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Showing posts with label Financial loan. Show all posts
Showing posts with label Financial loan. Show all posts

Wednesday, May 16, 2018

Dreaming a House? 8 Tips on How to Save for a Down Payment



One of the most important and expensive things a person can purchase is a house. But many of us cannot afford to pay the total amount of a house at once. That is why we are planning to apply for a housing loan in Pag-IBIG or any private financial institution that offers a home loan with the lowest interest as possible.
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One of the most important and expensive things a person can purchase is a house. But many of us cannot afford to pay the total amount of a house at once. That is why we are planning to apply for a housing loan in Pag-IBIG or any private financial institution that offers a home loan with the lowest interest as possible. To start with our application we need a downpayment. Be it for reservation, developer's fee or for a principal amount of your loan. Always remember that the higher the down payment, the lower your monthly amortization and interest. With this, we need to save enough for our downpayment. But how? The following are 10 tips on how to save for your home downpayment. These tips are effective especially if followed religiously. 1. Make and Set a Realistic Goal If you are planning to apply for a housing loan or buy a house, the first thing you should do is to set a realistic amount that your financial capacity can accommodate. Financial advisors recommend the “2.5 rule”; that is, take your annual income and multiply it by 2.5. The product is the cost of the property you can afford. For example, if your monthly take-home pay (after deductions and taxes) is Php50,000, then the price of the property you can afford is Php1.5 million. From here you can determine how much money you should have for down payment, which at 20 percent of the purchase price should be P300,000. 2. Open a Savings Account The first and most important step to save for your down payment is to open an account where you can deposit your money. With your regular savings, you can stay on top of your finances. In that way, you can make sure your savings are dedicated to what is most important. With a separate savings account, it is harder for you to withdraw your saved money. 3. Save the Tenth Part of Your Monthly Salary Aside from your tithing, save 10 percent of your net monthly income for your house downpayment. Remember, always pay yourself first in the form of savings. This is an old yet reliable approach to save. It will take you a long way but it won't take forever. You have to start this as soon as possible. The 10 percent of your monthly salary must be deposited into your savings account. 4. Sell Stuff You Don’t Need Giving things you don't need is nice. But if you need money for more important things you can sell stuff you don't need at home. Just be practical. You can sell unwanted household goods or make a garage sale of your clothes and shoes you no longer use PlayStation, Xbox and other items that only collect dust and use space in your house. Put the money in your savings account. 5. Eliminate the Luxuries If you want to fast-track your savings for your home down payment, you need to eliminate some of your luxuries. This may include once-a-week lunch at a fancy restaurant, night out with friends, new clothing every four-weeks, buying of a high-tech phone once in a while among others. Before spending your hard-earned money, ask yourself first, it is a "wants" or a "need"? Within a year, your barkada may brand you as "killjoy" but this strategy can save you a thousand of pesos aside from the sense of fulfillment and financial independence. 6. Live not within but below your means If you live within your means, nothing left for you to save. Instead, live below your means so that you can save for your downpayment. Spend responsibly and avoid any reckless or unnecessary spending. Avoid impulsive buying and be frugal. 7. Look for a Part-time job If you are really serious about saving for a home down payment, then you have to look for another source of income. You can use your skills and talent with this in your free-time. A part-time job like tutoring, computer repair, driving, travel guide, and other freelance work. There are websites that have listings of part-time jobs for professionals, such as WriterAccess for writers and editors, DesignCrowd for artists and graphic designers, and Elance and oDesk for everyone else. 8. Pay off Your Credit Card Debt on Time Paying your credit card bills on time will save you on interest charges in the long term. Financial advisors recommend eliminating the use of credit card. They say if you can’t afford to pay for an item in cash, then you can’t afford it, period. By following these tips, you can secure your house downpayment within few years. Having a house is one of the best things we can have not just for ourselves but also for our family. For all of us who dreams a house to call our own, it is never too soon or too late to start saving. Start today and keep working towards your goal.
To start with our application we need a downpayment. Be it for reservation, developer's fee or for a principal amount of your loan. Always remember that the higher the down payment, the lower your monthly amortization and interest. With this, we need to save enough for our downpayment. But how? The following are 8 tips on how to save for your home downpayment. These tips are effective especially if followed religiously.

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1. Make and Set a Realistic Goal



If you are planning to apply for a housing loan or buy a house, the first thing you should do is to set a realistic amount that your financial capacity can accommodate. Financial advisors recommend the “2.5 rule”; that is, take your annual income and multiply it by 2.5. The product is the cost of the property you can afford.


For example, if your monthly take-home pay (after deductions and taxes) is Php50,000, then the price of the property you can afford is Php1.5 million. From here you can determine how much money you should have for down payment, which at 20 percent of the purchase price should be P300,000.

