15 Best Housing Loan Options for OFWs

Are you in search of a new home? If so, you know how difficult and stressful it can be to find the perfect place to call home. That’s why we’ve put together a list of housing loans for OFWs, to make the process easier and more accessible.

Also Read: List of Car Loans in Philippines for OFWs

Real estate is a favored personal investment among Overseas Filipino Workers (OFW). The belief that a real estate property is a substantial investment, in addition to the desire to have a house of their own before they retire – is a dream that most OFWs live for.

Also Read: List of OFW Loans in the Philippines (Banks and Government Agencies)

However, like all investments, there is the downside of requiring vast amounts of money when making a house and land purchase. Naturally, the option to get a housing loan, either from government agencies or banks, is available to OFWs.

Our list of housing loans for OFWs provides a range of options to fit your budget and lifestyle, helping you find the perfect home without the financial burden. From low-interest loans to flexible repayment plans, we’ve got you covered. Take a look at our list of housing loans for OFWs and see which one is right for you. With our helpful guide, you’ll be able to easily navigate through the options and find the right loan for your needs.

OFWs can often face issues when trying to take out a housing loan. High interest rates, lack of flexibility in repayment plans, limited loan options, and lack of knowledge about the loan process can all make it harder to find the right loan.

But with our guide, you can easily navigate through the options and find the right loan for your needs. Get an overview of some of the most popular housing loans from Philippine banks for OFWs, and see which one is right for you!

1. RCBC Home Loan

If you’re planning to borrow only a small portion of the home’s cost and aim to pay back the loan in a short time, RCBC’s minimum loan amount, which is the lowest on the list, would be especially advantageous.

Here are some of the loan’s key features:

• Minimum loan amount of ₱300,000
• Interest rate ranges from 6.88% to 11% based on the loan term
• Loan term can be up to 20 years
• Offers fixing options from one to 20 years
• Can be used to purchase a house and lot, vacant lot, and for home renovation
• Can also be used as a multi-purpose loan or for home loan refinancing.

To find out more about this loan, click here. Also, you might want to consider checking out this guide on RCBC OFW loans.

2. UnionBank Home Loan

Offering attractive financial products to Filipinos, UnionBank has emerged as one of the fastest-growing banks in the Philippines. The bank’s excellence was evident at The Asian Banker Financial Technology Innovation Awards 2021, where it clinched the most number of awards among participating banking institutions.

Additionally, UnionBank secured the coveted title of Asia Trailblazer Institution of the Year at the 2021 Retail Banker International Asia Trailblazer Awards in Singapore.

If you’re seeking a reputable bank for your home loan needs, UnionBank could be an ideal choice. The bank boasts a vast network of accredited real estate developers, including Avida, Ayala, Camella, Filinvest, Megaworld, and SMDC, making it easy for you to apply for a UnionBank housing loan if you meet the bank’s eligibility criteria.

Here are some of the loan’s key features:

• Minimum loan amount of ₱500,000
• Maximum loan amount of 90% of the property’s appraised value
• Interest rates range from 6% to 11%
• Loan term ranges from one to 20 years
• Allows down payments from 10% to 99%
• Can be used for the purchase of a lot, house and lot, or condominium, house construction, refinancing, or home renovation
• Quick approval time

To learn more about this loan, visit this link. Additionally, you may want to explore this guide on UnionBank OFW loans.

3. Security Bank

In 2019, the Home Loan Product of the Year title at the Wholesale and Retail Banking Awards by Asian Banking and Finance was bestowed upon Security Bank for their outstanding loan products and services. This achievement affirms the bank’s exceptional quality.

Additionally, Security Bank was honored with seven awards at the 18th Philippine Quill Awards for their noteworthy corporate social responsibility campaigns and communication efforts.

Here are some of the loan’s key features:

• The minimum loan amount offered is ₱1 million.
• The maximum loan amount is 90% of the property’s appraised value, with a cap of ₱10 million.
• The interest rates offered by the bank are competitive.
• The loan term can be extended up to 25 years.
• The approval time for the loan application is quick, taking approximately ten banking days, depending on the documents submitted.
• The loan can be utilized for various purposes such as the purchase of a house and lot, vacant lot, or condominium unit.
• It can also be availed for home construction, renovation, or refinancing.

