Any skipped percentage normally ruin your opportunity of getting recognized to possess another financing. Pag-IBIG declines homes loan applications from borrowers with delinquent multiple-mission money otherwise foreclosed/terminated property loan profile to your institution. Check your existing Pag-IBIG loan profile, or no, and you can repay one the fund before you apply to own a great the fresh new houses loan that have Pag-IBIG.

?? Remain a steady Revenue stream

Considering quitting your work? Work hopping usually hurt your odds of taking recognized-way more for folks who switch to a lower life expectancy-paying job or a job that have unpredictable earnings.

Pag-IBIG tend to look at your work records to evaluate whenever you are financially stable sufficient to handle all of your monthly mortgages. Your a position tenure shows your income stability.

Preferably, you should have a reliable income source for around one or two years. You might be better off adhering to your existing occupations if you intend to try to get a loan which have Pag-IBIG soon.

?? Look at the Credit history and you may Alter your Credit rating

Think about the credit history because the an expression of your own sincerity and duty whenever dealing with loans and other financial obligations. People delinquency on your own credit card and you can loan money try a good red-flag to lenders. For those who have a bad track record of repayments, you might be less likely to get approved

Opinion your credit score at the very least a year before applying for a housing loan on the Pag-IBIG Money. This can make you plenty of time to best one problems and you may replace your credit rating. You have access to your credit report through the Borrowing Suggestions Enterprise otherwise certainly its certified credit reporting agencies.

?? Apply for an amount You can Pay off

Licensed Pag-IBIG players can also be use as much as ?six mil getting funding property, however, that doesn’t mean you will want to go for the maximum amount. Anyway, the fresh new institution will nonetheless check when you are indeed certified. The same level of verification and analysis will pertain also when you are credit currency worth less than ?6 mil.

Pag-IBIG enjoys a construction financing affordability calculator you to quickly exercise how much you might use payday loans Fort Collins and you will spend when you look at the month-to-month amortization. The fresh computation is founded on your income, your favorite financing label and you can fixed rates several months, and projected property value the house or property you want to purchase. It’s also useful if you would like be aware of the required gross monthly income to the count we need to borrow.

?? Generate a high Down payment

And come up with a large deposit proves debt balance. It’s also a win to you once the you’ll end up credit good straight down amount from the Pag-IBIG Loans, which ortizations.

If you’re calculated to boost a top down payment and you will ready so you’re able to slow down you buy, imagine starting a separate stream of earnings, including top gigs otherwise a small business. When you have a great windfall, such an unexpected genetics, payment, or incentive, make use of it to cover your down-payment.

?? Make fully sure your Earnings Document Reflects All of your current Earnings

Your own Certification of A position and you can Compensation (CEC) produces or crack the housing loan application. That it money document, which will show your gross month-to-month income or other financial benefits, proves your capacity to repay the loan.

Your CEC have to have particular and you may up-to-date pointers. As an instance, if you recently had a raise, it should suggest the most recent monthly salary. When you’re acquiring de- minimis positives otherwise low-taxable allowances, demand your Hour movie director to include such as for example information also.

?? Thought Applying for brand new Sensible Houses Mortgage Program

In case the money was lower, it’s difficult so you can be eligible for most lenders on Philippines. However, thankfully, you’ll be able to qualify for Pag-IBIG’s Sensible Homes Mortgage System.