One of the most important and expensive things a person can purchase is a house. But many of us cannot afford to pay the total amount of a house at once. That is why we are planning to apply for a housing loan in Pag-IBIG or any private financial institution that offers a home loan with the lowest interest as possible. To start with our application we need a downpayment. Be it for reservation, developer's fee or for a principal amount of your loan. Always remember that the higher the down payment, the lower your monthly amortization and interest. With this, we need to save enough for our downpayment. But how? The following are 10 tips on how to save for your home downpayment. These tips are effective especially if followed religiously. 1. Make and Set a Realistic Goal If you are planning to apply for a housing loan or buy a house, the first thing you should do is to set a realistic amount that your financial capacity can accommodate. Financial advisors recommend the “2.5 rule”; that is, take your annual income and multiply it by 2.5. The product is the cost of the property you can afford. For example, if your monthly take-home pay (after deductions and taxes) is Php50,000, then the price of the property you can afford is Php1.5 million. From here you can determine how much money you should have for down payment, which at 20 percent of the purchase price should be P300,000. 2. Open a Savings Account The first and most important step to save for your down payment is to open an account where you can deposit your money. With your regular savings, you can stay on top of your finances. In that way, you can make sure your savings are dedicated to what is most important. With a separate savings account, it is harder for you to withdraw your saved money. 3. Save the Tenth Part of Your Monthly Salary Aside from your tithing, save 10 percent of your net monthly income for your house downpayment. Remember, always pay yourself first in the form of savings. This is an old yet reliable approach to save. It will take you a long way but it won't take forever. You have to start this as soon as possible. The 10 percent of your monthly salary must be deposited into your savings account. 4. Sell Stuff You Don’t Need Giving things you don't need is nice. But if you need money for more important things you can sell stuff you don't need at home. Just be practical. You can sell unwanted household goods or make a garage sale of your clothes and shoes you no longer use PlayStation, Xbox and other items that only collect dust and use space in your house. Put the money in your savings account. 5. Eliminate the Luxuries If you want to fast-track your savings for your home down payment, you need to eliminate some of your luxuries. This may include once-a-week lunch at a fancy restaurant, night out with friends, new clothing every four-weeks, buying of a high-tech phone once in a while among others. Before spending your hard-earned money, ask yourself first, it is a "wants" or a "need"? Within a year, your barkada may brand you as "killjoy" but this strategy can save you a thousand of pesos aside from the sense of fulfillment and financial independence. 6. Live not within but below your means If you live within your means, nothing left for you to save. Instead, live below your means so that you can save for your downpayment. Spend responsibly and avoid any reckless or unnecessary spending. Avoid impulsive buying and be frugal. 7. Look for a Part-time job If you are really serious about saving for a home down payment, then you have to look for another source of income. You can use your skills and talent with this in your free-time. A part-time job like tutoring, computer repair, driving, travel guide, and other freelance work. There are websites that have listings of part-time jobs for professionals, such as WriterAccess for writers and editors, DesignCrowd for artists and graphic designers, and Elance and oDesk for everyone else. 8. Pay off Your Credit Card Debt on Time Paying your credit card bills on time will save you on interest charges in the long term. Financial advisors recommend eliminating the use of credit card. They say if you can’t afford to pay for an item in cash, then you can’t afford it, period. By following these tips, you can secure your house downpayment within few years. Having a house is one of the best things we can have not just for ourselves but also for our family. For all of us who dreams a house to call our own, it is never too soon or too late to start saving. Start today and keep working towards your goal.