For further information on this loan, kindly check out this link. Moreover, you may find it helpful to peruse this Security Bank OFW loans guide.

4. Asia United Bank (AUB) Housing Loan

The bank characterizes its home loan services as customized, indicating that you can anticipate receiving knowledgeable guidance regarding your intentions. This amenity will undoubtedly prove advantageous for individuals purchasing a new residence.

Additionally, AUB presents an interest rate ceiling for its home loans, which could potentially shield you from potential interest rate hikes.

Here are some of the loan’s key features:

• The minimum loan amount for this loan service is ₱1 million.
• The maximum loan amount that can be borrowed is up to 80% of the appraised property value.
• Interest rates offered by this loan service are 6% fixed for one year, 6.5% fixed for three years, and 7% fixed for five years.
• The loan term can be extended for up to 20 years.
• Repayment for this loan service is made easy through an auto-debit arrangement.
• The loan service also offers a “Home Rate Protect” feature that provides an interest rate cap of 9% on home loans.

You can find more information about this loan at this link. Additionally, you can look up the details of other loans through this AUB loans OFW guide.

5. Chinabank Housing Loan

If you’re a first-time homebuyer who’s looking for a loan service that offers flexible repayment terms and multi-purpose loans, China Bank might just be the right fit for you. Not only do they provide various loan options, but you can also have your interest rate fixed for one, five, or ten years, giving you peace of mind that you won’t have to worry about any sudden spikes in your interest rates.

This feature is perfect for individuals who are just starting their homeownership journey and want to keep their finances as manageable as possible. With China Bank, you can expect to receive top-notch service and feel confident that you made the right choice.

Here are some of the loan’s key features:

• The minimum loan amount for this loan service is ₱500,000.
• Interest rates offered by this loan service are 5.50% for one-year fixing, 6.25% for two-year and three-year fixing, and 7.25% for four-year and five-year fixing.
• The loan terms for this loan service are up to 15 years for condo units, up to 10 years for vacant lots, and up to 20 years for house and lot.
• The loan processing is quick, ensuring that you receive the funds you need as soon as possible.
• This loan service can be used for different real estate property purchases, house construction, refinancing, and reimbursement.
• Repayment for this loan service is easy through an automatic debit arrangement, making it convenient for borrowers to keep track of their payments.
• This loan service does not have any hidden charges, ensuring that borrowers know exactly what they are paying for.

This link provides further details about the loan. Moreover, you can refer to the Chinabank OFW loans guide to explore information about other loans.

6. HSBC Home Loan

HSBC is a financial institution that has always been at the forefront of providing exceptional services that cater to the needs of its customers. The housing loan service offered by HSBC is no exception, as it is designed to help homeowners fulfill their dreams of acquiring properties in expensive areas.

For those in search of generous loan amounts, HSBC provides home mortgage loans of up to ₱50 million, making it a favorable option for those in need of additional funds.

The bank’s reputation as a global player in the banking industry is well-earned, as it is known for providing its customers with unparalleled support and guidance throughout the loan application process. Trust in HSBC and allow them to make your dreams of owning a home a reality.

Here are some of the loan’s key features:

• The minimum loan amount offered by an HSBC Home Mortgage Loan is ₱700,000.
• The maximum loan amount that can be borrowed is up to ₱50,000,000.
• Interest rates for this loan service range from 4.99% to 6.29%.
• The loan-to-value ratio (LTV) ranges from 60% to 80% of the maximum appraised value or selling price of the collateral or property, whichever is lower.
• Loan terms are flexible, and can be spread over a period of 12 months up to 10 years or until the client’s age of 65 upon loan maturity, whichever comes first.
• HSBC Home Mortgage Loan accepts different types of property as collateral, such as houses and lots, condominiums, townhouses, vacant lots (for a residential house), and pre-sell residential properties of accredited developers.
• This loan service can be used for various purposes, such as purchasing owner-occupied residential property that may include the borrower’s immediate family, refinancing a residential mortgage with another financial institution, financing construction, renovation, or addition to an existing residential property, or reimbursing a purchased property.
• HSBC Home Mortgage Loan offers flexible repayment schemes, as well as an array of interest-rate fixing options for new loans and repricing.

