One missed payment is also damage your chance of going accepted for an alternative financing. Pag-IBIG declines houses loan requests away from individuals with outstanding multi-purpose fund or foreclosed/canceled houses loan levels into service. Look at the current Pag-IBIG financing account, if any, and pay-off one a good financing before applying to possess a beneficial brand new casing financing that have Pag-IBIG.

?? Continue a steady Source of income

Considering stopping your job? Jobs hopping will hurt your odds of taking recognized-moreso for people who change to a lower life expectancy-paying jobs otherwise a career which have abnormal earnings.

Pag-IBIG often check your employment record to assess whenever you are financially secure sufficient to manage all of your current month-to-month mortgages. The a job period proves your revenue stability.

Ideally, you should have a stable source of income for at least a couple of ages. You are better off adhering to your existing work if you intend to apply for that loan which have Pag-IBIG soon.

?? Look at the Credit file and Change your Credit rating

Think about the credit history once the a reflection of honesty and you can duty when dealing with loans or other obligations. People delinquency on your own credit card and loan repayments was an effective warning sign to lenders. When you yourself have an adverse history of money, you will be less likely to want to get approved

Feedback your credit history at the very least per year before applying for a homes mortgage with the Pag-IBIG Funds. This will leave you plenty of time to correct people problems and you can replace your credit rating. You have access to your credit report through the Borrowing Recommendations Agency otherwise certainly its licensed credit agencies.

?? Get a price You’ll be able to Pay-off

Accredited Pag-IBIG members can borrow around ?six billion to own financial support a home, but that doesn’t mean you will want to pick the absolute most. Whatsoever, this new service usually still check when you find yourself in reality certified. The same level of verification and you will review will also incorporate actually when you are borrowing from the bank money worth lower than ?six billion.

Pag-IBIG have a homes financing cost calculator you to definitely easily computes just how far you could use and spend inside the monthly amortization. The brand new calculation is dependent on your earnings, your preferred loan label and fixed pricing months, as well as the projected worth of the property we need to buy. Also, it is useful when you need to be aware of the called for disgusting month-to-month income towards the amount we want to use.

?? Generate a high Deposit

Making a giant downpayment proves your financial stability. It’s also a win for your requirements since loan places Coal Creek you are credit a good all the way down number on the Pag-IBIG Finance, which ortizations.

If you are calculated to boost a higher advance payment and you will willing so you can decrease you buy, imagine undertaking a special stream of money, such as for example front side gigs otherwise a small business. For those who have a windfall, particularly an urgent heredity, commission, otherwise extra, put it to use to pay for the downpayment.

?? Be sure that Money Document Reflects All your valuable Money

Your own Certificate from Employment and you can Payment (CEC) renders or split your houses loan application. This income file, which will show their terrible month-to-month earnings or other economic experts, proves your own ability to pay off the loan.

The CEC need certainly to include real and updated recommendations. Such as, for many who has just had a boost, it has to imply your own newest monthly salary. While choosing de- minimis positives otherwise low-nonexempt allowances, demand the Hour movie director to provide such as for example details also.

?? Believe Obtaining brand new Sensible Construction Loan Program

Should your money are reasonable, it’s hard to help you qualify for extremely home loans in the Philippines. However, luckily, you can be eligible for Pag-IBIG’s Reasonable Housing Financing Program.