Tips on how to buy a house/lot?

A Housing Loan is a big commitment and yes, you should have at least 2+ years of tenure and earn around 40K monthly earning. I am not discouraging you. My advice is to use that time to prepare. Work on your career so you can get higher pay in 2 years while saving for a downpayment.

Realistically, even if you're single, for 19K, it's still a stretch to save 5K monthly. If you'll be disciplined, that would be 120K in 2 years. For 120K DP, you're still left with a few choices.

So just save up, and work on increasing your income. The next 2 - 3 years will be for preparation.

Bago magcommit sa loans, build an emergency fund first. And focus on increasing your income. Home loans kasi typically require na yung monthly amort mo ay 1/3 lang ng salary mo, so that'll be 6.3k. Kaya mo bang mabuhay where you are na 12k+ a month lang ginagastos?

You can also look into foreclosed properties ni pagibig. Mas mura sila. I've read a few years back na nakamove in sila sa foreclosed property na 10k lang nagagastos. Still, may income requirement tho and at 19k, baka kailanganin mo ng coborrower to fill that income req.

Also, please make sure you do your research before purchasing. I have friends and family Members being scammed from “developers” that end up taking the money and disappearing. It’s the most heartbreaking thing hearing them save up years only to have it all gone.

Sharing what I learned about buying a home “make sure that your new property will be a blessing and not a burden”. So if you’re earning ₱19k and more than 30% or more than ₱5,700 will go to your monthly payables, baka maging burden lang yan sayo. Not to mention nga yung 20% dp before bank or pag-ibig financing.

Hello! You are admirable! At the young age you’re thinking and visioning your future already 🫶🏻 I agree with the most of people who commented here na tenurity at work is really necessary. Pero to give you hope I am commenting based on my experience: I was almost 2 years that time at my work, and my base salary is 24k monthly and I got approved for Php 2M PAGIBIG housing loan. Good luck and I hope you’ll be able to get that house loan in the next 2 years! 💪🏻

Usually banks require continuous work employment of 2 years or more. You can try pag-ibig pero it really depends on your contribution. I’m not sure what are the options for 19k a month salary but for me, I would think that at that salary range, it would be too much for you.

You can check bank websites for home loan calculator, they have a min. salary requirement and usually 40k above so best bet is Pag-IBIG. Home ownership is a big undertaking. It would be best to make sure that you have some savings and at least 20% of the total house-lot cost before even thinking of buying a home because home loans only cover 80%.

wag magmadali. it's a commitment. if sa pagibig ka kukuha, 30 years yan. pa-stable mo muna cash flow mo. save up and build emergency fund. if pipilitin mo now then what if (knock on wood) nawalan ka work or may nangyari which results na mapapagastos ka, kaya mo ba sustain yun loan na babayaran mo? baka ending is mawawala din kasi di ka prepared. you are just starting. focus ka muna sa pag build ng good income,savings and career.

With your situation, don’t.

Less than 1 year of work and at 19K/month I am quite sure wala ka pang sapat na emergency funds.

On top of that, siguradong mas gugustuhin mo na magtipid at gumastos muna para sa mga bagay na makakatulong sa quality of life mo at ng pamilya mo. Mas maayos na mga gamit sa bahay, damit para sa trabaho, and other modest things to improve your QoL.

Kung bumili ka ng bahay ngayon, tali agad lahat ng pera mo sa utang na tumataas ang interes. Paano kung may agarang pangangailangan ka? O kaya pano kung gusto mo lang naman maglakwatsa kahit isang gabi lang? Mapapautang ka pa, at baka dyan na magsimula ang literal na patong-patong na utang.

At kung dahil sa emergency o kung ano mang dahilan na kailangan mo isuko ang pagbili ng bahay, di naman babalik yung mga binayad mo sayo, until maging eligible ka sa protections ng Maceda Law (nagbabayad for at least two years, 50% refund).

Ang isang rule of thumb sa real estate ay DP = ¼ of gross monthly income. Sa case mo, 4,750. Say 20% DP over 2 years, kaya mo bumili ng property worth 670K. Or from the view of the developer, ni hindi ka bebentahan ng property na ang DP at mas mataas sa 4,750/month kasi alam nilang titiklop ka (which is true - karamihan titiklop dahil sa emergencies, dahil walang emergency fund). Wala pang misc. fees yan.

Kaya ngayon iisipin mo, kaya mo ba 5, 10 years na tablado agad ang limang libo sa sweldo mo buwan-buwan? May maitatabi ka pa ba for savings (10-20% ng sweldo)? Maapektuhan ba ang mga bayarin mo?

