The basic idea behind how to apply pag ibig housing loans is to use it as an alternative to mortgage and home loan. Unlike most of the other loans available in the market, the pag ibig housing loan requires no formal documents, no credit check, no guarantor and no collateral. It has been designed by the Pag IbiG (Pagibaran) housing association to help people who live in apartments or houses to rent for long periods of time. The pag ibig housing loan is ideal for those who have bad credit history or those who are in need of an immediate financial aid.
How to Apply Pag Ibid Housing Loan?
Advantages and drawbacks of pag ibig housing loan are discussed below: * Applicants are required to submit their income tax returns for two years after the end of every year. This should include a part of their social security payment and all their bills, utilities, loans and the like.
* Applicants may also have to pay a deposit towards the property, however, this deposit is refundable.
* Interest rates on the monthly payment are higher than those of normal mortgages and home loans. However, if you are able to pay off the property faster than anticipated, you can reduce the amount of interest paid to a minimum.
* The monthly payments are often made to the lender. There is no need for the applicant to pay for it on a monthly basis. This means the cost of the monthly payments is lower for the applicant.
* The pag ibig housing loan provides the applicant with the opportunity to use the properties as collateral when he/she requests for a loan extension for his/her property. The property is pledged as collateral to secure the loan amount. This allows the lender to extend the time of repayment of the loan, depending on the borrower’s repayment capability.
* The pag ibig housing loan is secured by the property only, so the borrower does not have to pay off his/her debts to the bank. However, the borrowers are encouraged to maintain regular payments to the lender by making sure that they do not miss out on paying any installments.
Also see : Investing in Low-Income Housing
The pag ibig housing loan is available to the person who has an immaculate FICO rating and who has been employed for at least two years. As a result, the interest rates for this loan is usually lower.
How to apply pag ibig is important because this is the only possible way to acquire real estate if you have a bad credit record. If you are not able to avail of the financial assistance from the government or banks, the pag ibig housing loan will be your best option. However, you must be able to demonstrate your ability to repay the monthly installments.
The best way to apply pag ibig is by submitting an online form. You may fill out a FAFSA (Free Application For Federal Student Aid), which can be done at any school that offers financial aid programs, or you may fax the FAFSA forms to the lender.
How to apply pag ibig is also useful if the property you are interested in buying is in a location that does not allow home loans. The lender may be able to offer you another solution if you are unable to finance your home through a traditional mortgage or a home equity loan.
Also read : How to Start a Transitional Housing Program?
The lender can also help you in how to apply pag ibig housing loan. if you want to obtain the property you have in mind, the lender can act as a buyer’s agent and purchase the property for you.
You may apply for both pag ibig and the property you want through a traditional mortgage if you are not eligible for the pag ibig mortgage loan. If you qualify for the pag ibig mortgage, then you should complete the necessary paperwork and submit the application. Once the lender receives your FAFSA, they will evaluate your financial capability.