One skipped fee normally ruin your chance of getting approved getting another type of financing. Pag-IBIG refuses homes loan requests out-of borrowers that have outstanding multiple-goal financing otherwise foreclosed/canceled casing mortgage account towards agencies. Look at your existing Pag-IBIG loan account, or no, and pay any a good financing before you apply for an effective brand new construction financing with Pag-IBIG.
?? Continue a reliable Source of income
Planning on stopping your job? Business hopping have a tendency to hurt your chances of bringing approved-way more if you change to a lower life expectancy-spending business or work having abnormal income.
Pag-IBIG usually look at your work history to evaluate whenever you are financially stable sufficient to handle all your monthly mortgages. Your a job period proves your revenue balances.
Essentially, you will have a stable revenue stream for around a few decades. You may be best off adhering to your employment if you are planning to apply for a loan which have Pag-IBIG in the near future.
?? Look at the Credit file and you may Replace your Credit rating
Think of the Antonito pay day loans credit rating due to the fact an expression of your own sincerity and responsibility whenever approaching funds and other obligations. One delinquency on your bank card and you may mortgage money was good red-flag so you can loan providers. When you have an adverse track record of repayments, you may be less inclined to become approved
Remark your credit history no less than a year before you apply to possess a homes mortgage toward Pag-IBIG Finance. This can leave you enough time to correct any mistakes and you can improve your credit rating. You can access your credit history from the Borrowing from the bank Recommendations Business otherwise among the qualified credit agencies.
?? Apply for a cost You can actually Pay
Qualified Pag-IBIG users normally borrow as much as ?6 million to have capital property, but that does not mean you will want to pick the maximum amount. Anyway, brand new company usually still see if you are actually accredited. An equivalent amount of confirmation and you may research will also apply actually when you find yourself borrowing money really worth less than ?6 million.
Pag-IBIG have a construction financing cost calculator that easily calculates how far you could potentially acquire and you may shell out from inside the monthly amortization. New calculation will be based upon your income, your favorite loan label and you may fixed cost period, plus the projected worth of the house we would like to buy. Additionally, it is helpful when you need to understand necessary terrible monthly money to your count we would like to obtain.
?? Make a higher Deposit
And work out a huge deposit shows your financial stability. Additionally, it is a win for your requirements while the you will be borrowing a great lower matter regarding Pag-IBIG Money, which in turn ortizations.
While computed to improve increased down payment and you can ready to decelerate you buy, envision creating an alternate stream of income, particularly front side performances or a small business. When you have an effective windfall, eg an unexpected inheritance, commission, or added bonus, use it to cover their downpayment.
?? Make sure your Earnings Document Shows Any Money
Their Certificate from A position and you can Compensation (CEC) can make or break the construction application for the loan. Which earnings document, which ultimately shows the terrible month-to-month earnings and other monetary experts, proves your capacity to pay off your loan.
The CEC have to have specific and updated pointers. For-instance, for many who recently got a raise, it should imply their current month-to-month salary. If you find yourself getting de- minimis advantages or non-nonexempt allowances, demand the Time manager to add such as for instance details as well.
?? Think Obtaining the brand new Reasonable Homes Financing Program
In the event the earnings is reasonable, it’s difficult so you’re able to qualify for very mortgage brokers about Philippines. However, the good news is, you can even be eligible for Pag-IBIG’s Reasonable Housing Loan System.