Welcome again, mga kabahay! Today, I ready one other informative vlog for all you aspiring owners on the market. Today, we will talk about the ins and outs of dwelling loans by financial institution financing within the Philippines.
Whether you are a first-time homebuyer or seeking to improve, this video will information you kung PAANO MAG-APPLY NG HOME LOAN THRU BANK FINANCING.
There are 3 MAIN KEYPOINTS that we’ll talk about on this video:
1. Definition
2. Eligibility
3. Criteria
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WHAT IS BANK FINANCING?
Before you even take into consideration making use of for a house mortgage, it is essential to grasp kung ano ang ibig sabihin ng Bank Financing and the way the entire course of works. This is necessary for first time homebuyers para mawala ang concern/takot ninyo na mangutang in a long run foundation.
Bank Financing is the method the place a financial institution lends cash to purchasers so as to buy an actual property property.
✓ LENDER = BANK
✓ BORROWER = CLIENT/BUYER
✓ COLLATERAL = REAL ESTATE PROPERTY (home, condominium, lot, and so forth.)
WHEN WILL I GET THE ORIGINAL PROPERTY TITLE?
Once you end paying to your month amortization or when you end paying your mortgage with the financial institution, that’s the time you can get the unique property title from the financial institution.
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ELIGIBILITY
After you perceive the definition of financial institution financing, the subsequent query is, AM I EILIGIBLE FOR BANK FINANCING? Qualified ba ko or ma-approve ba ako ng dwelling mortgage?
Let’s break down the 5 BORROWER’S ELIGIBILITY para ma-approve for Bank Financing:
1. AGE: Most banks within the Philippines require debtors to be between 21 and 65 years previous on the time of mortgage maturity.
2. INCOME: You want a secure supply of earnings. Banks normally choose debtors with a gentle job or enterprise earnings.
Required Income = Monthly Amortization divided by 30%
2,000,000 x 80% Loanable Amount = P 1,600,000
MA 20yrs to pay = 12,400
Req. Income = 12,400 / 30%
Req. Income = 41,333 (minimal)
3. CREDITWORTHINESS: An excellent credit score rating is important. Banks need to know you are accountable together with your funds. Paying payments on time and having a clear credit score historical past can increase your possibilities.
4. CITIZENSHIP: Typically, solely Filipino residents or twin residents can apply for dwelling loans. If you are a foreigner, you could have completely different choices.
5. LEGAL CASE: You should not have any ongoing authorized case (legal or civil case) once you apply for dwelling mortgage. Annulment, baby custody, and so forth. Legal Separation isn’t accepted as everlasting separation of property – solely Annulment is accepted.
FOR INQUIRIES, QUOTE OR TO SCHEDULE HOUSE VIEWING
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Contact us now so we will ship you the whole info for this property! Plus, allow us to provide help to get Pre-qualified in your most well-liked financing. Click the hyperlink under:
SEND INQUIRY HERE 🔗
THE REAL ESTATE BROKER
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Hi! Welcome to my channel. I’m a licensed actual property dealer primarily based in Imus Cavite and thank for watching my vlogs! 😊
LESLIE LAZARTE
Real Estate Broker
PRC License No. 0013570
PRC ID: 19-3177356
PTR: 1515512 legitimate till Dec. 31, 2022
HLURB DHSUD Reg. No. NCR-B/005031 12/31/22
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