Is Maceda Law still applicable?

Maceda Law VS Bank Housing Loans In this event that the purchase price has been paid in full, the only sum you owe is the loan, and because you are no longer paying in installments, RA 6552 or the Maceda Law no longer applies in this kind of scenario.

What are the rules under the Maceda Law?

Responding to your question regarding the provision under the Maceda Law on refund, the law states that if a buyer on installment basis has paid at least two years, he is entitled to the cash surrender value of the payments on the property equivalent to 50 percent of the total payments made, and, after five years of …

Who proposed Maceda Law?

Ernesto “Ernie” Maceda introduced what was subsequently enacted as Republic Act (R.A.) No. 6552, the Realty Installment Buyer Protection Act or more popularly known as the “Maceda Law.”

Who is the author of Maceda Law?

This is more commonly known as the Maceda Law, named after the main author of this 1972 law, former senator Ernesto Maceda. This law deals primarily with one’s rights as a real estate investor or a real estate buyer paying in installments.

Is Maceda Law applicable to banks?

In today’s real estate industry, buyers will have to pay for the equity for a number of months before their loan applications in bank or Pag-ibig gets approved. However, the moment you are already paying for your monthly amortization in Bank or Pag-ibig. You can no longer use Maceda Law for that.

Is Maceda Law Applicable to rent to own?

Further, even if you fail to pay the installment-rents, given the assumption that the contemplated contract was a rent to own scheme, you are protected by the Maceda Law or “AN ACT TO PROVIDE PROTECTION TO BUYERS OF REAL ESTATE ON INSTALLMENT PAYMENTS.

Is Maceda Law applicable to bank loans?

What is the difference between Recto law and Maceda Law?

What is the difference between Recto Law and Maceda Law? Recto Law refers to the sale of “personal property” on an installment basis. Maceda Law refers to the sale of “real property” on an installment basis. Seller shall make a demand against the buyer for the exact fulfillment of his obligation.