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Wednesday, August 16, 2017

Metrobank Home Loan for OFWs


To have a house to call your own is one of many goals why Overseas Filipino Workers (OFWs) choose to work abroad in spite of hardship and homesickness.  To have a house for a family is also a reason why many Filipinos are working hard locally. A house is a symbol or product of our hard work.  For those who are eager to have a house, aside from Pag-IBIG or SSS, there are banks who offer housing loan up to 25 years also like Metro Bank.
"ADVERTISEMENTS"

To have a house to call your own is one of many goals why Overseas Filipino Workers (OFWs) choose to work abroad in spite of hardship and homesickness.

To have a house for a family is also a reason why many Filipinos are working hard locally. A house is a symbol or product of our hard work.

Read: This Company Offers Up to P300K OFW Loans if You Are Earning at least P20K a Month

For those who are eager to have a house, aside from Pag-IBIG or SSS, there are banks who offer housing loan up to 25 years also like Metro Bank.
"ADVERTISEMENTS"


As OFWs or locally employed individuals, a common question comes into our mind about the home loan is, Am I qualified for a housing loan?

The following are qualification for Metro Bank Home Loan
  • At least 21 Yrs old at loan application and not older than 65 yrs old upon loan maturity
  • A Filipino citizen or foreigner with permanent resident visa for the Philippines
If based in the Philippines:
  • A self-employed or fixed income earner
  • Employed for at least 2 years with current employer
  • Earning at least Php 30,000 for self-employed individuals, or have the same Gross Monthly Family Income (GMFI) for fixed income earners
If working overseas:
  • A land based (technical or administrative staff/officer) or sea based (officer rank) OFW in active employment, or renewed/signed a contract at loan application 
  • For land based OFWs employed less than 2 years: Employed locally in the last 5 years prior to becoming an OFW, or as an OFW with different employers, or a combination of local and overseas employment
  • For sea based OFWs: Completed a combined contract duration of 24 months with the current agency, or 48 months inclusive of previous agencies
  • Earning at least $1,000 for self-employed individuals (equivalent to Php30,000), or have the same Gross Monthly Family Income (GMFI) for fixed income earners.
Read: Need Money? Here are 12 Banks that Offers Best Personal Loan Rates in the Philippines





What do I need to get a loan?
A filled out form and the following documents to complete your loan application

For OFWs, you need the following;

1. For Identification

  • Valid Government-Issued ID

2. Source of Repayment

  • For Landbansed: Contract of Employment (COE) with email of employee
  • For Sea based: Latest POEA contract
3. Collateral Requirement

  • Transfer Certificate of Title/Condominium Certificate of Title
  • Tax Declaration (Land/Improvement/Condo Unit)
  • Contract to Sell or Reservation Agreement (If Under Developer Tie-Up)
  • Floor Plan/Bill of Materials/Jobs Specifications (for house construction
For Locally Employed


1. Identification 

  • Valid Government-Issued ID
  • ACR (Foreigners: permanent or immigrant status)

2. Source of Repayment

  • Income Tax Return, Contract of Employment or 3 months payslip
How long do I have to repay my loan?

The following are loan purposes and Maximum Term

  • Purchase a lot - 10 years
  • Purchase of house and lot - 25 years
  • Purchase of lot and house construction - 25 years
  • House Construction on owned lot 25 years
  • Purchase of Condominium - 25 years
  • Purchase of Townhouse - 25 years
  • Renovation/Expansion 25 years
  • Refinancing/Take out - 15 years
  • Reimbursement - 25 years
  • Personal Investment 10 years



What is the interest rate?


It will depend on interest fixing period. It refers to the length of time you want your interest rate to remain the same despite whatever movements the interest rate may experience in the future. Within the interest fixing period, if the interest rates move upwards, the interest rate on your loan will not be affected.



The interest rate on your loan will only be reviewed and changed when the fixing period expires. The fixing period may likewise be defined as the period which would determine the repricing date of your loan.

  • 1-year fixing - 5.50%
  • 2-year fixing - 6.25%
  • 3 -year fixing - 6.25%
  • 4-year fixing - 6.88%
  • 5-year fixing - 6.88%
  • 6 – 10 -year fixing - 8.50%
  • 11 – 15 -year fixing - 10.50%

This post is not sponsored and we are not affiliated with the bank. If you are interested in this Home Loan Program, contact directly with the bank for more details.

Interested applicant may apply online on this link.

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