Any overlooked fee can wreck your chance of going acknowledged having another mortgage. Pag-IBIG declines casing applications off borrowers having delinquent multiple-objective money or foreclosed/terminated houses financing membership on the service. Look at your present Pag-IBIG loan accounts, or no, and you will repay people outstanding fund before applying having an effective brand new houses loan having Pag-IBIG.
?? Remain a steady Income source
Thinking about quitting your job? Work hopping tend to damage your chances of bringing approved-moreso if you switch to a lower life expectancy-using job or a job with unpredictable income.
Pag-IBIG commonly check your a career history to evaluate when you find yourself economically secure sufficient to deal with all of your current monthly mortgage loans. Their a job tenure shows your income balances.
Ideally, you’ll have a constant income source for at least two ages. You will be better off adhering to your existing business if you plan to try to get a loan with Pag-IBIG in the near future.
?? Check your Credit report and you will Improve your Credit score
Think about the credit score just like the a reflection of your own honesty and you can duty when dealing with funds and other financial obligations. Any delinquency on your bank card and you may financing costs was an excellent warning sign so you can loan providers. When you have a bad history of money, you may be less likely to want to become approved
Feedback your credit report at the least a year before applying to possess a housing mortgage with the Pag-IBIG Funds. This can leave you plenty of time to best one problems and alter your credit rating. You have access to your credit history from Credit Suggestions Corporation otherwise certainly their qualified credit agencies.
?? Sign up for an expense You’ll be able to Repay
Accredited Pag-IBIG participants normally use doing ?6 billion to possess financing a home, however, that doesn’t mean you need to choose for the most. Anyway, this new department have a tendency to still take a look at if you are in reality accredited. An equivalent number of confirmation and you may research will also incorporate actually when you are borrowing currency well worth below ?six mil.
Pag-IBIG has a homes financing cost calculator one to quickly exercises how far you might use and pay from inside the monthly amortization. The newest formula is dependent on your income, your preferred mortgage identity and you may repaired costs months, together with projected value of the house or property we wish to buy. It is also of good use if you would like be aware of the expected gross monthly money towards the number we should obtain.
?? Build a high Down-payment
While making a giant down payment proves debt stability. It is also a victory for you given that you’re going to be borrowing a down amount in the Pag-IBIG Finance, which in turn ortizations.
When you’re computed to raise a higher deposit and you may willing in order to decelerate your purchase, believe performing an alternate stream of income, for example side gigs otherwise a small business. When you yourself have a windfall, eg an urgent heredity, payment, otherwise incentive, put it to use to fund your down payment.
?? Make sure that your Money File Reflects Your Income
The Certificate from Employment and you will Settlement (CEC) makes or split your housing loan application. Which money file, which shows your gross month-to-month earnings or other economic masters, demonstrates their power to pay your loan.
Their CEC have to contain right and you may updated information. Including, for individuals who recently had a boost, it should indicate first site your newest monthly salary. When you are acquiring de minimis masters otherwise low-taxable allowances, request their Hour manager to incorporate for example facts also.
?? Thought Trying to get new Reasonable Property Mortgage Program
If your earnings was lower, it’s difficult to help you be eligible for really lenders from the Philippines. However, the good news is, you’ll be able to be eligible for Pag-IBIG’s Reasonable Construction Mortgage System.