2. Open a Savings Account



The first and most important step to save for your down payment is to open an account where you can deposit your money. With your regular savings, you can stay on top of your finances. In that way, you can make sure your savings are dedicated to what is most important. With a separate savings account, it is harder for you to withdraw your saved money.
One of the most important and expensive things a person can purchase is a house. But many of us cannot afford to pay the total amount of a house at once. That is why we are planning to apply for a housing loan in Pag-IBIG or any private financial institution that offers a home loan with the lowest interest as possible. To start with our application we need a downpayment. Be it for reservation, developer's fee or for a principal amount of your loan. Always remember that the higher the down payment, the lower your monthly amortization and interest. With this, we need to save enough for our downpayment. But how? The following are 10 tips on how to save for your home downpayment. These tips are effective especially if followed religiously. 1. Make and Set a Realistic Goal If you are planning to apply for a housing loan or buy a house, the first thing you should do is to set a realistic amount that your financial capacity can accommodate. Financial advisors recommend the “2.5 rule”; that is, take your annual income and multiply it by 2.5. The product is the cost of the property you can afford. For example, if your monthly take-home pay (after deductions and taxes) is Php50,000, then the price of the property you can afford is Php1.5 million. From here you can determine how much money you should have for down payment, which at 20 percent of the purchase price should be P300,000. 2. Open a Savings Account The first and most important step to save for your down payment is to open an account where you can deposit your money. With your regular savings, you can stay on top of your finances. In that way, you can make sure your savings are dedicated to what is most important. With a separate savings account, it is harder for you to withdraw your saved money. 3. Save the Tenth Part of Your Monthly Salary Aside from your tithing, save 10 percent of your net monthly income for your house downpayment. Remember, always pay yourself first in the form of savings. This is an old yet reliable approach to save. It will take you a long way but it won't take forever. You have to start this as soon as possible. The 10 percent of your monthly salary must be deposited into your savings account. 4. Sell Stuff You Don’t Need Giving things you don't need is nice. But if you need money for more important things you can sell stuff you don't need at home. Just be practical. You can sell unwanted household goods or make a garage sale of your clothes and shoes you no longer use PlayStation, Xbox and other items that only collect dust and use space in your house. Put the money in your savings account. 5. Eliminate the Luxuries If you want to fast-track your savings for your home down payment, you need to eliminate some of your luxuries. This may include once-a-week lunch at a fancy restaurant, night out with friends, new clothing every four-weeks, buying of a high-tech phone once in a while among others. Before spending your hard-earned money, ask yourself first, it is a "wants" or a "need"? Within a year, your barkada may brand you as "killjoy" but this strategy can save you a thousand of pesos aside from the sense of fulfillment and financial independence. 6. Live not within but below your means If you live within your means, nothing left for you to save. Instead, live below your means so that you can save for your downpayment. Spend responsibly and avoid any reckless or unnecessary spending. Avoid impulsive buying and be frugal. 7. Look for a Part-time job If you are really serious about saving for a home down payment, then you have to look for another source of income. You can use your skills and talent with this in your free-time. A part-time job like tutoring, computer repair, driving, travel guide, and other freelance work. There are websites that have listings of part-time jobs for professionals, such as WriterAccess for writers and editors, DesignCrowd for artists and graphic designers, and Elance and oDesk for everyone else. 8. Pay off Your Credit Card Debt on Time Paying your credit card bills on time will save you on interest charges in the long term. Financial advisors recommend eliminating the use of credit card. They say if you can’t afford to pay for an item in cash, then you can’t afford it, period. By following these tips, you can secure your house downpayment within few years. Having a house is one of the best things we can have not just for ourselves but also for our family. For all of us who dreams a house to call our own, it is never too soon or too late to start saving. Start today and keep working towards your goal.
3. Save the Tenth Part of Your Monthly Salary



Aside from your tithing, save 10 percent of your net monthly income for your house downpayment. Remember, always pay yourself first in the form of savings. This is an old yet reliable approach to save. It will take you a long way but it won't take forever. You have to start this as soon as possible. The 10 percent of your monthly salary must be deposited into your savings account.

One of the most important and expensive things a person can purchase is a house. But many of us cannot afford to pay the total amount of a house at once. That is why we are planning to apply for a housing loan in Pag-IBIG or any private financial institution that offers a home loan with the lowest interest as possible. To start with our application we need a downpayment. Be it for reservation, developer's fee or for a principal amount of your loan. Always remember that the higher the down payment, the lower your monthly amortization and interest. With this, we need to save enough for our downpayment. But how? The following are 10 tips on how to save for your home downpayment. These tips are effective especially if followed religiously. 1. Make and Set a Realistic Goal If you are planning to apply for a housing loan or buy a house, the first thing you should do is to set a realistic amount that your financial capacity can accommodate. Financial advisors recommend the “2.5 rule”; that is, take your annual income and multiply it by 2.5. The product is the cost of the property you can afford. For example, if your monthly take-home pay (after deductions and taxes) is Php50,000, then the price of the property you can afford is Php1.5 million. From here you can determine how much money you should have for down payment, which at 20 percent of the purchase price should be P300,000. 2. Open a Savings Account The first and most important step to save for your down payment is to open an account where you can deposit your money. With your regular savings, you can stay on top of your finances. In that way, you can make sure your savings are dedicated to what is most important. With a separate savings account, it is harder for you to withdraw your saved money. 3. Save the Tenth Part of Your Monthly Salary Aside from your tithing, save 10 percent of your net monthly income for your house downpayment. Remember, always pay yourself first in the form of savings. This is an old yet reliable approach to save. It will take you a long way but it won't take forever. You have to start this as soon as possible. The 10 percent of your monthly salary must be deposited into your savings account. 4. Sell Stuff You Don’t Need Giving things you don't need is nice. But if you need money for more important things you can sell stuff you don't need at home. Just be practical. You can sell unwanted household goods or make a garage sale of your clothes and shoes you no longer use PlayStation, Xbox and other items that only collect dust and use space in your house. Put the money in your savings account. 5. Eliminate the Luxuries If you want to fast-track your savings for your home down payment, you need to eliminate some of your luxuries. This may include once-a-week lunch at a fancy restaurant, night out with friends, new clothing every four-weeks, buying of a high-tech phone once in a while among others. Before spending your hard-earned money, ask yourself first, it is a "wants" or a "need"? Within a year, your barkada may brand you as "killjoy" but this strategy can save you a thousand of pesos aside from the sense of fulfillment and financial independence. 6. Live not within but below your means If you live within your means, nothing left for you to save. Instead, live below your means so that you can save for your downpayment. Spend responsibly and avoid any reckless or unnecessary spending. Avoid impulsive buying and be frugal. 7. Look for a Part-time job If you are really serious about saving for a home down payment, then you have to look for another source of income. You can use your skills and talent with this in your free-time. A part-time job like tutoring, computer repair, driving, travel guide, and other freelance work. There are websites that have listings of part-time jobs for professionals, such as WriterAccess for writers and editors, DesignCrowd for artists and graphic designers, and Elance and oDesk for everyone else. 8. Pay off Your Credit Card Debt on Time Paying your credit card bills on time will save you on interest charges in the long term. Financial advisors recommend eliminating the use of credit card. They say if you can’t afford to pay for an item in cash, then you can’t afford it, period. By following these tips, you can secure your house downpayment within few years. Having a house is one of the best things we can have not just for ourselves but also for our family. For all of us who dreams a house to call our own, it is never too soon or too late to start saving. Start today and keep working towards your goal.
4. Sell Stuff You Don’t Need



