Housing Loan ComparisonComparison of housing loans
When you apply for a home loan, you must not only have an adequate source of revenue, but also enough revenue to obtain the loan. Your maximum amount to be paid each month should not exceed one third of your salary. Deposit - It is the amount of cash you prepay when you buy a house.
The deposit affects the house value you can buy, as the Philippine bank usually requires a deposit of at least 20% of the estimated value of the real estate. Interest rates - When you apply for a home loan, you can select between either static or floating rates.
Loans with a static interest will be a good option for those who want to make consistently recurring months' deposits, benefit from a predictable loan and have a private household balance. The interest on a floating interest loan changes with the changes in the interest due on the markets. Term of loan - The interest payable is directly proportionate to the term of the loan.
If the term of office is longer, the higher the overall interest is, and conversely. In order to compute your home loan interest first, split your annuity by the number of repayments you will make in one year. It then multiplies it by the amount of your loan which, for the first installment, will be your entire principal amount.
When you work abroad, you can request a home loan in the Philippines. The system is constructed by collecting information from a variety of different resources such as banking, corporate cards, debt collectors and government. It' a very important criterion for a bank to be able to approve your home loan. In this way, prohibitions will know that you have a steady revenue stream and that your spending is correct and conscientious with your fees.
Thus, for example, you can receive a housing loan for BDO within 5 working day for Metro Manila and 10 working day for provinces after submitting the full documentation. It may be available for BPI family credit within 2 week or less after review and filing of full credit request requisition.
Yes, if you are a married person, you and your husband can jointly claim a home loan. You can lend more because the pay in question is a combination of your total and your family's total earnings. When you are singles, contact a co-owner who is also responsible for the repayment of the loan.
Each borrower would have to submit to the standardised assessment procedure for loan applications. When you are in arrears with the repayment of your initial loan, you will be charged additional charges that vary from creditor to creditor. Accumulating several moths (usually three months) of overdue payments can cause your mortgages to fall into arrears.
Your merchant may be willing to reorganize the loan by extending your term of repayment, resulting in lower and simpler recurring months' installments (but a higher amount to be repaid for the life of the loan). Alternatively, it could fund your loan by letting you take a new loan to pay back the older one.
When you still cannot afford your payback, then while you won?t be arrested, your belongings could be sealed off and sold at auction by the creditor to repayment of your debts.