• Housing Loan for OFW's

    Investment in real estate is an all time favorite investment as it is considered to be a profitable one. It is a common belief that one does not lose out on their hard earned money if they purchase any kind of property. It could be a house and lot, a condominium or even farm land. Real estate is booming in the Philippines and flexible rates of interests are making purchases of property even more easy with time.

    Owning a house that one can actually call their own home is a dream of all Filipinos. This can be fulfilled with investments made using home loans. Local resident Filipinos as well as OFWs can avail home loans. The process or documentation varies for the different groups.

    OFWs or Overseas Filipino Workers are citizens of the Philippines who work abroad. They are expected to return permanently when their work contract expires or after retirement.

    Filipinos who have migrated to other countries and become citizens of another country are known as Balikbayans and return to the Philippines once in a while for short, temporary visits.

    There are different kinds of housing loans available to OFWs in the Philippines. Loans are available to them in the form of one that is Government issued as well as those issued by private financial institutions such as banks.The Government issued loans are in the form of the Pag-IBIG and the Social Security System in the Philippines.

    Social Security System (SSS) Housing Loan for OFWs

    Who is eligible?

    This particular housing loan is available to all OFWs who have made a minimum of 12 months of contributions to the SSS. They shouldn’t have availed the SSS benefits before and must be less than 65 years of age.

    This housing loan facility gives them two options to choose from. The first one is socialized housing loan which is worth Php 300.000. The second one is a low-cost housing loan which ranges anywhere from Php 500,000 and goes up till Php 1,000,000.

    Purposes for which the SSS loan is given:

    1. Purchase of a lot in which a house will be constructed.
    2. Construction of a place of residence on a lot that is owned by the applicant.
    3. Purchasing an existing place of residence. This could be in the form of a house and lot, a condominium or a townhouse.

    Loan Tenor and Rates of Interest

    The tenor of the loan usually starts from 5 years and goes up to 30 years. The rates of interest depend on the amount of loan being taken and usually ranges between 9 percent to 14 percent per annum.

    The Pag-IBIG Program

    The Pag-IBIG Overseas Program is similar to that of the SSS. It is a savings program that is voluntary in nature and aims at giving all Filipino immigrants, overseas contract workers and naturalized citizens an opportunity to avail a loan to build or purchase their dream home.

    The Pag-IBIG Program lets you avail a loan of an amount as much as Php 2,000,000 so that you can build an asset that will yield you returns manifold in the future.

    With this program, members can withdraw their own accumulated savings after 5 years, 10 years, 15 years or 20 years of contribution to the Program.

    Land Bank of the Philippines Bahay Para sa Bagong Bayani Program

    The Land Bank of the Philippines Bahay Para sa Bagong Bayani Program works towards improving the lifestyle conditions of all Overseas Filipino Workers. This is made possible through provision of basic shelter or home renovation and improvements on their existing place of residence at very affordable rates and flexible conditions.

    Any OFW who is a Filipino citizen and who holds a live contract from their employer is eligible to take a loan from this Program. The applicant needs to be 21 years old at the time of applications and not more than 65 years of age when the loan matures. The loan applicant must also be clear of and adverse credit finding that may affect his credit reports.

    Purposes for which the loan is permissible:

    1. Purchase of house and lot.
    2. Purchase of a condominium, townhouse or a residential unit.
    3. Purchase of a lot.
    4. Construction of a new residential unit.
    5. Renovation or improvement of an already existing home.
    6. Refinancing of existing mortgage home.

    Loanable Amount

    The lowest of the repaying capacity of the OFW will be the loanable amount. The amount being given out as loan can be 80 percent of the value of the collateral.

    Rates of Interest

    The current rates of interest on housing loans availed by this program for 5 years, 10 years, 15 years or 20 years is subject to annual repricing.

    Financing of the Project Cost

    Land Bank of the Philippines Bahay Para sa Bagong Bayani Program - Up to 80% of the collateral value

    Borrower/OFW - Minimum of 20% of the collateral value

    Loan Tenor

    Overseas Filipino Workers with co-borrowers are eligible for a loan for up to twenty years and OFWs without co-borrowers on the loan can avail a tenor of up to fifteen years to repay the loan.

    BPINoy Seafarer’s Home Loan

    With the BPINoy Seafarer’s Home Loan, the Bank of Philippines Islands had made owning your dream home the easiest thing the gift yourself.

    Who is eligible for the BPINoy Seafarer’s Home Loan?

    The below mentioned criteria needs to be fulfilled before you apply for the BPINoy Seafarer’s Home Loan:

    1. The applicant must be a seafarer or an employee of a Manning Agency.
    2. The applicant must have an existing Allottee Payroll Remittance Agreement with BPI.
    3. The applicant must not be over 60 years old at the time of applying for the loan.
    4. The minimum monthly income of the applicant must be Php 40,000.

    Pre-processing Documentary Requirements

    The preprocessing documentary requirements while applying for the BPINoy Seafarer’s Home Loan are:

    1. For all seafarers - Original Certificate of Employment issued by the Manning Agency and POEA (authenticated contract).
    2. For employees of the Manning Agency - An original Certificate of Employment which indicates the designation and annual income of the employee.

    Rates of Interest and Loan Tenor

    The rates of interest on the BPINoy Seafarer’s Home Loan is the lowest available in the market and are payable over a tenor of five to fifteen years.

    Loanable Amount

    The minimum loanable amount from this program is Php 400,000.

    Application Process

    Apply for the BPINoy Seafarer’s Home Loan by logging on to bpidirect.com and clicking on “Learn More” under Loans. You can also apply for loans by calling BPI Express at 89-100.

    United Coconut Planters Bank (UCPB) Home Loan


    1. The applicant must have been employed for the last 1 year.
    2. The applicant must have a minimum gross monthly income of Php 40,000 or been in business for 3 years.

    Purpose of the Loan

    The loan can be used for the following purposes:

    1. Purchase of a house and lot, townhouse, condominium or residential lot.
    2. Construction of a residential unit on an already owned lot.
    3. Refinance an already existing mortgage.
    4. Renovation of a house.
    5. Any other loan (if your home is the collateral)

    Loan Tenor and Loanable Amount

    The maximum loan term offered is 15 years and the minimum loanable amount available from the UPCB is Php 500,000.

    Mode of Payment

    You can pay your monthly amortizations through the following modes of payments:

    1. Issue post-dated cheques.
    2. Sign up for an Automatic Debit Arrangement from your UCPB Account.
    3. Enroll to UCPB Connect for individuals and to UCPB CM.Biz for Corporates to set up monthly payments that are recurring.

    Application Process

    Applying for a Home Loan from UCPB is as simple as walking into the nearest branch of UCPB or any UCPB Consumer Finance Business Center in the country for consultation.

    Documentation Requirement

    Below is a list of all the documents that an OFW requires to apply for a housing loan from UCPB:

    1. A fully completed and signed housing loan application form from UCPB.
    2. Any two valid proofs of identity issued by the Government of Philippines.
    3. An original COE that is validated by the Philippine Consulate Crew Contract and an Exit Pass authenticated by POEA for all Seamen.
    4. Original payslips of the last 3 months.
    5. Notarized Special Power of Attorney in the required UCPB format.

    Checkout Related Articles:

    Choosing the Best Housing Loan in Philippines

    Bank vs Pag-Ibig Vs In-House Financing for Housing Loan

    Home Loan Interest Rates

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