5 Key Points na dapat mong malaman sa Pag-aapply ng Housing Loan sa Bangko.
BY Paulo Caponpon • July 6, 2018 • Blogs
Isa sa mga madalas na tanong sa akin ng mga clients ko during site tripping is “Sure kaya na maaprubahan ako sa bangko?”
Kung ikaw ay may planong bumili ng isang property thru bank financing, paano mo nga ba malalaman?
Simple lang, there are 5 Factors that can determine right away kung gaano kataas or kababa ang chance ng isang client na makasecure ng approval sa bank housing loan.
Work and Work Location
In order for Banks to process your loan application, one of their qualification is kailangan may trabaho ka or may negosyo ka na kumikita. Why? Doon kasi nila malalaman ang capacity mo na bayaran ang monthly amortization mo sa bahay. Banks will also normally require you to be at least 2 years employed (Not necessarily on the same company, maraming nalilito dito) or at least your business should be at least profitable for the past 3 years.
For OFW’s, May tinatawag tayo na “War – Torn Countries” na kung kasama ang bansa na pinagtatrabahuan mo sa list na yon, mataas ang chance madisapprove ang housing loan application mo. The reason kung bakit mataas ang bank disapproval sa mga ganitong cases is because, no insurance company will accept your application. Remember, Sigurista ang mga bangko. Hindi sila basta basta magaaprove ng walang kasamang insurance sa loan mo.
Meron din tayong tinatawag na “Negative Occupation List”. Ito ay listahan ng mga trabaho na may high chances of disapproval sa bank. Well, basically kung ang work mo is hindi nagpoprovide ng mga basic income documents like Certificate of Employment, Income Tax Return (ITR) and Payslips, there is a high possibility na hindi maaprocess ng isang bank ang loan application mo.
For lists of War – Torn Countries and Negative Occupations, kindly ask us by sending an email at email@example.com
Pag tinanong ka ng ahente or ng broker mo tungkol sa sweldo mo or sa kita ng negosyo mo buwan buwan, Wag ka sana matakot or maoffend. The reason kung bakit nila need tanungin ang kinikita mo monthly is because your monthly income will be a factor on how much is the maximum loan amount na pwede aprubahan sa’yo ng mga bangko. The moment na tinanong ka ng ahente or broker mo tungkol doon, maswerte ka dahil most likely, magaling at trustworthy na ahente or broker ang nakuha mo.
Example, kung ikaw ay may planong bumili ng property na worth 10K and monthly amortization sa bank, just multiply it to 3.3 para malaman mo kung magkano ang kailangang monthly salary para property na plano mong bilhin. In that case, you will need to have a minimum income of 33K a month. The higher, the better.
We have a loan calculator in our website para macheck mo kung magkano ang estimated na pwede mong iloan sa bank if ever na magavail ka ng kanilang housing loan.
If hindi umabot ang monthly income mo sa required monthly income na kailangan ng bangko para sa house na plan mo bilhin, don’t lose hope. It doesn’t mean na disqualified ka na automatically. There are other ways para umabot sa required income ng bank.
- Increase Downpayment
Pwede kang magdagdag ng additional downpayment para sa iyong bahay. I’ll give an example:
Meron kang gustong bilhin na bahay na worth PHP 1,000,000 na house and lot na may required na 10% Downpayment. So ang lalabas, need mo ng PHP100,000 in order na mabayaran yung minimum required downpayment and the remaining balance will be let’s say financed by the bank thru housing loan which is based sa ating scenario, is nasa PHP900,000.
The good thing is, if meron kang extra budget, you can add it sa downpayment mo na PHP100,000. So let’s say may extra ka pang PHP150,000 sa savings mo, pwede mo yun idagdag sa PHP100,000 na naidown mo. Ang lalabas, PHP250,000 yung total downpayment na nabayaran mo para sa house.
Kung mas malaki ang naidown mo, mas mababa na lang yung amount na iloloan mo sa bank, na from PHP900,000, magiging PHP750,000 na lang. At kung mas mababa na yung amount na iloloan mo sa bank, mas magiging mababa na lang din ang required na monthly income para maaprove.
Pero just because na nagdown ka ng malaki, hindi ibig sabihin ay automatic approved ka na sa bank. If in case na kahit nagbigay ka na ng malaking downpayment at hindi ka parin aabot sa required monthly income, another option is mag appoint ka ng tinatawag nating “coborrower”
According to finance website Investopedia, “A co-borrower is an additional borrower whose name appears on loan documents and whose income and credit history is used to qualify for the loan.” Meaning, need mo mag appoint ng isang tao na may stable na trabaho at nasa tamang edad(The qualifications of a coborrower will the same as the principal borrower). Ang mangyayari dito, the bank will combine your monthly income plus your coborrower’s monthly income para umabot doon sa required income. But you should be aware na once na you appoint a coborrower, he/she will also be included in the title of the property. That’s why most banks prefer na dapat ang coborrower is a relative up to the 2nd degree (mga tito, tita, pinsan). Some banks allow non – relatives for some valid purposes. They are called “Co-owners” Perfect examples dito is mga magBF/GF, Fiancees, Live – in Partners.
This I think is the most important factor on getting your housing loan approved. Make sure that you settled all of your unpaid bank loans and credit cards (If any). Many real estate agents are afraid of asking this question to their prospects because of fear na maoffend sila. As a buyer, you should NOT.
