graphic source: yailsonisaliar.webstarts.com
Always aim to be approved as early as possible and be proactive in following up of your loan; with lots of clients application in one office (in a developer or bank), there are tendencies your documents or application may be misplaced.
For bank financing, it's loan approval before house construction while for Pag-IBIG, it's construction before loan approval. Make sure the property under construction is visited once in a while just to make sure everything is set according to house specification. Usually, our developers subcontracted the construction of properties and some time they are understaffed to oversee the house construction regularly.