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Personal Loan

alterkick · 8 · 2001

alterkick

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on: Jul 14, 2017, 09:40 AM
Hi,
I paid a reservation for house and lot and scheduled to pay downpayment for 2 years.  I'm thinking of applying a personal loan in a bank so i can fully pay the downpayment and just pay the bank for monthly amortization.  Gusto ko kasi masimulan na agad yung bahay.  Will it affect my bank financing application if I have a ongoing personal loan to pay?


firstandlast

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Reply #1 on: Jul 23, 2017, 01:01 AM
It depends.
If it's the same bank, most likely, they will ask you to settle first your personal loan fully.
If it's not the same bank, most likely, they will approve your bank financing for home loan, as long as you have a good credit standing.


HotdogWithSauce

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Reply #2 on: Jul 23, 2017, 06:47 AM
Like firstandlast mentioned it depends on a bunch of stuff. ongoing loans are usually added to your credit profile / history, so anyone you make financial applications to will be able to see this. as long as you are keeping up with payments it should be good as there wont be any marks against you.

if you are keeping up with payments it could show youre reliable with money. if not then try working on improving it. theres a bunch of guides on loans like these ones, which have useful info on loans that you might find worthwhile. TL;DR: by improving it you might get a better loan rate among other things. also means you pay less in interest which is never a bad thing.
« Last Edit: Jul 25, 2017, 05:47 AM by HotdogWithSauce »


alterkick

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Reply #3 on: Jul 25, 2017, 12:26 PM
thank you firstandlast and HotdogWithSauce.  :)


angeljme

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Reply #4 on: Jul 25, 2017, 02:42 PM
@alterkick
Check first if the site is already developed and the developer can start the house immediately if you pay the DP in cash.  Please note that there might be delays and the most certain benefit you'd likely get by paying the DP in cash is to get the cash discount.


kathmendez

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Reply #5 on: Oct 01, 2017, 02:20 PM
I suggest getting a loan from a different bank. You could check it online on sites like https://www.ecomparemo.com/housing-loan so you could the different terms of different banks. From there, you could choose the perfect one for you.


ethanscott

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Reply #6 on: Jun 26, 2019, 02:23 AM
It varies from bank to bank. You will have to enquire about this with the bank you want to get a personal loan from. Get a personal loan today with Upwards. They give instant loan with flexible tenure. The application process is easy and hassle-free with instant approval. You should totally check out their website to understand how to avail this benefit. You can visit here to go to their website. I found their services recently when I was looking up hassle-free personal loans.  I have been through the whole process with banks and it really tired me out with the back and forth. The customer care takes care of your queries with their quick services and helpful customer care executives. The services offered by Upwards really made it very easy and my application was approved within 24 hours. I really wasn’t able to find personal loans like these anywhere else. You can also check out the reviews of their customers to know that they are genuine.
« Last Edit: Jun 26, 2019, 02:25 AM by ethanscott »


kisntel

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Reply #7 on: Jun 26, 2019, 01:41 PM
^for Upwards, correct me if I'm wrong but is it only available in India?


 


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