Contributing P7.2B to the Philippine economy through in the first quarter of 2016 alone, the 2.32M Overseas Filipino Workers are one of the primary sources of our country’s revenue. Because of their higher income compared to their counterparts back home, here is this misconception that OFWs don’t need financial services, especially after they have been deployed and already working overseas. On the contrary, OFWs still have financial needs that they may choose to avail of in the Philippines, such as an OFW Loan.
Great news for OFWs is that government agencies and banks in the Philippines now offer OFW Loan services for a variety of purposes – be it money for your family back home, to house and car purchases. This will help in getting a legitimate and low interest OFW Loan, which decreases the amount you have to repay. Read on to find out the requirements and application process, so you or your loved one can avail of these loan offers.
- Home Development Mutual Fund (Pag-IBIG) and Social Security System (SSS) OFW Loan
Pag-IBIG offers affordable housing loans to member OFWs who have contributed for 24 months or more. Borrowers should be 65 years old and below, without any outstanding, defaulted, or foreclosed Pag-IBIG loans.
Meanwhile, OFWs who have at least 36 months’ worth of contributions can also apply for a Direct Housing Loan Facility from SSS. However, they can only be granted this housing loan once. You can still qualify for SSS’ home loan even if your spouse has availed of it prior to marriage, as long as the OFW Loan is not delinquent.
- Bank of the Philippine Islands (BPI) OFW Loan
If you’ve been working overseas for 2 years and up with a monthly income of P30, 000 or more, you may qualify for a BPI Personal OFW Loan and Auto loan. BPI also offers home loans for OFWs who earn a minimum of P40, 000. You must be 21 years old to apply and no more than 60 years old on loan maturity.
- Security Bank OFW Loan
Security Bank offers Home Loans and Auto Loans to OFWs who have worked abroad for at least 2 years and are earning P40, 000 for Home Loans and P50, 000 for Auto Loans.
- BDO Unibank (BDO) OFW Loan
BDO’s Asenso Kabayan Program offers Home, Auto, and Personal OFW Loan options. You must have been employed for at least 2 years with a monthly income of P50, 000 for the Auto Loan and P10, 000 for all other OFW loan types. Borrowers must be 25 years old or older but not more than 65 years old upon loan maturity.
- Philippine Savings Bank (PSBank) OFW Loan
OFWs can also avail of Own Your Home and Drive Your Car OFW Loan product. Borrowers have to be 21 years old and up to 65 years old upon loan maturity. You must have worked abroad for a minimum of 2 years with a household income of P30, 000.