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!
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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.