And of course yung pinaka obvious, walang mag papautang sayo dahil sobrang aga pa, di ka pa nakakapagtrabaho ni isang taon. Wala ka pang stability. Sa maga nila unstable ang employment mo (probi, termination, job change) at maiinterrupt ang income mo.

Not yet, op. Before ka magloan ng bahay, make sure na you can still pay for it kahit mawalan ka ng trabaho at magka medical emergency. Hindi lang yung monthly amortization ang iintindihin mo jan. May equity, dp, may insurance, magpapakabit ka pa ng kuryente at tubig, taxes, etc.

I suggest build your savings and emergency funds muna.

Build up an emergency fund worth 3 months of your running salary. In your case, you should have 57k. If you don't have it yet, aim to save 4.75k/month as a first budget item for the next 12 months and allocate your 13th month to complete the 3 months.

BTW, this EF must not be used for any lump sum payments. It's for emergencies only and not for investment. You can put it to digital banks to yield interest and diversify as needed.

Once you've completed it, you can rotate the 4.75k/month allocation for the housing loan if you prefer. However, please do not go over it. The main reason 4.75k/month was the priority is that you also need to live a lifestyle and reward yourself as you please.

Then again, before you sign your housing loan. Kindly sum your monthly amortization for the entire loan term (not just for the downpayment). If the sum yields to more than 100% of the loaned amount, do not proceed. Because you're paying more than one house.

So, it's recommended to increase your salary first. However, emergency funds go first to be increased and not your lifestyle. So if you increased your salary to 30k (as an example), your EF monthly goes up to 7.5k to which you have to complete the 33k difference (from the 57k and the new 90k).

kailangan at least 2yrs ka working sa company nyo bago ka makapag avail ng property

Salary too low. Work on savings and get your salary up before buying a house. Be careful of falling into the housing trap. Remember, you do not want to be "house poor". Meaning majority of your money goes to paying a house.

OP, check with Pag-ibig when and how much they will grant you for a housing loan.

Alam ko dati 24 contributions ata required.

And save-up first for the downpayment.

Hi, save up muna for a "wiggle/emergency fund" then aim for a job with a more stable income. A mortage would cripple you and isang bahing lang ng isang random emergency, baka bigla ka mabaon sa utang. No need to rush, you are young and with that mindset, I'm sure you'll get your dream home in no time :)

Nope, bagsak agad sa assessment yan since as others said no tenure, and need mo pa rin magdownpayment for the house. Pag-ibig loans need mo rin ata 24 contributions or 36 contributions before ka maging eligible.

Ito gawin mo, aralin mo lahat ng skill na kaya mo in your work then lipat ka after 1-2 years to get a higher paying job. Ipon ka rin for 20% DP ng bahay.

If balak mo pa rin bumili bahay by then, I think you can go the Pag-Ibig route, up to 30 years payment naman yun, hanap ka lang matinong bahay outside of Metro (Pampanga/Bulacan/Cavite/Rizal) ang monthly lang siguro nun for 30 yrs ay < 10,000. Long commitment tho, and big interest din.

dpat at least 6 months if bank, not sure sa pagibig

meron ako nakita house and lot na, 4k++ per month. i think rosewood yung name
Perez, Trece Martires, Cavite

hope it helps

it's good that you already have a goal. but focus on the most immediate and feasible thing you can do for now - galingan mo muna sa career mo habang nagiipon ng emergency fund.

If you have at least 1M in savings, review your options. Baka mas stable ka na sa work, may enough money for equity, o kaya baka kaya mo nang bumili ng murang lupa in cash (sa realistic na location).

maybe next year para mas mabilis kong matapos bayaran

Your term duration will depend on how much you can pay in mortgage. Hindi sya the younger you are, the earlier you will finish paying. Kasi kahit 23 yo ka magstart, kung 30 years naman ang loan term mo, di rin naman mabilis yung pagbayad.

Advice if maghome loan, palaki muna ng sahod, dapat di pilit ang home loan, may EF ka. FYI in case mag Bank Loan.

Mga gagastusin - 20% DP sa Total contract price - Bank Fee (40-60k) - Move in Fee (40-50k) - Transfer of title fee - Syempre bibili ka pa ng mga gamit like appliances and chuchu - Additional na maisipan mong ipagawa pa like walls etc etc. - at syempre ung Ammortization mo

Mga real estate agents makkta mo kadalasan snasabi lang 10-15k may bahay ka na, akala mo un lang, madaming gagastusin hindi lang ung DP and Ammortization mo.