One of the most common desires of OFWs is to buy their own home in the Philippines. However, one of the most significant obstacles is that they are unsure on how to proceed. Here’s a step-by-step instruction to each procedure as described by Hoppler.com, an online real estate brokerage platform:
1. Appoint a representative.
The attorney-in-fact is the person to whom you will entrust all property-related affairs while you are away. This is why you should choose someone you completely trust to handle affairs on your behalf – someone you can readily reach, who has time to process the paperwork, and to whom you can entrust your money.
2. Document preparation from the outset: Attorney-in-fact
Your attorney-in-fact will be the one to make the reservation for the unit you choose. A reservation form, a special power of attorney (SPA), and an authorized representative form will be completed by the individual.
The property agent will then send the OFW the special power of attorney to sign and consularize. The consularization procedure requires that the document be authenticated by the Philippine Embassy / Philippine Consulate. The cost of consularization varies depending on where you live; in the UAE, document consularization costs around AED 200.
3. Documents must be submitted within 30 days.
It is preferable to transmit all of the following documents with the Consularized SPA before returning home:
– Proof of Income (3 months)
– Billing Proof (here in the Philippines)
– TIN (for verification purposes). If you don’t have a TIN # in the Philippines, the property specialist may be able to help you get one.)
– CEC (Certificate of Employment and Compensation) – this must also be consularized.
– Employment Contract (in English) – must include the employer’s seal as well as the signature of authorized people (HR manager, etc…). It is OK to photocopy it as long as it is confirmed as genuine and correct.
– A down payment in the form of postdated checks (PDCs). Some developers’ requirements may alter. If you don’t already have a checking account, your attorney-in-fact may start one in your name. You can apply for a checking account if you have a local savings account through your representative
– A photocopy or scanned copy of your passport and identification documents
Document submission tip: It is recommended that the OFW makes three copies of all of the above-mentioned documents: One set would be submitted to the agent/property expert, another set to the attorney-in-fact, and the last set to the OFW.
4. Make a loan application
For individuals looking to buy a property, there are three options: a bank loan, in-house financing, and PAG-IBIG financing. Each loan has its own set of procedures, with documentation requirements identical to those outlined in step 3.
5. Send requirements
Send all requirements from step 3 to your attorney-in-fact via a courier of your choosing. After receiving it, the attorney-in-fact should forward the documents to the property agent.
6. Document submission
After receiving all document requirements, the property agent will submit the paperwork, together with the PDCs, to the developer.
7. Monthly amortization payment
After completing and submitting all relevant documentation, you should now fund the checking account on a regular basis while paying the monthly amortization. Payment periods differ based on the type of loan you obtained.
The Philippine Property and Investment Exhibition (PPIE), the biggest, longest-running and most trusted Philippine business and investment forum in the Middle East, is now on its eighth edition, which will be held this November 5-6, 2022 at the Crowne Plaza – Sheikh Zayed Road.
The past seven PPIE editions made history in the UAE and the Gulf region by bringing in over 24,500 quality visitors.
