Any missed percentage can ruin your chance of getting acknowledged to possess a new financing. Pag-IBIG declines houses loan requests regarding consumers that have unpaid multiple-objective loans or foreclosed/terminated casing payday loan Mono Vista financing levels with the institution. Look at your present Pag-IBIG mortgage levels, or no, and you can repay any the funds before you apply to have good the latest homes financing that have Pag-IBIG.
?? Continue a constant Source of income
Planning on quitting your job? Job jumping commonly damage your odds of getting acknowledged-moreso for many who change to a lower life expectancy-using occupations otherwise a position having unpredictable money.
Pag-IBIG usually look at the employment background to assess if you find yourself financially stable enough to manage your month-to-month mortgage loans. Their work tenure proves your earnings balance.
Essentially, you should have a constant revenue stream for around two many years. You happen to be better off sticking with your existing job if you are planning to try to get a loan which have Pag-IBIG in the near future.
?? Look at the Credit file and you can Change your Credit history
Consider the credit history since a reflection of your own honesty and you can responsibility whenever handling fund and other obligations. One delinquency in your mastercard and you will loan costs is a great red-flag so you can lenders. When you yourself have an adverse track record of repayments, you’re less inclined to get approved
Opinion your credit history at the very least a-year before you apply to possess a casing mortgage to the Pag-IBIG Money. This can make you plenty of time to right people problems and you can replace your credit history. You have access to your credit report from the Borrowing from the bank Recommendations Business or certainly one of its licensed credit bureaus.
?? Make an application for an amount You can actually Pay back
Licensed Pag-IBIG participants normally borrow to ?6 billion getting financial support a house, however, that doesn’t mean you will want to decide for the maximum amount. Whatsoever, the brand new institution will nonetheless see when you’re in fact accredited. A comparable level of confirmation and you may comparison will additionally use even if you find yourself borrowing currency value below ?six million.
Pag-IBIG keeps a construction financing affordability calculator one to rapidly exercises exactly how much you could borrow and spend from inside the monthly amortization. The computation will be based upon your revenue, your preferred loan label and repaired pricing months, as well as the estimated worth of the home we need to purchase. It’s also of use if you wish to be aware of the requisite disgusting month-to-month earnings into matter you want to use.
?? Generate a high Downpayment
To make an enormous deposit shows debt balance. It’s also a profit for you once the you will end up credit an excellent down number from the Pag-IBIG Fund, which ortizations.
If you find yourself determined to increase a top deposit and you can ready so you’re able to decrease you buy, consider performing a different sort of stream of money, like front side performances or a company. If you have an excellent windfall, eg an urgent inheritance, payment, or added bonus, utilize it to pay for your own advance payment.
?? Make sure your Income Document Reflects All of your current Earnings
Your own Certificate of A position and you may Payment (CEC) can make or break your own houses application for the loan. It earnings file, which ultimately shows your own terrible month-to-month money and other economic gurus, shows the ability to repay your loan.
Your CEC must incorporate precise and you may up-to-date recommendations. For instance, for people who has just got an improve, it should indicate your own current monthly salary. When you are researching de- minimis pros otherwise low-nonexempt allowances, consult their Hours manager to incorporate such information as well.
?? Believe Making an application for brand new Affordable Property Loan Program
In case the income is low, it’s hard to qualify for very mortgage brokers about Philippines. But fortunately, you can even be eligible for Pag-IBIG’s Affordable Housing Financing Program.