How to increase housing loan approval?

[Wh1stl3r]

MRI, fire insurance saka yun mga taxes lahat ikaw magbabayad Plus meron ka pa equity. Hinde naman talaga Full amount ibinigay ng bank eh.


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Don't forget OMA, offer din nila to lower the rates a bit.

[kaidemitsui]

MRI, fire insurance saka yun mga taxes lahat ikaw magbabayad Plus meron ka pa equity. Hinde naman talaga Full amount ibinigay ng bank eh.


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Yes po. I already paid the equity. Yun 1.16M na yun is already the 80% of the tcp of the property. Pinaghahandaan ko lang yun ibang fees.

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[kaidemitsui]

Where are you located ?
I don't know how BDO approves but Metrobank sucks. Dami pa hinihingi sa akin, tapos nung nalaman nila na na approved ako ng rural bank approved na daw pero 600k lang. Wtf!
Napaka higpit ng Metrobank sa loan

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Sa Batangas sir. I think approved na ako. Kaya pinagbayad na nila ako ng appraisal fee.
UCPB ako una nag apply ng housing loan. Mabilis dn approval kaya lang in-appraise nila agad yun bahay ng wall pa lang nkatayo. Kaya mababa appraisal value compared dun sa TCP. Kahit na meron ako mga pina revised sa plano.

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[kaidemitsui]

Yes naka itemized naman. About to loan 1.3m lang pero buti na lang napag isipan namin 1.5m.na lang never knew may charges na ganon. Bank fees, yung fees ng Registry of Deeds, insurance etc.

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For that amount magkano inabot nun mga fees na un sir?

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[kaidemitsui]

Actually matagal na ako pinagbabayad ng appraisal fee ng bdo. Siguro mga 3 months ago pa. Pero dahil sa experience ko sa ucpb, pinagawa ko na muna yun extension and other revisions para ma appraise ng maayos ni bdo.
Di naman dahil sa capacity to pay ko kaya mababa ang approved amount sken ni ucpb, kundi dahil sa appraised value nila ng property.

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[kaidemitsui]

Don't forget OMA, offer din nila to lower the rates a bit.

What's OMA sir?

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[_Qwerty_]

One Month Advance

[EQAddict]

If you have a history of Credit card issues or bouncing check issues then it will take 9 years to expunge your record.

As mentioned before car loans are vastly different from housing loans. The difficulty in reselling a confiscated car vs an idle property are orders of magnitude apart. And housing loans are more important to you in the long run than a car loan.

Always protect your credit. Cars, motorcycles, credit cards, etc. Every strike, missed payment etc goes against your record and it all adds up until you are eventually blacklisted.

Maintain a deposit history and balance with 1 bank so at least you establish a relationship with a potential loan provider.

Try buying property from developers with inhouse financing. They may be a bit more accomodating and generous with credit checking.

Banks are strict. They have credit officers who report to risk management directors who rely on a COMMON database of defaulters. If you are denied a HOUSING loan in BDO, most likely you will be denied elsewhere. I cant say this enough but to those who are just starting out....your credit is equivalent to your financial reputation. Have to protect it with all you've got.







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[_Qwerty_]

malaki na din ang pwedeng i loan sa Pag-Ibig.. mas maganda sa pag-ibig hindi sila ganon ka strict sa payments gaya nang mga banks.. mababa na din ang interest rates nila.

[kaidemitsui]

Pagibig sana ako mag loan. Unfortunately, ayaw pumayag ng developer if may revisions sa bahay. Kahit pa sinabi ng pagibig na pwede naman.

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