lumina-homes-logo

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.

***

For more information on Lumina Homes, contact (0917) 629 6523. Visit our official website at www.lumina.com.ph and like/follow our official online channels: Facebook, Twitter, Instagram, YouTube, Google MyBusiness & Google Maps, Pinterest, Spotify, Viber, Telegram, Lazada, and Shopee.

Related Blogs

18 January 2021

Famous Festivals in the P...

15 January 2021

Lumina Homes: UH Bagong B...

5 January 2020

Lumina Homes: Pathway to ...

3 January 2021

Five Factors to Consider ...

2 January 2021

Weaving Dreams from Afar

1 January 2021

2021 List of Holidays in ...

29 December 2020

Filipino Wacky Ways of Ce...

23 December 2020

Budget-Friendly Christmas...

23 December 2020

Lumina Homes: A Lantern o...

22 December 2020

Top Brokers to Help You F...

17 December 2020

Juan Support, Lumina Home...

16 December 2020

Filipino Christmas in the...

10 December 2020

Health is Wealth this Chr...

9 December 2020

Advantages of Opening a S...

4 December 2020

6 Easy Steps to Own a Lum...

2 December 2020

Fantastic Homes and Where...

26 November 2020

5 Reasons To Spend Christ...

26 November 2020

Smart Ways to Spend Your ...

26 November 2020

Nature-Perfect and Sophis...

26 November 2020

Lumina Tarlac: A Landlock...

6 November 2020

5 Ways You Can Pay for Yo...

23 November 2020

Lumina Baliwag: The Melti...

24 November 2020

Five Reputable Brokers to...

25 November 2020

5 Instagram-worthy Places...

10 November 2020

Philippine Online Propert...

23 October 2020

San Jose City, Your Next ...

16 October 2020

Lumina Opens New Promisin...

9 October 2020

Choose Lumina Homes, Soon...

2 October 2020

Lumina Ozamiz, Not Just A...

25 September 2020

Why You Should Get An MRI

25 April 2020

Own a Pre-selling Home in...

16 October 2018

13 Reasons Why Lumina is ...

6 April 2018

Lumina, Your New Bahay Go...

16 January 2016

Easy Money Saving Tips to...

13 October 2017

Are You Living for Short-...

9 October 2017

5 Helpful Tips in Buying ...

2 February 2016

Have Fun with Every Juan ...

5 December 2015

Living the Buhay Marino L...

24 December 2020

Binge with Streamtech and...

calculator
Loan Calculator

Try Lumina Homes' loan calculator and get an estimate computation for your preferred Lumina property and home model.

Monthly Amortization

Reset

Calculate

Disclaimer: All computation appearing herein are sample computation only and are not official.