Not only that, you don’t even get the loan money up-front.
#PAG IBIG FORECLOSED HOUSE AND LOT IN ILOILO PLUS#
On the flip-side, when you get a Home Construction Loan, you only get a small fraction of the total cost of the construction project in exchange of a much bigger collateral value – the land where the house stand plus the new and improved house on top of it. Thus, you are essentially just using 20% money to take possession of 100% value. Normally, the purchase price is also the current market value of the property. When you purchase a house and lot package, you will be shelling out for the down payment which is roughly 20% of the total selling price and you use a loan to finance the 80% balance. Here comes the part that you should think about very carefully. Think of the collateral and how much is at stake. Knowing how much you loan money you will be granted definitely equips you from future surprises.ģ. ( See also: Income, Contributions and Loan Amount ) Some factors that affect your approved loan include:
![pag ibig foreclosed house and lot in iloilo pag ibig foreclosed house and lot in iloilo](https://3.bp.blogspot.com/-Q23J1SmVIS8/WJSb3kEeGrI/AAAAAAAABUY/9Isdqh76TJATOl0vSkM-szxEHurb-T5WwCLcB/s1600/3.jpg)
Most of the time, far lower than that amount. The amount of loan you will get is not necessarily equal to the estimated cost of the project. The reason why you are getting a loan is so that you won’t have to use your own money, right?
![pag ibig foreclosed house and lot in iloilo pag ibig foreclosed house and lot in iloilo](https://i1.wp.com/www.megamanilarealty.com/wp-content/uploads/2020/08/277172.jpg)
Building, Electrical, and Sanitary Permitsįor a review on the complete list of document required when applying for a Pag-IBIG Housing Loan, please refer to this link: Pag-IBIG Housing Loan Document Requirements.Specifications and Bill of Materials duly signed by the Licensed Civil Engineer or Architect.For the Home Construction Loan, you need some more additional documents: But it is quite different than getting a Housing Loan for the purpose of buying a house, a condo or a vacant lot in. Like the other type of housing loan under the Pag-IBIG Fund, you still need to undergo the same pre-qualification criteria when you apply for such loan. It’s also something you need to understand very well before even attempting to submit an application.
![pag ibig foreclosed house and lot in iloilo pag ibig foreclosed house and lot in iloilo](https://static-ph.lamudi.com/static/media/bm9uZS9ub25l/1000x620/0688a484174448.jpg)
This type of loan is a bit tricky as you will see later. The focus of this article is in the last item, which we can simply refer to as Home Construction Loan, but bear in mind the same concepts also apply to Home Improvement or the so called Renovation Loan.