One skipped fee can be ruin your chance of getting accepted to possess a special financing. Pag-IBIG refuses construction applications out of borrowers with delinquent multi-purpose loans or foreclosed/terminated construction financing accounts for the institution. Look at your existing Pag-IBIG mortgage levels, or no, and you can pay-off one a great finance before you apply to possess a good the newest homes mortgage which have Pag-IBIG.
?? Remain a stable Revenue stream
Planning on stopping your job? Jobs jumping commonly damage your odds of providing recognized-way more for those who switch to a lower life expectancy-expenses work or a position having unusual money.
Pag-IBIG will look at the work records to evaluate whenever you are economically stable enough to manage all of your month-to-month mortgages. Their a career period proves your earnings balances.
Preferably, you will have a stable income source for at least one or two years. You are better off adhering to your jobs if you intend to try to get a loan having Pag-IBIG soon.
?? Look at the Credit history and Replace your Credit score
Think about the credit score as the an expression of one’s sincerity and responsibility when addressing financing and other financial obligations. Any delinquency on your own charge card and loan money are a good red-flag in order to loan providers. If you have an adverse track record of costs, you’re less inclined to get approved
Review your credit history no less than per year before applying to own a construction mortgage on the Pag-IBIG Finance. This may give you enough time to right one mistakes and you will improve your credit history. You have access to your credit report through the Borrowing Recommendations Organization or one of their certified credit reporting agencies.
?? Apply for an amount You’ll be able to Repay
Licensed Pag-IBIG users can obtain up to ?six million to own funding a property, but that doesn’t mean you need to choose for the maximum amount. After all, the department will nonetheless evaluate if you are in fact licensed. An equivalent amount of verification and you may evaluation will apply also whenever you are credit currency worth below ?six million.
Pag-IBIG features a casing financing cost calculator one to quickly computes exactly how far you payday loan Cherry Creek could acquire and spend from inside the monthly amortization. Brand new computation lies in your revenue, your chosen financing term and you will repaired cost several months, together with projected property value the home we want to pick. It’s also helpful if you’d like to understand the required gross month-to-month earnings to your number you want to use.
?? Build a top Downpayment
And come up with a big advance payment shows your financial balances. Furthermore a victory to you while the you will end up borrowing from the bank a beneficial down number about Pag-IBIG Funds, which in turn ortizations.
When you find yourself determined to raise a high advance payment and happy to decrease you buy, consider doing another stream of money, such as for example front performances or a small business. When you have a great windfall, such as for instance an unexpected genetics, percentage, or extra, put it to use to pay for their advance payment.
?? Ensure your Income File Reflects Any Money
Their Certification out-of A job and you will Settlement (CEC) renders otherwise crack your construction loan application. That it earnings document, which will show the terrible month-to-month money or any other monetary advantages, proves the ability to repay your loan.
Your own CEC need certainly to incorporate right and you can up-to-date advice. Including, for people who recently got a raise, it has to imply the most recent month-to-month salary. If you are acquiring de minimis positives otherwise low-taxable allowances, demand your Time director to provide like details too.
?? Envision Trying to get the brand new Affordable Housing Financing Program
Should your money is actually reasonable, it’s difficult so you’re able to be eligible for most mortgage brokers on the Philippines. However, luckily, it’s also possible to qualify for Pag-IBIG’s Reasonable Construction Mortgage System.