How to Get a Home Loan as an OFW?

After getting the hang of it, saving here and there. Arguably, the next ultimate Filipino dream is house ownership. That domicile you can call home. That place where your family can create more memories amidst the comfort.


So now you’re thinking, how can you even afford a house in the Philippines? If you have saved up for some time already, a Home Loan might be an option for you.


Certainly, OFWs are the modern day heroes. They left our country to scout for greener pastures just to provide a better life for our families. The sacrifice they make drive the economy further with more $2 Billion Dollars of remittances.


Multiple banks recognize the value of the OFWs. That’s why they now cater their services to our fellow Kababayans abroad. Here is how you can grab a Home Loan for your family.


Finding the Right Property You Can Afford

Finding the Right Property You Can Afford

Image Credit: Investopedia


Before you start, you should check out the property you can afford first. Maybe you know a friendly real estate agent. You can try to get a price quote from them. If you haven’t found a property yet, try checking bank or real estate websites for their real estate directory.


Next, check your bank for the loan amount you can get for the property. What’s good is that you can already do an estimate for this online. Almost all banks already have this nifty feature on their websites. Try checking BPI’s Housing Loan Calculator to get an idea.


After seeing the monthly figure, check your budget if you can afford the purchase. You don’t want to shockingly drown yourself from debt you can’t afford. If you can, on to the next step.


Banking Institutions


Now, let’s find a partner bank to finance our loans. Across all banks, to get a home loan, you need:

  • At least 21-25 years old and not more than 65 years old at the time of loan maturity

  • At least 30k – 50k Income

  • Have worked for at least 2 years or more abroad


As for the terms, you don’t have to scour the depths of the Internet to get an idea. iMoney.PH has compiled some of the bank loan terms for our consumption.

  Lenders offering home loans for OFWs infographic

If you want other options, you can also register in PAG-IBIG Fund. After just 24 contributions, you can already avail of a loan provided you meet the qualifications. Check this guide to apply for your PAGIBIG housing loan.


Loan Approval


Generally, what the bank wants you to prove is that you can pay up the loan. They need documents that can be validated to assess how you handle your finances.


If in the past you had some financial difficulties, it is good to tell them outright. Provide proof that now you can afford the loan, that now your finances have definitely changed for the better.


You might be surprised at how banks can be forgiving.


Documentary Requirements

Documentary Requirements

Image Credit: Alpha Stock Images


Lastly, it is time to try our luck. Most banks take 5 banking days or less to process your application. These are the requirements for most banks:


Basic Documents

  • Filled out Application Form

  • Photocopy of Valid ID

  • Marriage Contract, if applicable


Income Documents

  • Proof of Remittances for the past Three Months

  • Consularized Certificate of Employment with Income or Latest 3 Months Pay Slip


Additional Documents for Income from Rental Properties:

  • Lease contract

  • Photocopy of Title


Collateral Documents:

  • Photocopy of title

  • Lot Plan with Vicinity Map

  • Photocopy of Tax Declaration


Additional Documents For Construction Loan:

  • Building/ Floor Plan of Planned Improvement

  • Bill of Materials

  • Building Specification of Proposed Finishes




Now that all is set, what’s left is your decision. Should you purchase that dream home?


Let’s toast to that!

Leandro Eclipse

Leandro Eclipse is an entrepreneur who loves to travel. He believes in building multiple Location-Independent Sources of Income. Because if you are going to work anyway, might as well do it while exploring the world. Self-proclaimed foodie and tech geek. Follow him on IG @mikoeclipse.


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