One missed commission is wreck your opportunity of getting approved getting a separate loan. Pag-IBIG refuses housing applications from consumers with unpaid multi-mission funds otherwise foreclosed/canceled property loan profile on company. Look at your existing Pag-IBIG loan membership, if any, and pay-off people a fantastic money before applying to have a new property loan having Pag-IBIG.
?? Keep a steady Revenue stream
Thinking of stopping your job? Employment hopping commonly harm your chances of providing acknowledged-more so for individuals who change to a diminished-spending occupations or work that have irregular income.
Pag-IBIG usually check your employment record to evaluate when you find yourself financially secure enough to manage all your valuable monthly mortgages. Your work period proves your revenue stability.
Essentially, you have a steady income source for at least one or two years. You may be best off sticking with your current work if you plan to try to get that loan having Pag-IBIG in the future.
?? Look at the Credit report and you will Change your Credit score
Consider the credit rating because a reflection of your sincerity and you may obligation whenever addressing loans and other obligations. People delinquency in your bank card and financing repayments are an excellent red flag to help you lenders. When you yourself have a bad history of money, you will be less likely to want to get approved
Opinion your credit report about per year before applying to have a property financing to your Pag-IBIG Fund. This will make you plenty of time to correct one mistakes and you can improve your credit history. You can access your credit report through the Credit Information Firm otherwise one of its licensed credit agencies.
?? Make an application for an amount You’ll be able to Pay off
Qualified Pag-IBIG people can be borrow doing ?six billion to have investment a house, however, that does not mean you really need to choose for the most. At all, the fresh agencies have a tendency to nonetheless see whenever loans in Avon you are in reality certified. A similar number of confirmation and you can research will additionally apply even when you’re credit money worthy of below ?six billion.
Pag-IBIG enjoys a casing loan affordability calculator you to rapidly calculates exactly how far you could potentially use and you can spend inside the monthly amortization. The fresh new formula is founded on your earnings, your chosen mortgage identity and you will fixed cost several months, together with estimated worth of the property we would like to purchase. Additionally it is beneficial if you want to understand the needed terrible month-to-month money into matter we need to use.
?? Build increased Advance payment
And make a giant down payment proves your financial stability. It’s also a win for your requirements because you’ll be borrowing from the bank good lower amount regarding Pag-IBIG Finance, which in turn ortizations.
When you are determined to raise a high advance payment and you can willing to help you reduce your purchase, thought starting yet another stream of money, such as for example front side performances or a small business. If you have a beneficial windfall, for example surprise heredity, percentage, otherwise extra, use it to pay for the down payment.
?? Ensure your Earnings Document Reflects Your Money
The Certification out-of A position and Compensation (CEC) makes or break your own housing application for the loan. Which income file, which will show their disgusting monthly earnings and other monetary professionals, demonstrates your own capability to pay back the loan.
Your CEC must incorporate particular and you will upgraded advice. By way of example, for those who has just had a boost, it has to mean your newest month-to-month salary. When you find yourself acquiring de minimis positives otherwise low-nonexempt allowances, consult your Hours manager to incorporate particularly information also.
?? Believe Making an application for the Reasonable Houses Mortgage Program
If the earnings is lowest, it’s hard to qualify for extremely home loans on Philippines. But thank goodness, you can be eligible for Pag-IBIG’s Affordable Casing Loan Program.