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 valueHOW 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
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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
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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 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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