Housing Loan Guide For Your Dream House

In 2017, Bangko Sentral ng Pilipinas has announced that the property prices have increased by 1.8 percent but that does not mean that you are unable to build your dream house since there is a loan that you can apply to. A housing loan or home loan is money that will be borrowed from a financial institution or bank to purchase a house or fund a facility. 

You can choose if you want an adjustable or fixed interest rate and payment terms when you apply for a loan. There are two types of loan that you can choose to:

Conventional Loan

In this type of loan, the fixed payment is over a specific duration is mandatory. This will be applicable if you have a predictable or timely salary so that you can plan ahead of time. In addition, this type of loan has a higher possibility of approval than the other type of loans since they are more applicable for borrowers with good credit.

Flexible Type Loan

In this type of loan, you are allowed to decrease or increase the amount borrowed, or to vary the repayments. You are also allowed to control the interest rate you will get depending on how much you will deposit.

Requirements When Applying For Housing Loans:

  • Must be a Filipino resident
  • Must be 21 years old up to 65 years old
  • If you are OFW, you must have a special power of attorney and your COE must be approved by POEA
  • If you are a foreigner, you must meet the VISA requirement and would have to submit an Alien Certificate of Registration

Things That Needs To Be Evaluated When Applying For Housing Loan:

  • Age
    – The lender typically bases the maximum length of your housing loan to your age because an applicant should pay off the amortization before turning 65 years old
  • Income
    – Banks check your credit standing and income before approving your desired loan because you will be paying it for years. In addition, your loan grant depends on your income.
    – Your spouse income will also be checked
  • Dependents
    – Lenders will also check your ability to pay the loan on the number of people depending on your income
  • Job Consistency
    -The applicant should be at least two years employed
    – If the applicant is a business owner, PAG-IBIG will require you to provide documents or information such as taxes, profits/income, business permits, and other important papers
  • Amount of the Loan
    – PAG-IBIG can give Php100,000 up to Php3,000,000.00 with certain conditions such as the capacity to pay while the Average bank can give a minimum of Php800,000 with a certain condition as well
  • History if Credits
    -Lenders will require the applicant to provide documents that show repayment of debts. This will be one of the basis for checking if you are eligible since those documents will show if you are a responsible payee.
    -However, if you don’t have any credit history yet, you can already start by getting a credit card from the same bank you prefer to borrow. Just use the card and build a good credit history.

Denied Housing Loan? Here are the reasons:

  • Lenders or banks are not convinced that you have the ability to pay the loan or the amount you borrow
  • You may not be within the age requirement. You should be 21-65 years old
  • Failure to provide important documents

Tips To Get Your Loan Approved:

  • Choose a realistic loan amount
  • Buy a house that is within your budget
  • Build a good credit history
  • Prove that you have a stable source of income
  • Pay for a higher down payment
  • Think of applying with co-borrower
  • Submit all the important requirements

If you’re planning to build your dream house go for it. Enquire now at any bank that offers housing loans or at Pag-IBIG.

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