People missed commission can be damage your opportunity of going accepted to possess a new loan. Pag-IBIG declines property loan applications regarding individuals which have outstanding multi-objective finance or foreclosed/canceled construction financing levels with the agencies. Look at the existing Pag-IBIG financing profile, if any, and you will repay people a great fund before you apply having a good new casing loan that have Pag-IBIG.
?? Continue a reliable Source of income
Planning on stopping your job? Jobs jumping will damage your chances of bringing accepted-way more for people who switch to a lower-spending work or work with unusual earnings.
Pag-IBIG will look at the a job records to assess while you are financially secure adequate to deal with your entire monthly mortgages. Your employment tenure proves your revenue balance.
If at all possible, you will have a reliable source of income for around a couple many years. You may be best off sticking with your current jobs if you intend to try to get financing having Pag-IBIG in the future.
?? Look at the Credit file and you will Alter your Credit history
Consider the credit rating while the a reflection of the honesty and obligations when addressing funds or any other financial obligations. Any delinquency in your bank card and you may financing costs try an effective red flag so you can lenders. For those who have a bad history of payments, you might be less inclined to become approved
Remark your credit report no less than a year before applying having a homes mortgage for the Pag-IBIG Loans. This can leave you plenty of time to best any mistakes and you can alter your credit history. You can access your credit score from Borrowing Suggestions Agency or certainly the certified credit agencies.
?? Sign up for an expense It’s possible to Pay back
Qualified Pag-IBIG members can use doing ?six million for capital a house, however, that does not mean you will want to choose the absolute most. At all, the fresh new department often nevertheless check if you find yourself actually certified. An identical amount of confirmation and you may assessment might apply even while you are borrowing money worthy of below ?six billion.
Pag-IBIG features a housing mortgage affordability calculator one rapidly works out exactly how far you could borrow and you can pay inside the month-to-month amortization. New computation is founded on your revenue, your chosen financing name and you may fixed pricing months, additionally the projected worth of the house or property we wish to purchase. Additionally it is of good use when you need to understand the needed gross month-to-month earnings for the number we should use.
?? Make a top Down payment
And make a big deposit shows your financial balances. Additionally, payday loans Hidden Lake it is an earn for you due to the fact you’re going to be borrowing an excellent straight down amount regarding the Pag-IBIG Financing, which in turn ortizations.
When you find yourself determined to raise a higher down payment and you may happy in order to decelerate you buy, consider undertaking a new stream of earnings, for example top performances or a business. When you have a windfall, particularly an unexpected genetics, commission, otherwise added bonus, utilize it to fund your own down-payment.
?? Make sure your Income Document Shows All your valuable Earnings
Your own Certification out of A career and you may Compensation (CEC) makes otherwise break your own houses loan application. This money file, which shows the disgusting monthly money and other monetary pros, proves your own ability to pay back the loan.
The CEC need certainly to have particular and you will updated information. Such as, for those who recently got an increase, it has to indicate their latest monthly paycheck. When you are choosing de- minimis experts otherwise low-nonexempt allowances, request their Hr movie director to provide including information also.
?? Believe Applying for the fresh new Affordable Housing Financing Program
When your income is actually reasonable, it’s hard in order to be eligible for most mortgage brokers throughout the Philippines. However, fortunately, you may also qualify for Pag-IBIG’s Sensible Construction Mortgage Program.
