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An OFW’s Guide to Owning a House and Lot through Landbank’s Bagong Bahay Para sa Bagong Bayani 3B Program Housing Loan


Are you an OFW who is dreaming about owning a property: a dream house, a gorgeous condominium, maybe? The Bahay Para sa Bagong Bayani 3B Program might well be your best chance of getting your own property.

How Can You Apply for a Loan?

You must be a Filipino citizen.
You should have an existing working contract from a reputable or trusted company
You should be at least 21 years old but not over 65 years old upon loan maturity
You have a good credit history

What Types of Loan Can You Apply For?

Residential Lot
House and Lot
Residential/Condominium Units
Townhouses
Renovation, construction or improvement of OFW-owned residential unit
OFW’s existing housing loan refinance (CURRENT status)
Assume housing loan balance by an OFW or another borrower through LANDBANK or under a different creditor

How Much Is The Loan Can You Get?


You can borrow as much as your lowest paying capacity as an OFW or an equivalent 80% loan value collateral if:

Payment will be for the principal residence or OFW borrower and the title should be named under the OFW.

How Long Can You Pay for the Loan?

20 years if you are an OFW with a co-borrower
15 years if you don’t have a co-borrower

What Collateral Can You Use?

The specific object of finance or a different prime property (if warranted)
Other properties which can be added to the primary object of finance
Holding Deposits

What About the Interest Rate?

Variable Interest Rate- This is based on the rates posted during the loan application
Dependent on the annual repricing
Fixed Interest Rate- This is based on the duration of the loan payment which varies from 2-3 years up to 16-20 years
Socialized Housing: 1% below the EH rates posted during the time of availing the loan (subject to repricing)

What are the Requirements?


Credit Analysis Requirements

Duly accomplished Loan Application Form (Include 1” x 1” photo)
Employment contract

Appraisal Requirements

Transfer Certificate of Title (TCT) or Condominium Certificate of Title (CCT)
Photocopy of Tax Declaration of land improvements
Latest Receipts of Real Estate Tax
Geodetic Engineer Certification
Lot Plan
Location and vicinity map

Construction and Renovation Requirements

Transfer Certificate of Title (TCT) or Condominium Certificate of Title (CCT)

For more information, you can visit the nearest  Landbank in your area.

Source: LandBank 

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