memories will be made, and ambitions to fulfill.
That’s why most Filipinos take the opportunity to work abroad even if it means living miles away
from their family. Luckily, there’s a step-by-step way to easily build your dream house without
needing a huge amount of cash.
For starters, this guide will help you as an OFW to have an idea and prepare for your future
house. From document requirements and the list of banks that can help you, this article will
guide you to reach your dreams.
Ads
Of
course, before requesting for a loan, you have to make sure that you have these
documents first:
Basic Documents
●
Filled out Application Form
●
Photocopy of Valid ID
●
Marriage Contract only if
applicable
Income Documents
●
Proof of Remittances for the past
Three Months
●
Consularized Certificate of
Employment with Income or Latest 3 Months Pay Slip
Additional Documents for
Income from Rental Properties:
●
Lease contract
●
Photocopy of Title
Collateral Documents:
●
Photocopy of title
●
Lot Plan with Vicinity Map
●
Photocopy of Tax Declaration
Additional Documents For
Construction Loan:
●
Building/ Floor Plan of Planned
Improvement
●
Bill of Materials
●
Building Specification of Proposed
Finishes
Banking Institutions
If your documents are all set, you can now
look for partner bank to finance your home loan. Here’s the list of lenders
offering home loans for OFWs:
Ads
Sponsored Links
If
you choose to apply for a PAG-IBIG housing loan, you can go to this page for a much detailed guide.
Loan Approval
Image Credit: freepik.com
Lastly, if you want your housing
loan to be approved, you need to show proofs (such as documents
mentioned earlier) that you are capable to pay until your contract ends.
And
for you to have easy loan approval, you must be suitable for these factors:
● At least 21-25 years old and not more than 65 years old at the time of
loan maturity
● At least 30k – 50k Income
●
Have worked for at least 2 years
or more abroad
Yes, it may be a tough list and a lot of requirements to
prepare but think about the chance of building your dream house that you will
own for the rest of your life.
Invest in the important things first, and remember the
saying “pandaliang pagtitiis para sa
habang-buhay na ginhawa” (enduring patience for a lifelong relief).
About
the Author
Rica is
the founder and CEO of Remit.com.au, a
remittance company focused on Australia to Philippines money transfer. She is a
Filipina who loves writing about anything under the sun and reading hi-fiction
books (dragons!), good stories, dancing, laughter, lying on the grass and
eating balut.