In addition to the loan particulars, this link offers more comprehensive information. Additionally, the HSBC OFW loan guide is an excellent resource for discovering additional loan alternatives.

7. Maybank Housing Loan

Maybank’s MaxiHome Loan is more than just another loan service. This loan service stands out from the crowd by offering financing options that are tailored to fit the unique needs of the borrower.

They provide specialized options for those looking to acquire a new home, build their dream house, leverage their current property for equity, or refinance their existing home loan.

The beauty of this service is that it opens up endless possibilities for borrowers to own their ideal home, be it a charming townhouse, a luxurious condominium, a spacious house, or even a piece of land that they can build on.

With Maybank’s MaxiHome Loan, owning a new address is more than just a dream – it’s a reality.

Here are some of the loan’s key features:

• The minimum loan amount offered by this loan service is ₱500,000.
• Interest rates offered are 6.75% for a one-year fixing, 7.25% for a three-year fixing, and 7.50% for a five-year fixing.
• The maximum loan term that can be availed of is 20 years.
• Properties offered as collateral for this loan service are subject to appraisal. An appraisal fee is charged, which is non-refundable.
• Loan accounts for this service are subject to both Life/Mortgage Redemption Insurance (MRI) and Fire Insurance (FI) coverage.

Apart from the loan details, this link provides extensive information. Moreover, the Maybank OFW loan guide is a valuable source for exploring further loan options.

8. PNB Home Loan

If you’re searching for the ideal housing loan in the Philippines, PNB’s Housing Loan is the one you’ve been looking for. This loan provides excellent interest rates and flexible terms, giving you the opportunity to transform your dream home into a reality without breaking the bank.

Whether you’re planning to buy a new house or renovate your current one, PNB’s housing loan service offers the best possible solution that suits your needs. So why wait? Apply for PNB’s Housing Loan today and experience the joy of owning your dream home in the Philippines.

Here are some of the loan’s key features:

• The minimum loan amount for lot purchases within and outside Metro Manila is ₱500,000.
• For house and lot, townhouse, or condominium purchases within Metro Manila, the minimum loan amount is ₱750,000, and ₱500,000 outside Metro Manila.
• The maximum loanable amount for lot properties is up to 70% of the appraised value.
• For house and lot, townhouse, or condominium purchases, the maximum loanable amount is up to 80% of the appraised value.
• The interest rate for this loan service is 6.25% per annum, with a current rate of 1.25% plus a 5% fixed rate.
• The maximum loan term for lot purchase, home improvement, or redesign is up to 10 years.
• For house and lot, townhouse, or condominium unit purchases, and house construction, the maximum loan term is up to 20 years.
• Accredited home developers for this loan service include Eton, Ayala, Filinvest, Robinsons, Arthaland, Megaworld, SMDC, DMCI, Vista Land, and Shang Properties.

For more information on this loan, click this link. You may also check out our PNB OFW loan guide to learn more.

9. Metrobank Housing Loan

Borrowers can obtain loans up to 80% of the selling price of the property from Metrobank, which is advantageous for those with a limited down payment.

The bank’s program caters not only to first-time homebuyers, but also to those seeking to purchase their second home, making it the top housing loan option in the Philippines. This is because it enables individuals to leverage their existing property as security to acquire a new real estate asset.

Here are some of the loan’s key features:

• Minimum loan amount is ₱500,000.
• Borrowers can obtain up to 80% of the property’s selling price.
• Interest rate varies depending on the fixing term:
  • 7.75% for one-year fixing
  • 8% for two-year fixing
  • 8.50% for three-year fixing
  • 8.75% for four-year or five-year fixing
• The loan can have a maximum term of 25 years.
• The loan is available for various purposes such as:
  • Lot purchase
  • House construction
  • Second home acquisition using the existing property as collateral
  • Reimbursement
  • Refinancing
  • Home upgrades.

To obtain further details about the loan, please follow the provided link. Moreover, you can browse through our Metrobank OFW loan guide for additional information.

10. Bank of the Philippine Islands (BPI) Housing Loan

Nestled in the heart of Southeast Asia lies the revered institution of banking, standing tall and proud as the region’s oldest. This historic establishment offers a unique and versatile home loan, designed to cater to your every real estate need. Whether you aspire to secure a new home for your family, renovate an existing property, or construct a dream abode, this loan has got you covered.

