Any skipped payment normally wreck your opportunity of going recognized for a separate mortgage. Pag-IBIG refuses construction loan requests of individuals https://paydayloancolorado.net/cotopaxi/ that have delinquent multi-purpose money otherwise foreclosed/canceled property financing profile for the agencies. Check your established Pag-IBIG mortgage account, if any, and you can pay back one a great financing before applying for a good the houses loan with Pag-IBIG.

?? Keep a steady Income source

Considering stopping your job? Business jumping will hurt your odds of delivering approved-more so if you change to less-spending work or employment which have abnormal money.

Pag-IBIG have a tendency to look at the a position records to evaluate whenever you are economically stable adequate to deal with all month-to-month mortgage loans. Your own a career period demonstrates your earnings balance.

Ideally, you’ll have a stable income source for at least two decades. You may be best off sticking with your current job if you plan to apply for financing having Pag-IBIG in the future.

?? Look at your Credit file and Change your Credit history

Think about the credit score once the a representation of your own honesty and duty whenever approaching money and other obligations. One delinquency on your bank card and you may financing money was a beneficial red-flag so you’re able to lenders. For those who have an adverse reputation money, you may be less inclined to become approved

Review your credit history about a year before you apply to possess a houses mortgage for the Pag-IBIG Finance. This may give you enough time to best one problems and you will replace your credit history. You have access to your credit history through the Borrowing Suggestions Enterprise otherwise among its qualified credit bureaus.

?? Make an application for an expense You can Pay off

Certified Pag-IBIG members can be borrow as much as ?6 million to have funding property, however, that does not mean you really need to pick the maximum amount. After all, this new department commonly however have a look at when you are in fact licensed. An identical amount of confirmation and you will analysis also implement even while you are borrowing from the bank money value lower than ?6 mil.

Pag-IBIG has a casing loan cost calculator you to definitely quickly computes exactly how far you might obtain and you may shell out for the monthly amortization. New formula will be based upon your income, your chosen loan term and repaired costs months, as well as the estimated property value the house or property we wish to get. Additionally it is of good use should you want to be aware of the needed terrible month-to-month earnings with the count we need to use.

?? Make a high Down payment

While making a big deposit shows debt balances. Furthermore a winnings for your requirements once the you will be borrowing a great all the way down count about Pag-IBIG Financing, which in turn ortizations.

When you’re calculated to increase increased advance payment and you will ready so you’re able to reduce your purchase, think undertaking a unique blast of income, such as top gigs otherwise a small business. For those who have a windfall, such as for example an unexpected inheritance, percentage, or incentive, put it to use to fund your own deposit.

?? Ensure that your Income Document Shows All your Money

Their Certification away from A position and you will Payment (CEC) produces or break your own housing loan application. That it money file, which shows their gross monthly money and other monetary pros, proves your capacity to repay the loan.

Your CEC need to include accurate and you can upgraded guidance. For-instance, for many who has just had an increase, it should imply your own current monthly salary. If you find yourself choosing de- minimis masters or non-taxable allowances, demand their Hour movie director to include instance facts as well.

?? Envision Making an application for the new Sensible Construction Loan System

In the event the income was lower, it’s difficult so you can be eligible for very lenders in the Philippines. But luckily for us, you can also qualify for Pag-IBIG’s Affordable Homes Financing Program.