Giving things you don't need is nice. But if you need money for more important things you can sell stuff you don't need at home. Just be practical. You can sell unwanted household goods or make a garage sale of your clothes and shoes you no longer use PlayStation, Xbox and other items that only collect dust and use space in your house. Put the money in your savings account. 
One of the most important and expensive things a person can purchase is a house. But many of us cannot afford to pay the total amount of a house at once. That is why we are planning to apply for a housing loan in Pag-IBIG or any private financial institution that offers a home loan with the lowest interest as possible. To start with our application we need a downpayment. Be it for reservation, developer's fee or for a principal amount of your loan. Always remember that the higher the down payment, the lower your monthly amortization and interest. With this, we need to save enough for our downpayment. But how? The following are 10 tips on how to save for your home downpayment. These tips are effective especially if followed religiously. 1. Make and Set a Realistic Goal If you are planning to apply for a housing loan or buy a house, the first thing you should do is to set a realistic amount that your financial capacity can accommodate. Financial advisors recommend the “2.5 rule”; that is, take your annual income and multiply it by 2.5. The product is the cost of the property you can afford. For example, if your monthly take-home pay (after deductions and taxes) is Php50,000, then the price of the property you can afford is Php1.5 million. From here you can determine how much money you should have for down payment, which at 20 percent of the purchase price should be P300,000. 2. Open a Savings Account The first and most important step to save for your down payment is to open an account where you can deposit your money. With your regular savings, you can stay on top of your finances. In that way, you can make sure your savings are dedicated to what is most important. With a separate savings account, it is harder for you to withdraw your saved money. 3. Save the Tenth Part of Your Monthly Salary Aside from your tithing, save 10 percent of your net monthly income for your house downpayment. Remember, always pay yourself first in the form of savings. This is an old yet reliable approach to save. It will take you a long way but it won't take forever. You have to start this as soon as possible. The 10 percent of your monthly salary must be deposited into your savings account. 4. Sell Stuff You Don’t Need Giving things you don't need is nice. But if you need money for more important things you can sell stuff you don't need at home. Just be practical. You can sell unwanted household goods or make a garage sale of your clothes and shoes you no longer use PlayStation, Xbox and other items that only collect dust and use space in your house. Put the money in your savings account. 5. Eliminate the Luxuries If you want to fast-track your savings for your home down payment, you need to eliminate some of your luxuries. This may include once-a-week lunch at a fancy restaurant, night out with friends, new clothing every four-weeks, buying of a high-tech phone once in a while among others. Before spending your hard-earned money, ask yourself first, it is a "wants" or a "need"? Within a year, your barkada may brand you as "killjoy" but this strategy can save you a thousand of pesos aside from the sense of fulfillment and financial independence. 6. Live not within but below your means If you live within your means, nothing left for you to save. Instead, live below your means so that you can save for your downpayment. Spend responsibly and avoid any reckless or unnecessary spending. Avoid impulsive buying and be frugal. 7. Look for a Part-time job If you are really serious about saving for a home down payment, then you have to look for another source of income. You can use your skills and talent with this in your free-time. A part-time job like tutoring, computer repair, driving, travel guide, and other freelance work. There are websites that have listings of part-time jobs for professionals, such as WriterAccess for writers and editors, DesignCrowd for artists and graphic designers, and Elance and oDesk for everyone else. 8. Pay off Your Credit Card Debt on Time Paying your credit card bills on time will save you on interest charges in the long term. Financial advisors recommend eliminating the use of credit card. They say if you can’t afford to pay for an item in cash, then you can’t afford it, period. By following these tips, you can secure your house downpayment within few years. Having a house is one of the best things we can have not just for ourselves but also for our family. For all of us who dreams a house to call our own, it is never too soon or too late to start saving. Start today and keep working towards your goal.
5. Eliminate the Luxuries

