?? Settle One Overdue Pag-IBIG Loan Percentage
Any skipped percentage is destroy your opportunity of going recognized for another type of financing. Pag-IBIG refuses construction loan applications out of consumers that have outstanding multiple-goal finance otherwise foreclosed/canceled construction loan accounts on the department. Look at the current Pag-IBIG mortgage accounts, or no, and you will pay off one a great financing before you apply to own a good this new casing loan having Pag-IBIG.
?? Remain a reliable Income source
Planning on quitting your task? Job hopping have a tendency to damage your odds of delivering approved-moreso for people who change to a lowered-paying business otherwise employment that have abnormal income.
Pag-IBIG tend to check your a career history to evaluate while financially stable enough to handle your month-to-month mortgage loans. The a career period proves your income stability.
Essentially, you have a reliable income source for at least several years. You’re better off adhering to your existing job if you are planning to apply for a loan having Pag-IBIG in the near future.
?? Check your Credit report and you may Change your Credit history
Think about the credit history due to the fact an expression of your sincerity and you can obligation when approaching finance and other bills. People delinquency in your mastercard and you will loan money is actually a good red-flag so you can loan providers. When you yourself have a detrimental history of costs, you happen to be less likely to become approved
Feedback your credit report no less than per year before applying getting a housing financing towards Pag-IBIG Finance. This may give you enough time to correct people errors and you may improve your credit history. You have access to your credit history from the Borrowing from the bank Guidance Organization or certainly their qualified credit bureaus.
?? Make an application for a cost It’s possible to Pay off
Certified Pag-IBIG people can also be borrow doing ?six million to possess financial support a house, however, that doesn’t mean you really need to go for the maximum amount. After all, brand new service usually however check when you find yourself indeed certified. A similar level of confirmation and you may testing may also implement actually if you are borrowing currency really worth below ?six billion.
Pag-IBIG features a casing mortgage affordability calculator one to easily computes how much you can obtain and you can shell out into the monthly amortization. The newest computation is dependent on your income, your chosen mortgage title and you may fixed cost several months, in addition to estimated worth of the property we would like to get. Additionally it is useful if you want to be aware of the needed terrible monthly earnings into the count we should use.
?? Generate a high Down-payment
And work out a massive down-payment shows debt balances. Furthermore a profit for you since the you’re going to be credit a beneficial all the way down amount regarding Pag-IBIG Money, which often ortizations.
If you are computed to increase a top down-payment and you can willing to help you impede you buy, consider undertaking a new stream of earnings, instance front gigs otherwise a company. When you yourself have a beneficial windfall, such as for instance an unexpected inheritance, fee, otherwise extra, utilize it to cover the advance payment.
?? Make fully sure your Earnings File Reflects All your Money
Their Certification of Employment and Compensation (CEC) can make otherwise crack your own property loan application. Which money document, which will show their disgusting monthly earnings or other economic positives, demonstrates your capability to pay-off the loan.
Their CEC need include direct and you may up-to-date advice. For-instance, for people who recently had payday loan Cherry Hills Village an improve, it should indicate your latest month-to-month paycheck. When you find yourself searching de minimis positives otherwise non-taxable allowances, demand their Hr director to add such as information too.
?? Believe Making an application for the fresh new Sensible Housing Financing Program
In the event the money try low, it’s hard to be eligible for very lenders regarding the Philippines. But luckily, you may want to qualify for Pag-IBIG’s Reasonable Property Financing System.
