After reaching a certain stage in your life, you will think about settling down with your family in one place. The idea might be either to construct your home or to buy the one that is already built. No matter what your choice is, it is quite difficult to arrange millions of Philippine pesos in one go. During such cases, the only option that serves beneficial and affordable is applying for a home loan.
Borrowing huge amount of money obviously involves considerable risks, which is why it requires proper planning. Once the money gets credited to your account, then it becomes your responsibility to pay the loan instalments, before the due dates every month. Hence, it becomes necessary that you keep your options open, instead of finalizing with what comes first.
Factors that should be considered
While freezing on the bank or finance institution, it is necessary that you consider many aspects. Instead of blindly following what has always been done by others for years to come. Comparing the different features, prices, rates, etc offered by different companies can make a lot difference.
EMI Pay Dues and Flexibility Offered
As you already know, every bank or finance company will decide the date in each month, when they debit the EMI from the bank account as per your agreement. You can either go with the same date or can negotiate to set another one, as per your requirement. However, this option is not available in all the credit financing companies. Hence, it is best to know whether the institution that you have selected offers flexibility to negotiate the EMI date.
Listing of the Property
When you are bidding for a property, you will be updated with the banks that offer loan on that particular land. However, this is not the case with all available properties for sale. Hence, experts suggest making a list of the banks that are actually ready to offer loan on any particular home. You can check out the Metrobank housing loan offers, because they are one of the reputed private lenders in the Philippines.
By making a list, you are enhancing the chances getting quick loan. Every financial institute consists of a team of investigators, and their role is to check whether any land or home or building is worth offering loan on. These companies will not offer money on assets that have not yet been approved by their investigation team. Hence, knowing about the financial institutes that are available for applying loan is just like an assurance, and you will get the funds easily.
As you already know, eligibility to apply for loan is the top priority, before even submitting the application form to the respective creditors. Eligibility mainly includes many aspects such as your credit scores, your monthly income, current financial status, etc. It is not easy to decide whether you are eligible or not to apply for loan since the requirements keep changing with fluctuating market.
Experts suggest knowing more about your capacity to arrange EMI within the due date and then proceed with applying for loans. The percentage of amount that you wish to borrow from any bank decides whether you are eligible for applying, and also to payback or not, within the specified time duration. To find out more, use a home loan calculator and get all the answers to your questions.