If you want to fast-track your savings for your home down payment, you need to eliminate some of your luxuries. This may include once-a-week lunch at a fancy restaurant, night out with friends, new clothing every four-weeks, buying of a high-tech phone once in a while among others. Before spending your hard-earned money, ask yourself first, it is a "wants" or a "need"? Within a year, your barkada may brand you as "killjoy" but this strategy can save you a thousand of pesos aside from the sense of fulfillment and financial independence.
One of the most important and expensive things a person can purchase is a house. But many of us cannot afford to pay the total amount of a house at once. That is why we are planning to apply for a housing loan in Pag-IBIG or any private financial institution that offers a home loan with the lowest interest as possible. To start with our application we need a downpayment. Be it for reservation, developer's fee or for a principal amount of your loan. Always remember that the higher the down payment, the lower your monthly amortization and interest. With this, we need to save enough for our downpayment. But how? The following are 10 tips on how to save for your home downpayment. These tips are effective especially if followed religiously. 1. Make and Set a Realistic Goal If you are planning to apply for a housing loan or buy a house, the first thing you should do is to set a realistic amount that your financial capacity can accommodate. Financial advisors recommend the “2.5 rule”; that is, take your annual income and multiply it by 2.5. The product is the cost of the property you can afford. For example, if your monthly take-home pay (after deductions and taxes) is Php50,000, then the price of the property you can afford is Php1.5 million. From here you can determine how much money you should have for down payment, which at 20 percent of the purchase price should be P300,000. 2. Open a Savings Account The first and most important step to save for your down payment is to open an account where you can deposit your money. With your regular savings, you can stay on top of your finances. In that way, you can make sure your savings are dedicated to what is most important. With a separate savings account, it is harder for you to withdraw your saved money. 3. Save the Tenth Part of Your Monthly Salary Aside from your tithing, save 10 percent of your net monthly income for your house downpayment. Remember, always pay yourself first in the form of savings. This is an old yet reliable approach to save. It will take you a long way but it won't take forever. You have to start this as soon as possible. The 10 percent of your monthly salary must be deposited into your savings account. 4. Sell Stuff You Don’t Need Giving things you don't need is nice. But if you need money for more important things you can sell stuff you don't need at home. Just be practical. You can sell unwanted household goods or make a garage sale of your clothes and shoes you no longer use PlayStation, Xbox and other items that only collect dust and use space in your house. Put the money in your savings account. 5. Eliminate the Luxuries If you want to fast-track your savings for your home down payment, you need to eliminate some of your luxuries. This may include once-a-week lunch at a fancy restaurant, night out with friends, new clothing every four-weeks, buying of a high-tech phone once in a while among others. Before spending your hard-earned money, ask yourself first, it is a "wants" or a "need"? Within a year, your barkada may brand you as "killjoy" but this strategy can save you a thousand of pesos aside from the sense of fulfillment and financial independence. 6. Live not within but below your means If you live within your means, nothing left for you to save. Instead, live below your means so that you can save for your downpayment. Spend responsibly and avoid any reckless or unnecessary spending. Avoid impulsive buying and be frugal. 7. Look for a Part-time job If you are really serious about saving for a home down payment, then you have to look for another source of income. You can use your skills and talent with this in your free-time. A part-time job like tutoring, computer repair, driving, travel guide, and other freelance work. There are websites that have listings of part-time jobs for professionals, such as WriterAccess for writers and editors, DesignCrowd for artists and graphic designers, and Elance and oDesk for everyone else. 8. Pay off Your Credit Card Debt on Time Paying your credit card bills on time will save you on interest charges in the long term. Financial advisors recommend eliminating the use of credit card. They say if you can’t afford to pay for an item in cash, then you can’t afford it, period. By following these tips, you can secure your house downpayment within few years. Having a house is one of the best things we can have not just for ourselves but also for our family. For all of us who dreams a house to call our own, it is never too soon or too late to start saving. Start today and keep working towards your goal.
6. Live not within but below your means

