I bought a lot last 2008, The developer advised me pay the 20% and the remaining will be thru PAG-IBIG. After paying the full down, I was advised that the documents needed to transfer to PAGIBIG is not yet available, we were forced to pay via inhouse financing and accept the 17% interest rate otherwise our lot will be forfeited according to the developer. We paid thru inhouse with their promise that before the end of 2009 they will be able to transfer the account to PAGIBIG. By Mar 2011, we received the Notice of Loan Approval from PAGIBIG and the developer was given the notice of Loan Guarantee. PAGIBIG guaranteed PhP 850,000.00 to the developer. However due to our continued payment to the developer, our balance has gone down to only PhP500,000. According to our developer, we have an overpayment of PhP350,000 and they will refund it as soon as they get the check from PAGIBIG. The Notice of Loan Approval and Guarantee reached the developer in March 2011, all the documents needed from my end has already been submitted to PAGIBIG to facilitate the transfer. However, up until now, the developer has not complied with the documents required to be submitted by them to PAGIBIG.
Here are the details:
Total payment made to developer: PhP900,000
Outsanding balance (payment less interest charged to us) - PhP500,000.00
PAGIBIG LOAN - PhP850,000.00
OVERPAYMENT - PhP350,000.00
My question is it possible for us to demand for the refund and interest for our overpayment amounting to PhP350,000.00? The lot was not yet turned over to us since 2008. The developer refused to refund the amount until they received the PhP850,000.00 from PAGIBIG. The delay of the release of the check is due to their delay in submitting documents. I hope you could give advise regarding our next course of action.
Many thanks and more power to you. God bless