In applying for a housing loan, a borrower will undergo credit investigation. There are several factors for the banks to approve you of a housing loan as well as being disapproved. Here are some basic things to ensure higher chances of getting approved:
> Submit complete requirements
> Properly declare truthful personal information (one common concern is the marital status)
> Your ITR, Pay slip, COE and other proof of income documents must be sufficient. Again, the monthly amortization must be at 30% of your monthly gross income. If married, income of both spouses can be combined.
> You have good credit standing. You must not have any outstanding credit card debt, unpaid loans and the likes.
> You don’t have any legal case filed against you.
Again, these are just some of the basic eligibilities for securing a housing loan. Banks may not give the reason for disapproval due to confidentiality.
You may get the services of a licensed broker to guide and help you in finding the right investment and assist you in financing application. Feel free to reach me. All the best to you!
Michelle Madarang is a graduate at De La Salle University-Manila, an Entrepreneur and licensed Real Estate Broker, whose been in the real estate industry since 2012. Integrity, honesty and genuine care for clients are the core of her work ethics.