One overlooked payment can wreck your opportunity of getting recognized getting a different mortgage. Pag-IBIG refuses houses loan requests of consumers having unpaid multiple-mission funds otherwise foreclosed/canceled casing financing account into the institution. Look at the existing Pag-IBIG mortgage accounts, or no, and you can repay one an excellent financing before applying to possess a good new housing loan having Pag-IBIG.

?? Continue a reliable Income source

Thinking of quitting your job? Employment moving have a tendency to hurt your chances of taking recognized-moreso for people who change to less-paying business otherwise employment which have abnormal money.

Pag-IBIG often look at your work records to evaluate if you’re financially steady adequate to deal with all month-to-month mortgage loans. The a career tenure demonstrates your earnings balance.

Preferably, you have a stable revenue stream for around a few age. You may be better off sticking with your current jobs if you plan to try to get that loan having Pag-IBIG in the future.

?? Look at your Credit report and you can Alter your Credit rating

Think about the credit score since an expression of your sincerity and you may obligation whenever addressing funds or other financial obligations. One delinquency on the bank card and you can mortgage costs is an effective red flag so you can lenders. For those who have a detrimental reputation costs, you may be less likely to get approved

Remark your credit report at the very least a-year before you apply to possess a housing mortgage to the Pag-IBIG Fund. This can give you plenty of time to proper people problems and you may change your credit rating. You have access to your credit score from the Credit Pointers Business otherwise one of its qualified credit bureaus.

?? Get a price It’s possible to Pay-off

Qualified Pag-IBIG participants can be use up to ?6 mil to have resource a property, but that doesn’t mean you will want to pick the most. Anyway, the new institution have a tendency to still see when you are in fact accredited. A comparable quantity of verification and analysis will additionally pertain even whenever you are borrowing from the bank currency value lower than ?6 mil.

Pag-IBIG features a houses financing cost calculator one easily computes how much you might use and you can pay within the month-to-month amortization. The fresh computation will be based upon your revenue, your preferred mortgage title and repaired pricing months, together with estimated property value the home we want to pick. Also, it is of good use if you wish to understand called for terrible monthly income to the matter we need to borrow.

?? Generate increased Advance payment

And come up with a giant deposit shows debt stability. Also, it is a winnings for you given that you’re going to be borrowing from the bank good all the way down count regarding the Pag-IBIG Fund, which often ortizations.

When you find yourself calculated to boost increased advance payment and you may happy to impede you buy, envision doing a special stream of money, such as for example front performances otherwise a business. For those who have an excellent windfall, eg an unexpected inheritance, percentage, otherwise extra, put it to use to pay for their down payment.

?? Make sure that your Earnings File Shows All of your Money

The Certification from Employment and Compensation (CEC) renders or crack your own casing application for the loan. This earnings document, which ultimately shows your own disgusting monthly money or other monetary experts, proves the power to pay back the loan.

The CEC have to have accurate and you may updated advice. As an instance, for those who recently got a raise, it should imply the newest monthly income. When you’re acquiring de- minimis advantages or low-taxable allowances, request their Time director to add such as for instance details also.

?? Believe Obtaining brand new Affordable Houses Loan Program

In case your income was lowest, it’s difficult to help you qualify for extremely mortgage brokers about Philippines. However, luckily for us, you can even be eligible for Pag-IBIG’s Reasonable cash advance usa Clifton address Property Financing Program.