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Quick Guide in Getting a Housing Loan

26 November 2020
Written by: Ness Albito

 

What could have happened if we all have to wait to have enough money to buy a house and lot in outright cash? I bet most of us would not even dare to dream of owning a house and lot or will have to wait for the retirement day to avail. Viewed in that way, the best solution we had is getting our dream house and lot through the help of a housing loan.

 

Before you begin looking for a housing loan, a good start is figuring out how much you can afford. First, look at your household income. Combining your income with your spouse (if married) or with your parents (if single) and the result will be the number equivalent to your household income. Financing institutions approve housing loans when the monthly amortization for the loan does not exceed 30% of monthly household income.

 

Generally, housing loan applicants must-have a source of income. Either as an employee for at least two years or self-employed or a business owner. Financing institutions will ask you to provide documents to confirm your status.

 

Second, make sure to have your finances are in order. Credit history also greatly affects your eligibility. Your credit history is a collated data from different sources like government agencies, banks, collection agencies, and credit cards that financing institutions may gather to check the stability of your income and capacity to pay the loan.

 

Usually, you may pay outright cash, deferred payment, or choose three financing options in availing house and lot such as in-house financing (from developers), bank financing, and Pag-IBIG Financing known as Home Development Mutual Fund (HDMF). See what financing fits you.

 

When you have the monthly budget estimate, you may use Lumina Homes Loan Calculator. This site will help you determine your dream affordable house and lot and what model house, financing, and terms of payment you can comfortably afford.

 

Lastly, proceed to a home purchase. And now, buying house and lot is made easier through Lumina Homes Online Reservation. For assistance, you may consult a property consultant now!

 

Applying for a housing loan may sound tiring but the goal of home ownership will always be a better idea than spending money on rentals forever.

 

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