Ang Retention Fee ay isa sa mga babayaran ng Borrower sa Pag-ibig kapag merong document na, dahil sa procedures ng other government agencies, ay hindi maisa-submit ng Borrower sa Pag-ibig prior to loan take-out.
Nangyayari ito sa Housing Loan transaction na REPURCHASE of PROPERTY CURRENTLY MORTGAGED WITH PAG-IBIG, o yong tinatawag ng iba na Pasalo o Assume Balance, pero sa Pag-ibig, ito ay Repurchase.
Magkano ang Retention Fee? Ito ay 3% of Loan Amount.
Babayaran ng Buyer ang Retention Fee sa Pag-ibig bago umpisahan ang pag-transfer ng TITLE to the Buyer's name sa Register of Deeds. Makikita itong Fee sa Pag-ibig Disclosure Statement on Loan Transaction.
Ang purpose ng Retention Fee ay para asikasuhin agad ng Buyer, after Take-out, ang pagkuha ng Certified True Copy of Title under his/her name, with the Loan of the Seller or Nagpasalo already cancelled.
Ang ibig sabihin ng Take-out ay ang pag-release ng loan proceeds at pagbayad sa Loan ng Nagpasalo o Seller.
Ang Retention Fee ay refundable. Ire-refund ng Pag-ibig ang Fee basta mai-submit ang Title within 90 days after takeout. Itong Title na ito ay under Buyer's name na at na-cancel na ang mortgage encumbrance ng Nagpasalo o Seller.
Para sa Retention Fee, merong Pag-ibig document na pipirmahan ng Buyer: Deed of Undertaking (For Borrower/s with Documentary Deficiency/ies). Ipa-panotarize din.
Merong portion na ganito sa Deed:
2. That I/we have complied with the requirements except for the following documents which I/we undertake to submit within the timelines specified below, reckoned from the date of take-out of my/our housing loan account;
Documentary Deficiency/ies:
- Cancellation of mortgage encumbrance under Entry No. xxx
- Submission of Certified True Copy of TCT with cancelled encumbrances
Timeline: 90 days
3. That I/we hereby authorize the Fund to deduct 3 percent of the loan amount from the take-out proceeds due to me/us as cash retention for this undertaking.
4. That I/we have understood that the cash retention shall only be released to me/us upon compliance of the abovementioned deficiency.
5. That in case I/we fail to comply with the deficiency/ies within the prescribed timeline indicated above, the total loan obligation secured by the subject title shall be deemed due and demandable and/or the cash retention shall be forfeited in favor of Pag-ibig Fund.