If you live within your means, nothing left for you to save. Instead, live below your means so that you can save for your downpayment. Spend responsibly and avoid any reckless or unnecessary spending. Avoid impulsive buying and be frugal.
One of the most important and expensive things a person can purchase is a house. But many of us cannot afford to pay the total amount of a house at once. That is why we are planning to apply for a housing loan in Pag-IBIG or any private financial institution that offers a home loan with the lowest interest as possible. To start with our application we need a downpayment. Be it for reservation, developer's fee or for a principal amount of your loan. Always remember that the higher the down payment, the lower your monthly amortization and interest. With this, we need to save enough for our downpayment. But how? The following are 10 tips on how to save for your home downpayment. These tips are effective especially if followed religiously. 1. Make and Set a Realistic Goal If you are planning to apply for a housing loan or buy a house, the first thing you should do is to set a realistic amount that your financial capacity can accommodate. Financial advisors recommend the “2.5 rule”; that is, take your annual income and multiply it by 2.5. The product is the cost of the property you can afford. For example, if your monthly take-home pay (after deductions and taxes) is Php50,000, then the price of the property you can afford is Php1.5 million. From here you can determine how much money you should have for down payment, which at 20 percent of the purchase price should be P300,000. 2. Open a Savings Account The first and most important step to save for your down payment is to open an account where you can deposit your money. With your regular savings, you can stay on top of your finances. In that way, you can make sure your savings are dedicated to what is most important. With a separate savings account, it is harder for you to withdraw your saved money. 3. Save the Tenth Part of Your Monthly Salary Aside from your tithing, save 10 percent of your net monthly income for your house downpayment. Remember, always pay yourself first in the form of savings. This is an old yet reliable approach to save. It will take you a long way but it won't take forever. You have to start this as soon as possible. The 10 percent of your monthly salary must be deposited into your savings account. 4. Sell Stuff You Don’t Need Giving things you don't need is nice. But if you need money for more important things you can sell stuff you don't need at home. Just be practical. You can sell unwanted household goods or make a garage sale of your clothes and shoes you no longer use PlayStation, Xbox and other items that only collect dust and use space in your house. Put the money in your savings account. 5. Eliminate the Luxuries If you want to fast-track your savings for your home down payment, you need to eliminate some of your luxuries. This may include once-a-week lunch at a fancy restaurant, night out with friends, new clothing every four-weeks, buying of a high-tech phone once in a while among others. Before spending your hard-earned money, ask yourself first, it is a "wants" or a "need"? Within a year, your barkada may brand you as "killjoy" but this strategy can save you a thousand of pesos aside from the sense of fulfillment and financial independence. 6. Live not within but below your means If you live within your means, nothing left for you to save. Instead, live below your means so that you can save for your downpayment. Spend responsibly and avoid any reckless or unnecessary spending. Avoid impulsive buying and be frugal. 7. Look for a Part-time job If you are really serious about saving for a home down payment, then you have to look for another source of income. You can use your skills and talent with this in your free-time. A part-time job like tutoring, computer repair, driving, travel guide, and other freelance work. There are websites that have listings of part-time jobs for professionals, such as WriterAccess for writers and editors, DesignCrowd for artists and graphic designers, and Elance and oDesk for everyone else. 8. Pay off Your Credit Card Debt on Time Paying your credit card bills on time will save you on interest charges in the long term. Financial advisors recommend eliminating the use of credit card. They say if you can’t afford to pay for an item in cash, then you can’t afford it, period. By following these tips, you can secure your house downpayment within few years. Having a house is one of the best things we can have not just for ourselves but also for our family. For all of us who dreams a house to call our own, it is never too soon or too late to start saving. Start today and keep working towards your goal.
7. Look for a Part-time job

If you are really serious about saving for a home down payment, then you have to look for another source of income. You can use your skills and talent with this in your free-time. A part-time job like tutoring, computer repair, driving, travel guide, and other freelance work. There are websites that have listings of part-time jobs for professionals, such as WriterAccess for writers and editors, DesignCrowd for artists and graphic designers, and Elance and oDesk for everyone else.
One of the most important and expensive things a person can purchase is a house. But many of us cannot afford to pay the total amount of a house at once. That is why we are planning to apply for a housing loan in Pag-IBIG or any private financial institution that offers a home loan with the lowest interest as possible. To start with our application we need a downpayment. Be it for reservation, developer's fee or for a principal amount of your loan. Always remember that the higher the down payment, the lower your monthly amortization and interest. With this, we need to save enough for our downpayment. But how? The following are 10 tips on how to save for your home downpayment. These tips are effective especially if followed religiously. 1. Make and Set a Realistic Goal If you are planning to apply for a housing loan or buy a house, the first thing you should do is to set a realistic amount that your financial capacity can accommodate. Financial advisors recommend the “2.5 rule”; that is, take your annual income and multiply it by 2.5. The product is the cost of the property you can afford. For example, if your monthly take-home pay (after deductions and taxes) is Php50,000, then the price of the property you can afford is Php1.5 million. From here you can determine how much money you should have for down payment, which at 20 percent of the purchase price should be P300,000. 2. Open a Savings Account The first and most important step to save for your down payment is to open an account where you can deposit your money. With your regular savings, you can stay on top of your finances. In that way, you can make sure your savings are dedicated to what is most important. With a separate savings account, it is harder for you to withdraw your saved money. 3. Save the Tenth Part of Your Monthly Salary Aside from your tithing, save 10 percent of your net monthly income for your house downpayment. Remember, always pay yourself first in the form of savings. This is an old yet reliable approach to save. It will take you a long way but it won't take forever. You have to start this as soon as possible. The 10 percent of your monthly salary must be deposited into your savings account. 4. Sell Stuff You Don’t Need Giving things you don't need is nice. But if you need money for more important things you can sell stuff you don't need at home. Just be practical. You can sell unwanted household goods or make a garage sale of your clothes and shoes you no longer use PlayStation, Xbox and other items that only collect dust and use space in your house. Put the money in your savings account. 5. Eliminate the Luxuries If you want to fast-track your savings for your home down payment, you need to eliminate some of your luxuries. This may include once-a-week lunch at a fancy restaurant, night out with friends, new clothing every four-weeks, buying of a high-tech phone once in a while among others. Before spending your hard-earned money, ask yourself first, it is a "wants" or a "need"? Within a year, your barkada may brand you as "killjoy" but this strategy can save you a thousand of pesos aside from the sense of fulfillment and financial independence. 6. Live not within but below your means If you live within your means, nothing left for you to save. Instead, live below your means so that you can save for your downpayment. Spend responsibly and avoid any reckless or unnecessary spending. Avoid impulsive buying and be frugal. 7. Look for a Part-time job If you are really serious about saving for a home down payment, then you have to look for another source of income. You can use your skills and talent with this in your free-time. A part-time job like tutoring, computer repair, driving, travel guide, and other freelance work. There are websites that have listings of part-time jobs for professionals, such as WriterAccess for writers and editors, DesignCrowd for artists and graphic designers, and Elance and oDesk for everyone else. 8. Pay off Your Credit Card Debt on Time Paying your credit card bills on time will save you on interest charges in the long term. Financial advisors recommend eliminating the use of credit card. They say if you can’t afford to pay for an item in cash, then you can’t afford it, period. By following these tips, you can secure your house downpayment within few years. Having a house is one of the best things we can have not just for ourselves but also for our family. For all of us who dreams a house to call our own, it is never too soon or too late to start saving. Start today and keep working towards your goal.
8. Pay off Your Credit Card Debt on Time

