LandBank Of The Philippines Offers Housing Program For Overseas Filipino Workers

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, apply for loan to renovate, 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 is 20 years if the applicant has co-borrower, for example, if the husband and wife will both apply for the loan. While 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 Php 2,000.00 (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 Php 500.00

f)    Documentary Stamps Tax per PN

g)   Insurance Premium on MRI & Fire

h)   BIR & Registry of Deeds Registration Fees

For further information you may visit the website of LANDBANK.

Source: LandBank