With the bank’s innovative home loan, the possibilities are endless. You can use it to purchase your dream home, with the bank’s generous lending limits ensuring that your options remain wide open. If you’re planning to embark on a renovation project or undertake a new construction, the loan provides ample financing to bring your vision to life.

And if you own a property and require additional funding, you can unlock its potential through a property equity loan, using it as collateral to access the resources you need.

In a world where real estate investment is more important than ever, the oldest bank in Southeast Asia stands out as a beacon of financial stability and innovation. With its versatile home loan, the bank is committed to helping you achieve your real estate aspirations, providing you with the resources you need to build a brighter future for you and your loved ones.

The BPI Housing loan for OFWs can be used for:

• Purchase a vacant lot;
• Purchase a house and lot;
• Construct a house;
• Renovate your existing home;
• Refinance loans with other financial institutions

Here are some of the loan’s key features:

• The minimum loan amount is ₱400,000.
• Maximum of 70% of the appraised value of house and lot,
• Maximum of 60% of the estimated value of the vacant lot or residential condominium, or
• Up to 80% of the assessed value of house & lot if it’s under P5M (if the applicant is employed, and it is meant for owner occupancy).
• The maximum loanable amount is up to 90% of the property’s price.
• The interest rate varies based on the fixing period. It is 6.25% for one-year and two-year fixing, 6.75% for three-year fixing, 7.25% for four-year or five-year fixing, 9.50% for 10-year fixing, 10.50% for 15-year fixing, and 12% for 20-year fixing.
• The maximum loan term is up to 20 years.
• The loan can be used for eligible purposes such as new home purchase, house construction, renovation, and property equity loan.

Loan Term

• Maximum of 25 years for house and lot, or
• For a vacant lot, a maximum of 10 years, residential condominium, business loan, refinancing, or multi-purpose loans

Eligible borrowers – Anybody of legal age but not more than 65 years old upon loan maturity if they are:

• Filipino
• A foreigner married to a Filipino citizen (subject to specific documentary requirements)
• Foreigner with issued immigrant/resident visa (subject to particular documentary requirements) but solely for the acquisition of a condominium unit only

Interest rate: The interest rate can vary, depending on the loan purpose and the loan term – from 6.25% to 12% for home acquisition and home construction and renovation. For loans to be used for property equity, the interest rate can range from 7.25% to 8.25%.

Documentary requirements:

• Filled out Application Form,
• Two valid IDs,
• If married, the signature of both spouses on the application form,
• If with co-borrower or co-mortgagor, duly accomplished application form filled separately,
• Job contract or Certificate of Employment (COE), authenticated by Philippine Consulate,
• For seaman, Crew Contract and Exit Pass as validated by POEA,
• Proof of monthly remittances,
• Notarized or authenticated Special Power of Attorney (BPI FSB Format),
• Clear copy of Owner’s Duplicate Copy of TCT/CCT,
• Lot Plan with Location/Vicinity Map certified by licensed Geodetic Engineer,
• Photocopy of Tax declaration / Tax receipts / Tax clearance, and
• Endorsement Letter/computation sheet / Contract to Sell from the developer stating the contract price (for accredited developer/project)

For more information regarding the loan, kindly access this link. Additionally, you may refer to our BPI OFW loan guide for supplementary details.

11. EastWest Bank Home Loan

The final offering on our list is the EastWest Bank Home Loan, proudly brought to you by the Filinvest Development Corporation. EastWest Home Loan provides a uniquely customizable and convenient experience, with a seamless application process and an array of competitive terms and rates to choose from.

Whether you need flexibility in your payment options or simply want to secure the best deal, EastWest Home Loan has got you covered. Don’t settle for anything less than the best, and choose EastWest Home Loan for your next home purchase.