Paying your credit card bills on time will save you on interest charges in the long term. Financial advisors recommend eliminating the use of credit card. They say if you can’t afford to pay for an item in cash, then you can’t afford it, period. 
One of the most important and expensive things a person can purchase is a house. But many of us cannot afford to pay the total amount of a house at once. That is why we are planning to apply for a housing loan in Pag-IBIG or any private financial institution that offers a home loan with the lowest interest as possible. To start with our application we need a downpayment. Be it for reservation, developer's fee or for a principal amount of your loan. Always remember that the higher the down payment, the lower your monthly amortization and interest. With this, we need to save enough for our downpayment. But how? The following are 10 tips on how to save for your home downpayment. These tips are effective especially if followed religiously. 1. Make and Set a Realistic Goal If you are planning to apply for a housing loan or buy a house, the first thing you should do is to set a realistic amount that your financial capacity can accommodate. Financial advisors recommend the “2.5 rule”; that is, take your annual income and multiply it by 2.5. The product is the cost of the property you can afford. For example, if your monthly take-home pay (after deductions and taxes) is Php50,000, then the price of the property you can afford is Php1.5 million. From here you can determine how much money you should have for down payment, which at 20 percent of the purchase price should be P300,000. 2. Open a Savings Account The first and most important step to save for your down payment is to open an account where you can deposit your money. With your regular savings, you can stay on top of your finances. In that way, you can make sure your savings are dedicated to what is most important. With a separate savings account, it is harder for you to withdraw your saved money. 3. Save the Tenth Part of Your Monthly Salary Aside from your tithing, save 10 percent of your net monthly income for your house downpayment. Remember, always pay yourself first in the form of savings. This is an old yet reliable approach to save. It will take you a long way but it won't take forever. You have to start this as soon as possible. The 10 percent of your monthly salary must be deposited into your savings account. 4. Sell Stuff You Don’t Need Giving things you don't need is nice. But if you need money for more important things you can sell stuff you don't need at home. Just be practical. You can sell unwanted household goods or make a garage sale of your clothes and shoes you no longer use PlayStation, Xbox and other items that only collect dust and use space in your house. Put the money in your savings account. 5. Eliminate the Luxuries If you want to fast-track your savings for your home down payment, you need to eliminate some of your luxuries. This may include once-a-week lunch at a fancy restaurant, night out with friends, new clothing every four-weeks, buying of a high-tech phone once in a while among others. Before spending your hard-earned money, ask yourself first, it is a "wants" or a "need"? Within a year, your barkada may brand you as "killjoy" but this strategy can save you a thousand of pesos aside from the sense of fulfillment and financial independence. 6. Live not within but below your means If you live within your means, nothing left for you to save. Instead, live below your means so that you can save for your downpayment. Spend responsibly and avoid any reckless or unnecessary spending. Avoid impulsive buying and be frugal. 7. Look for a Part-time job If you are really serious about saving for a home down payment, then you have to look for another source of income. You can use your skills and talent with this in your free-time. A part-time job like tutoring, computer repair, driving, travel guide, and other freelance work. There are websites that have listings of part-time jobs for professionals, such as WriterAccess for writers and editors, DesignCrowd for artists and graphic designers, and Elance and oDesk for everyone else. 8. Pay off Your Credit Card Debt on Time Paying your credit card bills on time will save you on interest charges in the long term. Financial advisors recommend eliminating the use of credit card. They say if you can’t afford to pay for an item in cash, then you can’t afford it, period. By following these tips, you can secure your house downpayment within few years. Having a house is one of the best things we can have not just for ourselves but also for our family. For all of us who dreams a house to call our own, it is never too soon or too late to start saving. Start today and keep working towards your goal.
By following these tips, you can secure your house down payment within few years. Having a house is one of the best things we can have not just for ourselves but also for our family. For all of us who dreams a house to call our own, it is never too soon or too late to start saving. Start today and keep working towards your goal.

