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Tuesday, May 07, 2019

OFWs Guide For Housing Loan This 2019

Every person's goal is to build their own dream house. A house where a family will grow,
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.
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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
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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:
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If you choose to apply for a PAG-IBIG housing loan, you can go to this page for a much detailed guide.

Loan Approval
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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.


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