Here are some of the loan’s key features:

• Minimum loan amount: ₱500,000
• Maximum loanable amount: ₱10 million, up to 80% of the property’s appraised value
• Interest rate:
  • 6.25% for one-year fixing
  • 7.25% for two-year and three-year fixing
  • 7.75% for four-year and five-year fixing
  • 7.375% for six-year and ten-year fixing
  • 8.25% for 11-year and 15-year fixing
  • 9.75% for 16-year up to 30-year fixing
• Maximum loan term: Up to 30 years
• Eligible purposes for the loan:
  • Home equity
  • Payment for existing loans
  • Home construction
  • Reimbursements for the purchase of residential property bought within one year
  • Purchase of a home, condo unit, or residential apartment (with a maximum of four doors)
  • Lot acquisition

For more information regarding the loan, kindly access this link. Additionally, you may refer to our EastWest Bank OFW loan guide for supplementary details.

12. Landbank Bahay Para sa mga Bagong Bayani

The Bahay para sa Bagong Bayani program is a lending initiative offered by the Land Bank of the Philippines for Overseas Filipino Workers (OFWs) who wish to acquire, build or renovate their homes with relaxed and flexible terms. Eligible borrowers include Filipino citizens, OFWs with a live contract from a reputable company, aged between 21 and 65 years upon loan maturity, and clear of adverse credit history with other creditors.

The loan can be used to purchase a residential lot, house and lot, residential units/condominium/townhouse, construction or renovation of an existing residential unit owned by the OFW, refinancing of an existing housing loan of the OFW on “CURRENT” status, or assumption of an existing housing loan by another borrower either with LANDBANK or another creditor.

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

Here are some of the loan’s key features:

Loan Amount:

• Based on the paying capacity of the OFW or loan value of the collateral
• Loanable Amount – The loanable amount ranges from a minimum of P500,000.00 to up to 70% of the appraised value for house and lot, townhouses and condominium units, 60% of the estimated value for vacant lot, or 80% of the contract price for accredited developers.
• Loan value of 80% provided that the financing will be for the principal residence or dwelling of the borrower OFW
• The title of the property 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 collateral is the object of financing or separate prime property if warranted
• Other collateral that may be accepted in addition to the object of financing include deposit with hold-out

Interest Rate:

• Variable: Based on the posted rates at the time of availing,
• Subject to yearly repricing,
• Fixed: Based on posted prices at the time of availing, or
• For Socialized Housing: 1% below the posted EHL rates at the time of availing 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

To obtain more information about the loan, please visit this link. Furthermore, you can consult our LandBank OFW loan guide for further information.

13. SSS Direct Housing Loan

The Social Security System (SSS) housing loan is available to all SSS members who satisfy the following conditions:

• Aged under 60 years old at the time of application,
• Have at least 36 months contribution and 24 months of straight contributions,
• Have not availed of any SSS housing loan benefits before,
• Have not received final SSS benefits,
• Is a certified Overseas Filipino Worker (OFW)
• Is under a contract from the Philippine Overseas Employment Authority (POEA),
• Is residing abroad and can present an authentication from the embassy in the country of residence,
• Filipino workers who are on immigrant status or are already a citizen of a respective country, and
• Filipino residents who have worked overseas for at least ten years.

For contract workers with pending renewal and abroad deployment, the loan will be released once the renewal and deployment for overseas employment.

Eligible loan purposes: The loan can be used for:

• Construction of a house at a lot owned by the applicant,
• Buying a land in which a house will be built, and
• Purchasing an existing residence- either a house and lot, a townhouse or a condominium unit.

Loanable Amount: The SSS housing loans come in two options:

• A socialized housing loan worth Php300,000, and
• A low-cost housing loan that ranges from Php500,000 to Php1,000,000.

Loan Term: The SSS housing loan is available on various terms, from 5 to 30 years.

Interest rate: The interest rate can change depending on the loan amount and can range from 9% to 14% per annum.

Documentary requirements:

These documents are required before the loan application can be processed:

• Duly filled and signed form of mortgagor with 1 x 1 picture of the applicant (and the spouse, if married),
• Loan Eligibility Certification,
• Membership Certification from your respective worker’s group,
• Certification of Employment,
• Two months latest payslip with employer’s certification,
• POEA/OWWA/DOLE or any SSS-related foreign officer Certification for OFWs, and
• Most recent Income Tax Return (ITR).

