04/03/2022
๐๐๐ ๐๐ ๐๐๐๐๐ ๐๐ ๐๐๐๐๐๐ ๐๐ ๐๐๐๐๐๐๐๐๐๐๐ ๐๐ ๐๐๐๐๐๐๐๐๐ ๐ ๐๐๐๐๐?
When you buy a house under a bank or PAG-IBIG financing, 80-90% of the total amount of the property will be approved for your housing loan. The 10-20% will be your downpayment/equity. Why?
๐๐จ๐ฐ๐ง๐ฉ๐๐ฒ๐ฆ๐๐ง๐ญ/๐๐ช๐ฎ๐ข๐ญ๐ฒ is required by banks/PAG-IBIG as a guarantee that you are going to pay the loan and it will also serve as your protection as a borrower so the banks cannot force you out of the property for no compelling reason, since you have 10-20% ๐๐๐๐๐๐๐๐๐ of the house.
๐๐จ๐ญ๐: The bigger the downpayment, the lesser the amount that you need to borrow which in turn would reduce interest. Don't get overwhelmed when you are asked for downpayment/equity. It is there to protect and help you own your dream house.