We waited for months … now it’s been more than two years since we signed the loan application form for PAG-IBIG Fund and yet nothing happened. The reason according to DMCI … PAG-IBIG Fund is requiring them to submit additional documents for them to continue to be an accredited developer so all the loan applications coming from them were put on hold until they comply with those additional requirements.
Last April, 2011 after calling them for the nth time, DMCI gave us an option to either wait for the release of our loan from PAG-IBIG Fund which has no definite time yet or we can apply for a loan from a bank where they are accredited.
We really wanted to finish the transaction with DMCI so we applied for a housing loan from the bank they referred to us … it is with the United Coconut Planters Bank (UCPB). We were approved for a housing loan and last June 6, 2011, we had signed documents with the bank.
I thought it was the end of it but I was wrong. UCPB will issue the check payment to DMCI Homes once all the legal documents (title, tax declarations, etc.) are turned over to them so they sent DMCI a guarantee letter that the loan is already approved and that they can now turn over the documents to UCPB. The bank representative told us that mostly the turn-over of documents takes two weeks. So we waited.
Two weeks had passed and now it’s more than a month since we signed the documents at UCPB and we still heard nothing from them. So we called DMCI if they already received the letter of guarantee from UCPB and they confirmed to have received the letter but there’s a problem with our papers. Our account was already tagged as “delinquent” and is subject for foreclosure because we haven’t paid our monthly amortization since middle of 2009. I asked the person in-charge how this happened since we have a pending loan application which they themselves are processing and it’s not our fault why the loan cannot be released. He said he doesn’t understand either but he assured us that they are getting all the records straight and they are going to prioritize our account so they can turn over the documents to UCPB as soon as possible.
I was really irritated with how DMCI Homes handle their customer’s accounts but there’s nothing I can do but to once again request for them to expedite the processing and maybe this time they will act quickly since the payment is just waiting to be released to them.
So here we are again, waiting and keeping our fingers crossed that this time, the transaction will be closed.