One of the biggest dreams of OFWs is to purchase their very own property back in the Philippines. However, one of the biggest hindrances is they don’t know the exact process to go about this. Here’s a guide that will take you to each process step-by-step as listed by Hoppler.com, an online real estate brokerage platform:
1. Assign a representative
The attorney-in-fact is the person whom you will entrust all matters related to your property while you are abroad. This is why you should select someone who you really trust wholeheartedly to process matters on your behalf – someone who you can contact easily, who has time to process the papers, and someone who you can trust your money to.
2. Initial document preparation: Attorney-in-fact
Your attorney-in-fact will be the one who will reserve the unit you want. The person will fill up a reservation form, a special power of attorney (SPA), and an authorized representative form.
The property agent will then send the special power of attorney for the OFW to sign and consularize. The process of consularization entails that the document has been authenticated by the Philippine Embassy / Philippine Consulate. Costs of consularization depends on the location – in the UAE, document consularization costs around AED 150.
3. Documents required within 30 days
Before you send the Consularized SPA back home, it’s better to send all of the following documents together:
– Income Proof (3 months)
– Proof of Billing (here in the Philippines)
– TIN (for verification. If you don’t have a TIN # in the Philippines, the property specialist may do this for you)
– CEC (Certificate of Employment and Compensation) – needs to be consularized as well
– Employment Contract (should be in English) – must be with the seal of the employer as well as a signature of the authorized personnel (HR manager, etc…). Can be photocopied as long as it is certified as true and correct.
– Postdated checks (PDCs) for the down payment. Requirement may change to some developers. If you don’t have a checking account yet, your attorney-in-fact may open one in his name. If you have a local savings account, you can request for a checking account thru your representative.
– Photocopy or scanned copy of your passport and IDs
Document submission hack: It is advised that the OFW should prepare 3 copies of all of the documents stated above: One would be submitted to the agent/property specialist, one set would be with the attorney-in-fact, and the final set would be with the OFW.
4. Apply for a loan
There are three loans available for those who plan to purchase homes: Housing loan from a bank, in-house financing, and PAG-IBIG financing. Each loans have their own processes, with document requirements similar to those at step 3.
5. Send requirements
Be sure to send all requirements from step 3 through a courier of your choice to your attorney-in-fact. Upon receipt, the attorney-in-fact should then send this to the property agent.
6. Submission of documents
After the property agent gets all document requirements, s/he will submit the documents together with the PDCs to the developer.
7. Payment of monthly amortization
Upon completion and submission of all required documents, you should now fund the checking account regularly as you pay the monthly amortization. Payment terms vary depending on the kind of loan you acquired.