I’ll share you a story of my colleague from one of his previous transaction, May client siya before na bumili ng isang townhouse worth 2 Million thru Bank Financing. Maganda yung background ng client, pasado sa pre – qualifying. He even said na wala siyang ginamit na credit cards before, so the agent will assume na accurate lahat ng sinabi ng client during the tripping and reservation ng house. After the client paid the downpayment and submitted the necessary requirements for the housing loan sa bank for evaluation, nasilip ng bank na may record siya due to an UNPAID credit card. The bank advised to him na isettle muna yung unpaid credit card before I-approve yung loan. The bad news is, masyadong malaki yung amount ng unpaid credit card kaya hindi nya nagawang isettle. In the end, sa sobrang dismayado ni client, He decided to forfeit the purchase without any refund.
I do hope it will serve as a lesson to all na maging honest when your real estate agents or brokers will ask you these types of questions. Don’t be afraid, I’m sure they will be confidential and will be used only to assess the chance of your bank approval.
If in case na may “record” ka before sa iyong credit cards, I highly advise you to clear your credit history para hindi siya masilip ng mga banks. Normally, banks will require you to present a certification of full payment galling sa creditor mo to prove na bayad ka na sa utang mo. Don’t underestimate the bank’s ability to know your credit history. Once na magkaroon ka ng bad record sa isang accredited lending company, you will be included in the Negative File Information System (NFIS) of the Credit Management Association of the Philippines (CMAP). Once included in the list, you will surely have a hard time securing a loan approval in the future unless na isettle mo yung unpaid balances mo. For the record, we don’t discourage you to get a credit card of your own. Just use it responsibly para hindi ka magkaroon ng problems in the future.
The bank will also check if meron kang previous loan or loans ka na hindi nabayaran from any banks here in the Philippines. Same scenario, if hindi ka nakabayad ng bank loans before, your name will be included in the NFIS.
I’ll share another case, I have a client before na walang bad record sa credit card and walang previous loans sa kahit anong financing institution at pasok naman ang kanyang monthly salary sa gusto niyang bilhin na property. Ang problema, after ng Credit Investigation (C.I) ng bank, lumalabas na meron siyang pending court case na estafa on a certain individual. Even cases like that ay makakaapekto sa iyong credit standing.
If you are single or happily married, kindly skip this one. This subject is for clients na, let’s just say na “things did not work out well” sa kanilang marriage and they decided to go on separate ways. There is a law here in the Philippines called “Absolute Community of Property” (Formerly called Conjugal Property) na basically ang sinasabi is “ang property mo is techinically, property na din ng asawa mo. Now, ano ang kinalaman nito sa pagavail mo ng housing loan?
If you are married and you plan to avail a housing loan, Banks and other financing institutions will require your spouse to also submit necessary requirements too. The problem will arise if you are already separated. Will you be automatically disapproved by the bank?
Well, not necessarily. May mga options ka pa na pwedeng piliin which I will discuss on my future article.
Real Estate Agents or Brokers will give you a payment term based on your age because banks do have certain conditions on what specific age na dapat ay tapos mo na bayaran yung loan mo. For instance, if locally employed ka, dapat by 65 years old, tapos mo na bayaran yung buong housing loan mo. Kung OFW ka naman, dapat tapos mo na siya bayaran when you reach 60 years old and the maximum payment term that the banks will to OFW’s is 15 years.
Let’s have an example: You are a locally employed and you are going to avail a property thru bank financing. Your present age is 30 and gusto mong malaman kung ano yung maximum term na pwede ibigay sa iyo ng bank?
The Computation will be as follows:
Assume na nagdecide kang bayaran yung downpayment ng installment at 12 months.
Add the Downpayment Term: 12 Months (1 Year)
Your Age after the Downpayment Term: 31
So let’s say naaprove ka ng bank 1 month after mo matapos ang downpayment term mo and ang preferred payment term mo is 20 years.
Add Your Preferred Payment Term: 20 years
Your Age After mo matapos yung housing loan: 51 years old.
So Technically, pwede ka sa 20 years kasi wala ka pa sa 65 years old na required ng bank. Pero halimbawa, paano kung ikaw ay nasa 50 years old na ng kumuha ng housing loan? Same Scenario na 1 year downpayment term. What will be the maximum term na pwedeng ibigay sa iyo ng bank?
Add the Downpayment Term: 1 year
Your Age after the Downpayment: 51
Same scenario. let’s say naaprove yung housing loan mo 1 month after matapos ang downpayment term mo.
Add Your Preferred Payment Term: 20 years
Your Age After the Loan Maturity: 71 years old.
By that time, your age will be above the required age by the bank. Mataas ang chance na hindi ka nila aaprubahan sa 20 years. Most probably sa 15 years ka mapupunta. Pero be aware na pag mas maikli ang payment term, mas mataas ang monthly amortization na ibibigay ng mga banks. The good thing is mas mabilis mo siya mababayaran.
Kaya if you have a plan to get a housing loan for your dream home, and you want to know your chance of getting approved by the bank, pwede mong balikan itong blog na ‘to and ask yourself again. Kung nabasa mo na yung blog ko, for sure alam mo na kung ano or magkano pwede mong i-loan sa bangko.
I do hope nakatulong ako sa iyo sa pagdedecide sa plano mong mag – avail ng property. If you need some advices pa in relation with this article or want mo magpahanap ng property na pasok sa iyo, kindly email us at firstname.lastname@example.org.
Happy Property Hunting!