Because the a residential property finance stretched of the common and you will industrial financial institutions in the this new Philippines flower from the 4.7 % regarding the third quarter regarding 2016, or Php billion more because of the Sep from this past year, now is possibly the trusted time to apply for a property mortgage. Sadly, instantaneous recognition is not always the fact, given that specific applicants still do not meet with the official certification specified of the a bank or their selected lender. Inside release off Lamudi Q&A good, we outline this new procedures a person can drink the big event that their construction application for the loan gets rejected.

Q: What if My Houses Application for the loan Gets Denied?

A: Not qualifying for a loan doesn’t indicate youre not eligible to owning a home. Being aware what to accomplish 2nd immediately following being denied can always give choice one to after that can deal with the acquisition of your own desired liveable space.

step one. Pose a question to your Lender Info Regarding your Cause for Rejection

One thing to create abreast of being notified of the casing financing application’s getting rejected should be to query as to why. As the banking companies was influenced by law so you can follow certain criteria whenever granting otherwise rejecting fund, they are also obliged to incorporate facts in order to borrowers about why that loan try declined. Your loan agent will most likely reach out along with you regarding it because they will likely render it is possible to financing possibilities.

2. Thought To purchase a more affordable Assets

Among the aforementioned solutions may be to think to find an excellent assets valued a little less compared to one to you used to be to begin with applying for. [Read more…]