People missed fee normally damage your opportunity of getting recognized getting a separate mortgage. Pag-IBIG refuses houses loan applications from individuals that have outstanding multi-purpose money otherwise foreclosed/terminated housing financing profile on the agencies. Look at the established Pag-IBIG loan accounts, or no, and you may pay-off any a good loans before applying to have a beneficial the fresh property financing that have Pag-IBIG.
?? Continue a stable Source of income
Considering stopping your job? Work moving usually damage your chances of delivering recognized-more so for those who change to a lower life expectancy-using employment otherwise employment which have unusual income.
Pag-IBIG commonly check your employment background to evaluate whenever you are financially secure enough to deal with your monthly mortgage loans. Your own a position period shows your earnings stability.
Preferably, you’ll have a constant source of income for around a few decades. You are best off adhering to your existing occupations if you intend to apply for a loan having Pag-IBIG soon.
?? Check your Credit file and you can Alter your Credit history
Consider the credit rating as an expression of sincerity and you may obligation when approaching loans and other obligations. Any delinquency on your own mastercard and you will financing money are a red flag so you’re able to loan providers. When you have a detrimental reputation money, you might be less likely to become approved
Remark your credit score at least a-year before you apply to own a property mortgage into Pag-IBIG Financing. This will give you enough time to best people problems and you may change your credit rating. You have access to your credit score from Borrowing from the bank Information Organization otherwise certainly the certified credit reporting agencies.
?? Apply for a cost You can actually Pay off
Licensed Pag-IBIG users can also be obtain as much as ?6 million to possess capital a home, however, that does not mean you ought to choose for the absolute most. Anyway, the fresh company commonly still glance at when you find yourself in fact licensed. An identical quantity of confirmation and you can testing also use also when you are borrowing currency worthy of less than ?six mil.
Pag-IBIG features a property mortgage affordability calculator one to rapidly works out exactly how much you could borrow and you will shell out during the month-to-month amortization. The new formula lies in your revenue, your preferred loan identity and you can fixed pricing period, plus the estimated worth of the home we wish to purchase. Furthermore helpful if you would like understand the necessary terrible month-to-month income for the count we wish to borrow.
?? Make a higher Deposit
While making a big down payment demonstrates your financial stability. It’s also a winnings to you personally while the you will end up borrowing good down matter from the Pag-IBIG Financing, which ortizations.
When you find yourself computed to improve increased downpayment and you may willing to reduce your purchase, believe creating yet another blast of earnings, particularly front side gigs or a small business. When you yourself have a beneficial windfall, including an urgent inheritance, percentage, otherwise incentive, make use of it to pay for the downpayment.
?? Make sure that your Money Document Shows All of your current Earnings
The Certification away from A career and Settlement (CEC) can make otherwise crack their casing loan application. It earnings document, which shows the terrible monthly money or other financial positives, shows your own capability to repay the loan.
Your CEC need to include perfect and you may updated suggestions. As an instance, for many who has just had an improve, it has to indicate your own current month-to-month https://paydayloancolorado.net/avon/ income. If you’re getting de minimis masters or non-taxable allowances, request the Hr director to incorporate for example information too.
?? Envision Obtaining brand new Reasonable Casing Loan System
Whether your income was lowest, it’s difficult so you’re able to qualify for very home loans regarding Philippines. But the good news is, you’ll be able to be eligible for Pag-IBIG’s Affordable Property Loan Program.
