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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