All Articles With Category : Loans

The latest and the best financial news, tips and tricks.

Things to Avoid When Applying for a Home Loan

Buying a house is one of the biggest decisions one can make. Having devoted plenty of energy and time for our down payment, researching and applying for a home loan begins. Despite this, there are still many real-life examples of home loan applications being rejected even when borrowers have the ability to pay for the down payments. Here, we list the things one should avoid when applying for a home loan. Read More: Are You Ready to Buy a House? Table of ContentsWhat Should You Avoid When Applying for a Home Loan?Which Purchases Increase your Debt-to-Income Ratio?Big Purchases Can Wait What Should You Avoid When Applying for a Home Loan? If you have found your dream house and a home loan is the only thing stopping you from getting it, here are some important dont’s when you are going to apply for a home loan: Don’t change your job before applying for a home loan. A stable career with a fixed income indicates your ability to pay the monthly amortization on time. Don’t apply for new credit cards. It is a hint that you are going to take on more debt in the coming days. It may be one of the reasons that you can’t pay your monthly amortization on time. Don’t make any purchases that will increase your debt-to-income ratio. In short, you need to make sure that you do not engage in any activities or purchases that add to your existing financial burdens. Any actions that increase the risk of your financial portfolio send an alarming signal for the bank….

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What You Should Watch Out for When Applying for a Housing Loan

Before the house-hunting begins, it is good to know your affordability and eligibility for the housing loans in The Philippines. When it comes to housing loans, one of our main concerns is to find out which banks offer the most reasonable and affordable interest rates. However, there are many criteria that should be given the utmost consideration since the house-purchasing is one of the biggest decisions we make in our life. Don’t be lured by the low interest rate of a housing loan, there’s no such thing as a free lunch, and a good lunch is not going to be cheap! Table of ContentsWhat Are Your Concerns When Applying For A Housing Loan1. The Monthly Payment2. The Down Payment3. The types of interest rate4. Loan TenureWhat Else to Consider for a Housing Loan Application? What Are Your Concerns When Applying For A Housing Loan If you are ready to purchase a house, let’s see what you need to watch out to apply for a housing loan. 1. The Monthly Payment When applying for a housing loan, you must not only have income but have a sufficient one to get the loan approval. The monthly payment should be at most one-third of your income and anything more than that makes your application process for a housing loan more difficult. Philippine banks generally do not approve loans that result in a monthly amortization of more than 30 percent of your monthly gross income. If you wish to know how much you are going to pay every month, an amortization schedule is recommended to…

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UnionBank Auto Loans

For those who’d like the convenience and comfort of having their own vehicle but have a dilemma in the payment process, the UnionBank Auto Loans can offer a hand. Table of ContentsAttractive Features of the LoansHow Can I Make My Payments?The Interest RatesThe Standard Interest Rate versus OMAThe Basic Requirements Attractive Features of the Loans The UnionBank Auto Loans offer financing for brand-new vehicles as well as used vehicles. The minimum down-payment rates for brand-new vehicles and used vehicles are respectively 20% and 30% of the loan amount. At the same time, the minimum loan amount starts at P200,000 while the maximum auto loan amount is up to 80% of the selling price of the vehicles. Borrowers can enjoy the flexible loan payment terms of UnionBank Auto Loans. The payment options are 12, 18, 24, 36 and 48 monthly terms if you will buy a used car. Those who plan to buy new cars can also benefit from the payment options, and they are given additional choice of 60 monthly payment terms. How Can I Make My Payments? There are three modes of payments available for the UnionBank Auto Loans borrowers. They can choose to pay their monthly amortization loans over the counter at any UnionBank branches or by issuing post-dated checks to UnionBank. A third option is the Auto Debit Arrangement (ADA) facility, borrowers simply have to nominate their accounts as well as specify the amount and schedule of payments. On a monthly basis, the payments will automatically be deducted from their UnionBank savings or checking accounts. The Interest Rates…

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