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Saturday, June 04, 2016

Landbank Offers Housing Program For OFWs





Here is a complete rundown on the OFW loan provided by Landbank that OFWs can use for their house construction or renovation.

The LandBank of the Philippines offers housing program specially designed to help overseas Filipino workers or OFWs. The program called Bahay Para sa Bagong Bayani (3B) is designed to help OFWs acquire house or apply for loan to renovate or construct their house or to refinance an existing house mortgage. 



WHO IS ELIGIBLE: 

  • Overseas Filipino workers with existing contract overseas. 
  • 21 years old but not more than 65 years old upon loan maturity
  • No CI/BI adverse findings


HOW MUCH IS THE LOAN AMOUNT THAT COULD BE BORROWED:
OFWs can borrow as little as Php 500,000 or more. The value however will be determined based on the capacity to pay and value of the collateral or property. 

Borrowing Capacity:  Is determined as 30% of gross monthly income of borrower and his/her spouse 








Loan Value: 80% of appraised value
HOW LONG CAN YOU PAY THE LOAN:  The maximum term if 20 years if the applicant has co-borrower like if the husband and wife will both apply for the loan, for sole applicant the maximum term is 15 years.
WHAT ARE THE REQUIREMENTS AND FEES TO APPLY FOR THE LOAN:
Fees and Charges
a)   Application/ Filing Fee  of  P2,000.00  (non-refundable)           
b)   Appraisal and Inspection Fees per CPI no. 2014-003 dated 12 February 2014
Pre-release charges
c)    Handling Fee of 1/10 of 1% based on amount approved                
d)   Commitment Fee of ½% of the unavailed amount
e)   Notarial Fee:   Minimum of P500.00
f)    Documentary Stamps Tax per PN
g)   Insurance Premium on MRI & Fire
h)   BIR & Registry of Deeds Registration Fees

Bahay Para sa Bagong Bayani (3B)



Eligible Borrowers
  • Filipino citizens
  • OFWs holding a live contract from a reputable company
  • 21 years old but not more than 65 years of age upon loan maturity
  • Clear of adverse credit finding with other creditors
Eligible Loan Purpose

Purchase of:
  • Residential Lot
  • House and Lot
  • Residential Units/Condominium/Townhouse
  • Construction/improvement or renovation of existing residential unit owned by OFW
  • Refinancing of an existing housing loan of the OFW on "CURRENT" status
  • Assumption by an OFW an existing housing loan by another borrower either with LANDBANK or another creditor
Loan Amount
Lowest of the paying capacity of the OFW or loan value of collateral with loan value of 80% provided that:
  • Financing will be for the principal residence or dwelling of the borrower OFW; and
  • The title should be under the name of the OFW
Tenor
  • 20 years: for OFW with co-borrower
  • 15 years : for OFW without co-borrower
Collateral
  • Primary, the Object of Financing or separate prime property if warranted
  • Others that may be accepted in addition to the object of financing:
    • Deposit with Hold-out
Interest Rate
  • Variable : Based on the posted rates at the time of availment
  • Subject to yearly repricing1
  • Fixed: Based on posted rates at the time of availment2
    • 2-3 years
    • 4-5 years
    • 6-7 years
    • 8-10 years
    • 11-15 years
    • 16-20 years
  • For Socialized Housing: 1% below the posted EHL rates at the time of availment subject to annual repricing3
Note:
1 , 2 Applicable to EHL, END-BUYER'S TIE-UP and 3B
3 Applicable to END-BUYER'S TIE-UP only
DOCUMENTARY REQUIREMENTS
For Credit Analysis:

  • Duly accomplished loan application form with 1" X 1" photo
  • Copy of employment contract
For Appraisal:

  • Photocopy of TCT/CCT
  • Photocopy of Tax Declaration (land improvements)
  • Latest Real Estate Tax Receipts
  • Certified by a Geodetic Engineer
  • Lot Plan
  • Location and vicinity map
For Construction and Renovation:

  • Photocopy of TCT/CCT
We are not endorsing the LandBank 3B housing program for OFWs, nor are we affiliated in any way to the institution. The information posted on our website is only for information purposes. We do not process a loan application.  For further information, you may visit the website of LANDBANK. 




This article is filed under: Small Personal Loans Low Interest Rate, Mortgage Lenders, Home Mortgage Loans, Homeloans, Home Equity Loan

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