?? Accept One Overdue Pag-IBIG Mortgage Fee

Any skipped percentage can be ruin your chance of going acknowledged to have yet another mortgage. Pag-IBIG refuses construction loan requests of consumers having delinquent multiple-objective money otherwise foreclosed/canceled casing mortgage account for the service. Look at the existing Pag-IBIG financing profile, if any, and you may pay any the money before you apply to have an effective new housing mortgage with Pag-IBIG.

?? Continue a constant Income source

Considering stopping your task? Jobs hopping often hurt your odds of bringing accepted-moreso if you switch to a diminished-spending occupations otherwise a job having unpredictable income.

Pag-IBIG tend to look at the employment records to assess when you find yourself economically secure adequate to handle all of your monthly mortgage loans. The employment tenure demonstrates your income balance.

Essentially, you have a stable revenue stream for around a couple of age. You are best off adhering to your jobs if you are planning to apply for a loan with Pag-IBIG in the future.

?? Look at your Credit file and you can Alter your Credit score

Think of the credit history just like the a representation of trustworthiness and obligations whenever handling funds and other obligations. People delinquency on your own mastercard and you may loan money try an excellent warning sign so you can loan providers. When you have a detrimental history of payments, you might be less likely to want to become approved

Remark your credit history at least a year before applying getting a construction financing to your Pag-IBIG Fund. This can make you enough time to best any errors and you may replace your credit score. You have access to your credit report from Borrowing Suggestions Enterprise or certainly one of its certified credit bureaus.

?? Sign up for an expense It’s possible to Pay-off

Licensed Pag-IBIG participants is acquire to ?6 mil to possess financial support a house, but that does not mean you should decide for the maximum amount. Anyway, new company usually nevertheless look at while you are in fact licensed. An identical quantity of confirmation and you may investigations will also pertain even if you find yourself borrowing currency worthy of below ?six million.

Pag-IBIG keeps a housing loan value calculator that easily exercises how far you could use and you will spend when you look at the month-to-month amortization. New calculation will be based upon your revenue, your favorite financing label and you can fixed pricing period, as well as the projected property value the house we want to buy. Also, it is useful should you want to understand the requisite terrible monthly money with the amount we want to acquire.

?? Make a top Down payment

To make a massive deposit proves your financial balance. Also, it is a winnings for you as the you’ll be borrowing from the bank a good straight down matter on the Pag-IBIG Loans, which in turn ortizations.

If you are determined to boost a higher down payment and ready to help you slow down you buy, envision carrying out a different sort of stream of income, such as for instance front side gigs otherwise a company. When you have a good windfall, such as an urgent genetics, payment, otherwise added bonus, use it to pay for their down-payment.

?? Ensure that your Earnings File Reflects All of your current Money

The Certification off A position and Compensation (CEC) produces otherwise break their casing loan application. Which income document, which shows your own disgusting month-to-month earnings and other economic benefits, shows your own ability to repay the loan.

Your CEC need certainly to incorporate exact and updated information. For-instance, for folks who recently had a raise, it has to imply your newest month-to-month income. When you’re acquiring de- minimis gurus or non-nonexempt allowances, request your Hr director to provide instance info also.

?? Consider Obtaining this new Sensible Casing Mortgage Program

In the event the earnings try lowest, it’s hard in order to be eligible for really mortgage brokers regarding Philippines. But the good news is, you can qualify for Pag-IBIG’s Sensible Homes Financing System.