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Top PH banks that offer loans for OFWs

Recently, the concept of loaning money or “utang” has become a hot topic when President Rodrigo Duterte revealed that he plans to eradicate the ‘5-6’ lending system (known to be given by Indians, locally known as “Bombay” in the Philippines.

The “5-6” system is not only your choice. Panning the spotlight for overseas Filipino (OFs), there is a multitude of ways to access any types of loans from the public and private sectors.

And while it is always more advisable to live within one’s means, those who are preparing for the next big steps in their lives – be it buying your very first house or car or getting married, it is best to always seal a loan deal with reputable lending establishments than negotiating in an under the table kind of deals.

Here are some of the local banks and state-backed institutions that extend a helping hand to OFs and their families in need of financial help.

1. BDO Unibank (BDO)
BDO offers Personal, Home, and Auto Loans to OFs through its Asenso Kabayan Program. Borrowers should at least be 25 years old but not more than 65 years old upon the maturity of the loan. At least 2 years of employment abroad for skilled workers, and at least 3 years for domestic helpers taking home at minimum P10,000 gross monthly for Personal and Home Loans, and P50,000 per month for Auto Loan is required.

Interested applicants can submit their application to [email protected]. You must also have an initial minimum deposit of P100 for peso account and $100 for dollar account to qualify for the loans.

All forms can be downloaded at BDO’s official website. For more details, head here https://www.bdo.com.ph/personal/loans

2. Bank of the Philippine Islands (BPI)
BPI also grants a bevy of loans including Personal, Housing and Auto to OFs, earning a minimum of P30,000 per month to qualify for Personal and Auto Loans, and a minimum of P40,000 for Housing Loans.

Online applicants can also submit their forms via www.bpiloans.com. For more details, head here https://www.bpiexpressonline.com/p/0/149/personal

3. Philippine National Bank (PNB)
PNB offers home loans for OFs based in Singapore, Japan, New York and Los Angeles, through its own “Philippine Home Loan” program. Borrowers based in Singapore must have a minimum gross annual salary of SGD 48,000 and your Total Debt Servicing Ratio must not exceed 60% of Gross Monthly Income.

Meanwhile, OFs based in Hong Kong and Saudi Arabia can take advantage of PNB’s Global Filipino Auto Loan program. You should be at least 21 years old and not more than 60 years old upon loan maturity to qualify. PNB also requires interested borrowers to have worked abroad for the last 2 years.

You can visit http://www.pnb.com.ph/index.php/global-filipino/loans-and-investments for more details regarding loans and investment arrangement offers for OFWs.

4. Home Development Mutual Fund (HDMF, Pag-IBIG)
OFs who have remitted at least 24 monthly contributions are qualified to apply for Pag-IBIG’s affordable housing loan. New members, meanwhile, can choose to pay the 24 monthly contributions in lump sum to avail of the offer. Borrowers must be below 65 years old, without any outstanding Pag-IBIG housing loan nor multi-purpose loan in arrears. As an additional requirement, you should not have had a Pag-IBIG housing loan that was foreclosed, canceled, bought back due to default or subjected to Dacion en Pago.

For more information, visit www.pagibigfund.gov.ph.

5. Social Security System (SSS)
Documented OFs who have at least 36 monthly contributions and 24 continuous contributions can apply for a Direct Housing Loan Facility for OFWs offered by SSS. To qualify, borrowers must not have a previously granted SSS housing loan or receiving final SSS benefits. The spouse of an existing borrower may still qualify for an SSS housing loan if the loan had been obtained before their marriage and the loan isn’t delinquent.

Additional details can be found on SSS official website at https://www.sss.gov.ph/sss/appmanager/pages.jsp?page=dhofw

One Comment

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