This article is filed under: Finance, Dream House, Downpayment for House, Saving Tips for House, Pag-Ibig Housing Loan, Pag-Ibig, House Finance, House Mortgage

SEE MORE:
The Philippines has many beautiful small house design or big ones and so the other countries. We already blog about small house design from Vietnam, Thailand, the United States and some countries in Europe. But have you seen house designs in Chile in South America?
Designing your new home floor plan is not easy, this is why a help of a floor planner is important. Building a home should be based on the needs of a homeowner. For people who are single, they may choose to live in a house with only one bedroom. For those who have a family, a two-bedroom or three-bedroom house is a good option. The next question is are you planning to live in this house for the rest of your lives? or this is just a temporary home? Read more: https://www.jbsolis.com/2018/03/3-small-house-design-that-will-meet-every-home-owners-needs.html#ixzz58fbAlqNQ
No doubt, Pinoy eplans is one of best in the Philippines in terms of making a beautiful design of houses. Whether it is a double story house or a small house design, the company nailed it! Read more: https://www.jbsolis.com/2018/02/5-house-design-with-layout-and-estimated-cost.html#ixzz58fbSMA8I

Numbers of beautiful house designs around the world are endless. It could be a beautiful small house design, a new build house design, a bungalow house design and so on. There are a lot of modern houses that we love. Here in the Philippines, since the price of affordable living homes is increasing, you may choose to construct your own home and design your own house floor plans.



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Friday, February 26, 2016

OFWs Can Avail Multi-Purpose Loan Under Pag-Ibig

By submitting these 3 requirements you can apply for Pag-Ibig multi-purpose loan, or short term loan to provide financial assistance to qualified members for: • House Repair • Minor Home Improvement • Home Enhancement • Tuition/ Educational Expenses • Health and Wellness • Livelihood


Monthly Contributions5 Years10 Years
Php 500.0034,484.1779,553.59
1,000.0068,968.33159,107.18
1,500.00103,452.50238,660.78
2,000137,936.66318,214.37
3,000206,905.00477,321.56
4,000.00275,873.32636,428.74
5,000.00344,841.65795,535.92

1. What is the Multi-Purpose Loan? 

The Multi-Purpose Loan (MPL) is a cash loan under Pag-IBIG’s short-term loan program that aims to provide financial assistance to qualified members for: 



• House Repair 
• Minor Home Improvement 
• Home Enhancement 
• Tuition/ Educational Expenses -Pag-Ibig members can avail up to 80% of the             total contribution in Pag-Ibig for Education Loan. 
To know the total amount of Pag-Ibig contribution. To know the total amount of your contribution or savings you may call the PAg-Ibig hotline:  724-42-44. 
• Health and Wellness 
• Livelihood 
• Other purposes

2. Who are eligible? 
The loan is open to any Pag-IBIG member who: 
• Has made at least 24 monthly mandatory savings (MS) 
• Has 5 MS for the last 6 months prior to date of loan application 
• If with an existing Housing Loan and/or MPL and/or Calamity Loan, the account/s must not be in default prior to loan application

3. How much can one borrow? 
The borrower’s loan value shall be a percentage of his Total Accumulated Value (TAV), to wit: 
No. of monthly savings Loan Value 
24 – 59 months- Up to 60% of Total Accumulated Value (TAV) 
60 – 119 months - Up to 70% of TAV 
At least 120 months - Up to 80% of TAV

However, an eligible borrower’s loan shall be limited to an amount for which statutory deductions, monthly repayment of principal and interest, and other obligations will render the borrower’s net take home pay to fall below the minimum requirement as prescribed by the General Appropriations Act (GAA) or company policy, whichever is applicable.

4. How much is the interest rate? 
The loan shall bear a nominal interest rate of 10.75% per annum, paid equally for the duration of the loan. 

 5. What is the repayment period? 
The loan shall be repaid over a maximum period of twenty-four (24) months, with a grace period of two (2) months. Payments must be remitted to Pag-IBIG on or before the 15th day of each month starting on the 3rd month following the date on the DV/Check.

 Watch the video below to know the requirements and how you can apply for loan:





More info here

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