2 Important Things to Consider before Applying for a Home loan (Pag-IBIG Home loan) - Lynville Land (2024)

Have you ever imagined yourself or your future self with a family, possibly living in your hard-earned dream home? A home with a lovely landscape design, concrete walls, adequate kitchen space where your family members may make memories while eating in a pleasant dining area, and, of course, a comfortable bedsheet in a clean and peaceful bedroom. A simply not a house, but a home.

Seems impossible? Especially if you are a regular person who works in a company or perhaps lives overseas and cannot afford to build a house right away. This could be a sign that you should consider applying for a home loan.

It is essential to understand one’s financial capacities to determine whether or not one will be eligible for a home loan. This is used to determine how long it will take to repay a bank or financial institution for money borrowed. Furthermore, knowing your financial capability might help you determine how much money you can borrow. It’s a good thing that with a Pag-IBIG Home Loan, an applicant can assess their financial capacity using a Pag-IBIG Housing Loan Affordability calculator.

Do you have a stable cash flow?

is a must-ask question that can determine your financial capability. Monthly income is an important factor in your home loan application. An applicant’s financial situation must be stable because it will affect the Equated Monthly Installments in terms of paying on the agreed-upon payment date each month.

Include your credit history

When applying for a home loan, some applicants tend not to check this, assuming that previously missed payments will be forgotten. It does not work that way. Because the thing is most of the financial institutions which one is borrowing from or applying home loan do a credit investigation on an applicant to know if he/she will be approved for a home loan, diligently checking all the applicant’s accounts even the previous ones. Banks and other lenders frequently communicate information about delinquent (nonpaying) borrowers. In addition, a history of nonpayment could be a major reason for not approving an application for a home loan.

Calculating the monthly installment

Knowing your financial capability based on your monthly gross income entails calculating the monthly installment to be paid each month (Equated Monthly Installment). According to Corporate Finance Institute, An Equated Monthly Installment (EMI) is a type of payment made by borrowers to lenders monthly in a fixed amount. EMIs include both the interest and principal amounts. After a certain number of EMIs are made, the loan will be fully paid off.

An applicant must be aware of the calculated monthly installment of a home loan for which he has applied. This includes the loan amount, term, and interest rate. This would also assist you in properly allocating the EMI from your salary to avoid delays or nonpayment within the appointed payment date, which could result in the forfeiture of the loan you are applying for.

Have you seen a poster for the house developer for which you applied for a home loan? Perhaps it says a lot of good things about their houses, which most advertisem*nts must have in order to encourage customers to buy what they are advertising.

But there are things you must consider before choosing a developer.

Lynville strives to provide consumers with homes that are cheap, long-lasting, and structurally sound, with few flaws, defects, decay, or deterioration. All housing structural components in a single floor can be cast as a single, strong, and durable monolithic piece.

Aluforms is a new building technology that uses aluminum formwork panels instead of steel formwork panels. It also speeds up the construction of houses as compared to traditional methods.

Investing in real estate property takes time and careful financial planning. Knowing and understanding your existing financial situation is a good place to start. Since things like credit scores, mortgages, and down payments take time to obtain and repay. Knowing what financing scheme is best for your job is essential before applying for a home loan. Two of which are Pag-IBIG financing and bank financing. Pag-IBIG Fund is owned by the government, whereas banks are owned by private corporations.

Lynville gives the customer the option of using bank financing or Pag-IBIG financing. Lynville has banking relationship with Chinabank. If a client chooses bank financing, the maximum term is up to 20 years. A borrower’s maximum term under Pag-IBIG Financing is 30 years.

Despite the variety and flexibility that bank financing provides, many people remain skeptical of obtaining a loan from a bank. High interest rates, longer processes, stricter policies, and shorter payment terms are some of the reasons.

Pag-IBIG fund lets the client borrow up to 6-million pesos at very low rates. In contrast to banks, which seek profits, minimum wage earners are accepted. As a result, they will not grant credit to anyone who cannot demonstrate her ability to repay. For more information, visithttps://kami.com.ph/112309-pag-ibig-housing-loan-2021-form-requirements-calculator-application.html.

That’s it! Have you applied for a home loan yet? Have you thought about these things? Or, if you intend to obtain your dream home through a home loan, this could be a sign.

Purchasing a home may not be as simple as purchasing personal items. It takes a significant amount of time to think about and plan financially. That is why Lynville is here to assist you in realizing your dream of owning a home through simple and easy steps in reserving a home with Pag-IBIG. What exactly are you waiting for? Make your reservation now!

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