Landbank's Personal Home Loan: For OFWs, Private, and Gov't Employees

For Overseas Filipino Workers (OFWs) who are looking for a housing loan, Pag-IBIG Fund is not the only choice. You can choose from different banks in the Philippines, just like Landbank!

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Don't you know that Landbank has a "Bahay Para sa Bagong Bayani" o 3B Housing Loan Program for OFWs? We all know that to have a house to call your own is one of the most ultimate dreams of OFWs! So check this out!

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Who are the eligible borrowers of 3B?

• Filipino citizens
• OFWs holding a live contract with 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
• An 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 a 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 repricing
• Fixed: Based on posted rates at the time of availment

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 repricing

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

On the other hand, if you are not OFW and interested in applying for a housing loan in Landbank, you can still apply for Easy Home Loan Program.

Eligible Borrowers

• Filipino citizens
• 21 years old (must not be more than 65 years of age upon loan's maturity)
• Borrowers who are either gainfully employed or with lawful and profitable business

Loan Purpose

For the purchase of:

• Townhouse
• Condominium unit
• Lot, House and lot
• Other residential unit
• Construction of a residential building on a lot owned by the borrower
• Refinancing of existing housing loan with other banks or financing firms or developers' in-house financing-provided account is in "current status"

Loanable Amount

Minimum of P500,000.00

For Private Applicants:

The borrowing capacity of the individual borrower and his/her spouse (if applicable) shall be based on the 30% of the verified Gross Monthly Income for private applicants gross monthly income

For Government Employees:

The borrowing capacity shall be based on the amount as required by GAA, after housing loan amortization

Tenor

The loan shall have a maximum term of 20 years, provided the combined age of the borrower and the term loan shall not exceed 65 years

Collateral

The loan shall be secured by residential/commercial real estate properties acceptable to LANDBANK

Documentary Requirements
Employed individuals:

• Personal Information Data Sheet
• Certificate of employment
• Latest payslip indicating net take-home pay of borrower
• Any two of the following latest Billing Statements:
• Electric Bill
• Phone Bill
• Water Bill
• Credit Card Bill
• TV Subscription Bill
• Private individuals owning their business / With the established source of income:
• Business Registration and Licenses
• Biodata
• BIR-stamped Financial Statements and Income Tax Returns for the last three years

Others

Applicable for both employed and private individuals with business

For Condos:

• Master Deed of Restriction
• Building and Unit Floor Plan
• HLURB Permit to Sell
• HLURB Locational Clearance

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

SEE MORE:

Read: Land Bank of The Philippines List of Properties for Sale This April 2018

 Read: East West Bank Foreclosed Properties For Sale This April 2018

Read:Pag-IBIG Fund Foreclosed Properties for Sale This April 2018

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LANDBANK and OWWA Loan, P50K to P300K, No Collateral for OFWs Soon!

(Steps for former OFWs in securing a loan from the government)

To uplift the life of the Overseas Filipino Workers (OFW), the Department of Labor and Employment (DOLE), together with the Overseas Welfare Workers Administration (OWWA) is currently negotiating with the Landbank of the Philippines to make loan application and approval easier for our "Modern Day Heroes."

Currently, the Landbank grants loan assistance from P50,000 to P300,000 providing that the OFW can provide legitimate collateral such as land titles and other valued assets.

The loan has an interest rate of 8 percent.

Many OFWs are discouraged to apply for the loan because they cannot present any valuable collateral to the bank.

With this, the DOLE and OWWA are negotiating with the Landbank to clear out various terms and requirements in granting loan assistance for the distressed OFWs.

Particularly, the government agencies want the Land Bank to reduce the interest rate for the OFW loan from 8 percent to 6 percent.

DOLE and OWWA also want to abolish the collateral requirement because the labor department will be the guarantor of the OFWs.

Read More: OWWA and Landbank Loan for OFW: Requirements and How to Apply

(Former OFW Avails P300K loan from government)

“We are reviewing the rules for the loan. For those who are interested in applying, there will be no collateral because we will be your guarantor. Take good care of your money and attend our livelihood training so that you won’t find the need to leave the country again,” Bello added.

According to OWWA Administrator Hans Leo Cacdac that first-degree relatives, such as wives and children of the deceased OFWs and Filipino workers who are still in abroad can process the claims and loans, provided that they have the proper documentations.

(Overview of the OWWA and Landbank Loan Program for OFWs)



“We are finalizing the rules for the loan with the officers of Landbank. We hope to sign a memorandum of understanding with them in June,” Cacdac explained.

The DOLE also has created a created a technical working group to deeply review the rules and guidelines for OFWs in applying for loans.

(BME - mga OFWs negosyante na dahil sa OWWA Re-integration Program)

Meanwhile, the Department of Labor and Employment (DOLE) has also vowed to assist returning OFWs in claiming unpaid financial and security benefits from their employers.

Bello asked the repatriated OFWs to provide them with their proper documents so that labor department can assist them in claiming their unpaid wages and benefits in his meeting with the repatriated workers from Mohammad Al-Mojil Group of companies in Saudi Arabia.

Livelihood assistance given to displaced OFWs has been raised from P10,000 to 20,000 in cash.

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

SEE MORE:

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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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©2016 THOUGHTSKOTO