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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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