Any missed commission can destroy your chance of getting acknowledged to own an alternate loan. Pag-IBIG declines property loan requests out of consumers with outstanding multi-purpose money otherwise foreclosed/terminated housing financing account for the agencies. Check your established Pag-IBIG loan accounts, if any, and you may pay back one an excellent finance before applying getting a beneficial the latest houses financing having Pag-IBIG.
?? Keep a stable Income source
Considering quitting your job? Employment moving commonly damage your odds of taking accepted-moreso for those who switch to a lowered-purchasing business otherwise a position that have abnormal income.
Pag-IBIG commonly check your a career records to evaluate if you’re financially stable adequate to handle all of your current month-to-month mortgage loans. Your own a position period proves your earnings balances.
Ideally, you’ll have a reliable source of income for at least several decades. You are best off staying with your existing employment if you plan to try to get a loan with Pag-IBIG in the future.
?? Look at your Credit report and Alter your Credit history
Consider the credit score just like the a reflection of one’s trustworthiness and you will obligations when handling fund or other obligations. Any delinquency in your mastercard and you will financing money was an excellent red flag to help you lenders. When you have an adverse history of repayments, you are less inclined to become approved
Review your credit history about a-year before you apply to possess a housing mortgage to the Pag-IBIG Funds. This can give you plenty of time to best people errors and improve your credit history. You can access your credit history through the Borrowing from the bank Pointers Firm or among their certified credit bureaus.
?? Sign up for an amount It’s possible to Repay
Qualified Pag-IBIG professionals can be acquire to ?six million to possess investment a home, but that doesn’t mean you really need to choose the absolute most. At all, new company will still see if you are in fact accredited. The same level of confirmation and you may evaluation will additionally incorporate also if you’re borrowing from the bank currency well worth less than ?6 mil.
Pag-IBIG enjoys a casing financing affordability calculator one rapidly works out just how far you could potentially borrow and you will spend when you look at the month-to-month amortization. The new calculation is based on your revenue, your favorite loan identity and you may repaired costs months, while the projected value of the house or property you want to get. Additionally it is beneficial if you wish to understand called for gross monthly earnings to your amount we should borrow.
?? Create a top Advance payment
And make a large down-payment proves debt balances. It is also a winnings for your requirements because the you’re going to be borrowing from the bank a all the way down matter from the Pag-IBIG Financing, which in turn ortizations.
While https://paydayloancolorado.net/estes-park/ you are computed to raise a top advance payment and you will ready to help you slow down you buy, imagine performing another type of blast of money, such as for instance side gigs or a small business. When you have a beneficial windfall, like an unexpected genetics, commission, otherwise extra, make use of it to cover the downpayment.
?? Make sure your Money Document Shows All Earnings
The Certificate off A job and you may Compensation (CEC) makes or split their property application for the loan. So it earnings file, which shows the terrible monthly income or other financial professionals, demonstrates the capability to pay the loan.
Your own CEC must contain exact and you will updated suggestions. Including, if you recently had a boost, it should indicate your own latest month-to-month paycheck. If you are finding de minimis positives or non-taxable allowances, demand your own Hr director to add like details too.
?? Imagine Applying for the brand new Affordable Property Mortgage System
If your income is actually low, it’s hard to qualify for very home loans in the Philippines. But thankfully, you can even qualify for Pag-IBIG’s Reasonable Casing Mortgage Program.