14. PAG-IBIG Overseas Program (POP)

Eligible borrowers: Under the Pag-IBIG Overseas Program (POP), an OFW may avail of a loan provided that he/she satisfies the following conditions detailed on the Consolidated Guidelines of the Pag-IBIG Housing Loan Program:

• Applicant is either a Filipino overseas contract worker, a Filipino immigrant, or a naturalized citizen,
• Not over 65 at the time of loan application and not more than 70 years old at loan maturity,
• Able to acquire real property on a legal capacity,
• Has satisfied the PAG-IBIG Fund background/credit and employment/business checks,
• No Outstanding Pag-IBIG housing loan, PAG-IBIG multi-purpose loan, or calamity loan, either as a principal borrower or co-borrower, and
• Does not have any Pag-IBIG housing account that was foreclosed, canceled, bought back due to default, or subjected to Dacion en Pago (repossession).

Eligible loan purposes: The loan can be used for

• Purchase (plus cost of transfer) of a fully developed residential lot or adjacent residential lots as long as it does not exceed 1,000 sq.m., 
• Purchase (plus price of transfer) of an old or new property – either a house and lot or a townhouse or condominium, with parking slot,
• For the construction or completion of a residential unit on a lot owned by the borrower, or a relative;
• Improvement on the borrower’s house, i.e., any alteration in an existing unit that will enhance its durability and material value;
• Refinancing of an existing housing loan with any institution acceptable to the Fund, under the condition that the account is updated and at least one (1) year old upon application, as verified by borrower’s official receipts or a Statement of Account (SOA) (SOA) issued by the financing institution signed by the Manager or Account Officer.
• Combination of loan purposes (plus price of transfer) for:
  • Purchase of a fully developed lot not exceeding 1,000 square meters and construction of a residential unit thereon;
  • Purchase of a residential unit, whether old or new, with home improvement;
  • Refinancing of an existing mortgage with home improvement;
  • Refinancing of an existing mortgage, specifically a lot loan, with construction of a residential unit thereon.
  • Purchase of residential unit and transfer of title in favor of the retail borrower;
  • Purchase of a residential unit with home improvement, and transfer of title in favor of the retail borrower;
  • Purchase of residential lot and transfer of title in favor of the retail borrower;
  • Purchase of residential lot with house construction and transfer of title in favor of the retail borrower.

Loanable Amount: PAG-IBIG members working overseas and paying contributions under the voluntary PAG-IBIG Overseas Program (POP) may make up as much as P 2,000,000.00 in housing loans.

Loan Term: The maximum payment period for the loan is thirty (30) years.

Interest rate: The interest rate is calculated based on the customer-selected repricing period under conditions of the Full Risk-Based Pricing Framework.

Documentary requirements: Borrowers who wish to apply for the POP housing loan need to submit the following:

• Housing Loan Application with recent ID photo of borrower/co-borrower (if applicable)
• Proof of Income for Overseas Filipino Workers (OFW)
• One (1) valid ID (Photocopy, back-to-back) of Principal Borrower and Spouse, Co-Borrower and Spouse, Seller and Spouse, and
• Developer’s Authorized Representative and Attorney-In-Fact, (if applicable)
• Special Power of Attorney (SPA) for member applicants who wish to send a representative,
• Duly certified by the Philippine embassy or consulate in the country of their workplace,

15. United Coconut Planters Bank (UCPB) Home Loan

For the UCPB Home Loan, you will be an eligible borrower if:

• You have been working for at least the last 12 months with a minimum gross monthly income of P30,000.00 or higher, or
• You have been in business for the previous three years.

Eligible loan purposes: The UCPB Home Loan can be used to:

• Buy a residential lot, house and lot, condominium, or townhouse,
• Renovate or build a house on an already-owned lot,
• Refinance an existing mortgage from another bank, or
• Multi-purpose loan (collateral can either be your primary residence, secondary home, or vacant lot).

Loanable Amount: The loanable amount ranges from a minimum of P500,000.00 to up to 70% of the appraised value for house and lot, townhouses and condominium units, 60% of the estimated value for vacant lot, or 80% of the contract price for accredited developers.

Loan Term

• The maximum loan term is 20 years for construction and acquisition of house and lot, townhouses and condominium units.
• The maximum loan term is ten years for refinancing, multi-purpose loans and acquisition of vacant lots.

