Sunday, May 8, 2016

HOUSING LOAN REQUIREMENT: PAG-IBIG / HDMF FINANCING; BANK FINANCING AND INHOUSE FINANCING

Kabayan,

Welcome on my another article at #HousingOwnershipGuide.

Lot of buyers really confused about the Housing Loan Requirement, specially for Pag Ibig and Bank Financing. 

Now we will discuss and show to you the difference of Housing Loan Requirement for the following financing institution that are commonly offered in the market today.

1. Pag Ibig Financing, you may see this on most of 1M TCP and below offered in the market, and they have the lowest interest (start at 4.5% interest rate per annum) that they can offered today.

  • Pag-IBIG is an acronym which stands for Pagtutulungan sa Kinabukasan: Ikaw, Bangko, Industria at Gobyerno.

2. Bank Financing, this is a private financing institution that would help to finance the balance of your house and lot package, since this is a private company they are more strict on the requirement needed for the buyer to comply

3. Inhouse Financing, if we are talking for the easiest on housing loan requirements on the documents, Inhouse Financing would really help but not all Developers are offering this. Yet, among the three, Developers offered a highers interest and shorter payment terms.

  • Lots of OFW were considering, Inhouse Financing due to less documents needed to submit.

SSS Housing Loan, basically all the developers now are not offering this financing but you may try to apply it directly to the said agency after the Loan Take Out.




BASIC HOUSING LOAN REQUIREMENT
PAG IBIG HOUSING LOAN REQUIREMENT
BANK HOUSING LOAN REQUIREMENT
INHOUSE HOUSING LOAN REQUIREMENT

Please bare in mind if you belong to Complicated Marital Status, and couple would not agreed to sign the required documents for your housing loan, well Pag-Ibig nor Bank Financing were not applicable to you. Wag pong ipilit.

You may read my next article to be posted on this blog soon. Follow this Blog Page for more upcoming easy tips on "Housing Ownership Guide."

FYI: Balance Payment read below:

PagIbig or HDMF Housing Loan basically has maximum of 30years payment scheme, and it can be shorten depends on your Proof of Income

Bank Financing, has a maximum of 20years payment scheme, and it can be shorten as well same in PagIbig Housing Loan. Also need to depend on your Proof of Income

✔ While Inhouse Financing, has a maximum of 10years payment scheme for the balance.

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