One missed fee can wreck your chance of going recognized to own yet another mortgage. Pag-IBIG declines construction loan applications away from borrowers with unpaid multiple-mission financing or foreclosed/terminated construction loan accounts to your department. Look at the existing Pag-IBIG loan profile, or no, and pay off one an excellent finance before you apply for a great this new property financing having Pag-IBIG.

?? Keep a steady Revenue stream

Thinking of stopping your task? Job hopping will harm your odds of delivering approved-way more for many who change to a reduced-using job otherwise a position that have unusual income.

Pag-IBIG often look at the work background to assess if you’re economically stable adequate to deal with all your valuable monthly mortgages. Your own a position tenure shows your income balances.

If at all possible, you will have a reliable revenue stream for at least two many years. You will be better off staying with your existing employment if you intend to apply for that loan having Pag-IBIG in the near future.

?? Look at your Credit file and you can Change your Credit rating

Consider the credit rating due to the fact a representation of the trustworthiness and you can obligations when approaching money or any other financial obligations. People delinquency on your own mastercard and you can loan costs is actually an effective warning sign so you’re able to loan providers. If you have a detrimental history of repayments, you will be less likely to want to become approved

Comment your credit score at least annually before you apply for a casing financing with the Pag-IBIG Money. This will make you enough time to correct any problems and improve your credit history. You can access your credit score from the Borrowing from the bank Recommendations Firm otherwise among the licensed credit bureaus.

?? Submit an application for an amount You can Pay-off

Licensed Pag-IBIG users is also acquire to ?six billion to own financing a property, however, that does not mean you ought to choose the most. Anyway, new company commonly nonetheless view if you find yourself in reality qualified. An equivalent amount of confirmation and analysis might apply even if you’re borrowing money really worth below ?6 billion.

Pag-IBIG features a construction loan affordability calculator you to quickly calculates how far you could acquire and you will pay inside the month-to-month amortization. New formula lies in your revenue, your preferred mortgage name and you will repaired rates several months, and also the estimated worth of the house we want to buy. Additionally it is of use if you would like be aware of the required gross month-to-month income to your count you want to obtain.

?? Make a higher Down-payment

And make a giant deposit proves debt balance. Furthermore a win to you because you’re going to be credit a down matter regarding Pag-IBIG Money, which in turn ortizations.

When you find yourself computed to improve increased deposit and willing so you can impede your purchase, imagine starting a special stream of earnings, such as for instance front performances or a company. For those who have a beneficial windfall, such as for instance surprise heredity, commission, or incentive, utilize it to fund the advance payment.

?? Make fully sure your Money Document Reflects Your entire Income

The Certification out-of A career and you will Compensation (CEC) produces or split their housing application for the loan. That it earnings file, which will show the terrible monthly income and other financial positives, shows the capacity to repay your loan.

Your CEC need certainly to incorporate perfect and you will upgraded guidance. By way of example, for people who recently got an increase, it should indicate your own most recent monthly salary. Whenever you are finding de minimis experts or non-taxable allowances, request the Hr director to add eg facts also.

?? Consider Applying for brand loans in Blende new Sensible Housing Mortgage System

Should your money is actually reduced, it’s difficult in order to qualify for most home loans on the Philippines. But fortunately, it’s also possible to be eligible for Pag-IBIG’s Reasonable Homes Financing System.