Documentary requirements: Applying for the UCPB Home Loan, the following documents are necessary:

• Duly accomplished Housing Loan Application Form
• 2 Valid Government-issued ID’s
• Certificate of Employment (COE) duly authenticated by Philippine Consulate
• Crew Contract & Exit Pass validated by POEA (for Seamen)
• Payslips for the last three months
• Notarized or authenticated Special Power of Attorney (UCPB prescribed format)

Tips to Consider when Selecting the Best Housing Loan in the Philippines

If you’re considering buying a property in the Philippines, it’s important to understand that taking out a housing loan is a significant financial commitment.

Here are some important things to consider before choosing a housing loan from a bank.

1. Determine the Purpose of the Loan

• Before you start looking for a housing loan, it’s crucial to know the purpose of the loan. This will help you make an informed decision about the best housing loan in the Philippines that suits your needs. Ask yourself if you’re taking out the loan to buy a house and lot, a condominium unit, or a lot as an investment.

2. Assess Your Budget

• Once you have identified the property you want to buy, determine your budget. Consider how much you can afford to pay as a down payment and the monthly amortization. You should also take into account the various fees, such as transfer taxes, application fees, and appraisal fees. Be sure to have enough savings to cover emergencies and keep an eye on fluctuating housing loan rates.

3. Compare Your Options

• It’s essential to compare the various housing loan options and terms offered by different banks to find the one that suits you best. Look at the rates, loan offerings, and other terms before making a decision.

4. Seek Expert Advice

• Loan terms and rates vary depending on your qualifications and the documents you provide. It’s a good idea to talk to banking experts to learn about your options and to make the best decision for your situation.

5. Consider Alternatives

• If your goal is to improve your existing property, you may choose to turn to other types of loans, such as personal loans. It’s worth considering alternative options if they better fit your needs.

Video: MGA HOUSING LOAN PROGRAM PARA SA MGA OFW

If you’re interested in finding out your options (as there are many) apart from banks, then this video is for you.

The video discusses the various housing loan options available to OFW. One of the good news is that all OFWs are eligible to benefit from the government’s Housing Loan Program.

However, there are also other programs available to them such as the LOVE Overseas Program, Landbank of the Philippines Bahay para sa Bagong Bayani Program, SSS Direct Housing Loan Facility, BPInoy Seafarer’s Housing Loan, and UCPB Home Loan.

The video also explains the purpose of a housing loan, the interest rate, and the loan term. It also highlights the qualified borrowers and loan purposes, loan amount, and interest rate. Furthermore, it discusses the project and collateral cost of funding. The video aims to provide useful information to OFWs who are looking for affordable and convenient housing loan options.

Frequently Asked Questions

1. Who is eligible for housing loans for OFWs?

All Overseas Filipino Workers (OFWs) are eligible for the housing loans for OFWs.

2. What is the interest rate for housing loans for OFWs?

The interest rate for housing loans for OFWs varies depending on the program and the lender. It can range from 3% to 8% per annum.

3. What is the maximum loan amount I can borrow for housing loans for OFWs?

The maximum loan amount for housing loans for OFWs depends on the program and the lender. It can range from PHP 2 million to PHP 10 million.

4. Can I apply for more than one housing loan program?

Yes, you can apply for more than one housing loan program as long as you meet the eligibility requirements and can afford to pay the monthly amortization.

5. How long is the repayment period for housing loans for OFWs?

The repayment period for housing loans for OFWs varies depending on the program and the lender. It can range from 5 years to 25 years.

6. Can I use the housing loan for the purchase of a lot or house and lot package?

Yes, you can use the housing loan for the purchase of a lot, house, or house and lot package, depending on the program and the lender.

7. What are the requirements for a housing loan application for OFWs?

The requirements for a housing loan application for OFWs vary depending on the program and the lender. Generally, you will need to provide a copy of your employment contract, passport, visa, proof of income, and other supporting documents.

8. How can I apply for a housing loan for OFWs?

You can apply for a housing loan for OFWs through the lender’s website, by visiting the nearest branch, or by contacting the customer service hotline. The application process may vary depending on the program and the lender.

Final Thoughts

We understand how important it is to find a comfortable and affordable home for you and your family. That’s why we’ve made it our mission to provide you with the information and resources you need to make your home ownership dreams a reality. We hope that our list of housing loans for OFWs has been helpful to you in your search for a new home. We wish you all the best in your home ownership journey!

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