As the a property financing expanded by common and you will commercial banking companies for the the fresh new Philippines rose by the cuatro.7 % in the third quarter of 2016, or Php billion more than by September of a year ago, now is possibly the easiest time for you apply for a housing loan. Regrettably, instant approval isn't necessarily the scenario, given that certain applicants nonetheless do not meet up with the certificates specified because of the a bank or its chose financial. Contained in this version off Lamudi Q&A, we detail the brand new measures a person can take in case that their construction application for the loan will get rejected.

Q: Imagine if My Casing Loan application Gets Refused?

A: Maybe not qualifying for a financial loan does not suggest youre not qualified for home ownership. Being aware what to complete second immediately following getting declined can still give solutions that next can help with the acquisition of your own need living space.

step 1. Ask your Financial Facts About your Reason for Rejection

One thing to would upon becoming notified of one's casing mortgage application's getting rejected will be to ask as to why. As the finance companies is governed for legal reasons in order to comply with specific standards when approving otherwise rejecting financing, he or she is furthermore obliged to add information so you can consumers concerning as to the reasons financing was declined. Your loan agent will touch base with you out of which since they will more than likely render you are able to loan choices.

2. Believe To purchase a more affordable Assets

Among the latter selection may be to imagine to invest in a property charged a little less versus you to you had been in the first place obtaining.