In the process of acquiring a home, OFWs usually seek financial assistance from one of three sources: Pag-IBIG loan, in-house developer loan or bank housing loan as a means to finance the payments for the house or condo.
One of the banks who has been helping OFWs here in the UAE is the BPI Representative Office in Dubai, one of the exhibitors in the Philippine Property and Investment Exhibition (2018) that’s on-going from May 4-5 at the JW Marriott Hotel in Dubai. Jerry Felipe, Mananging Director at the BPI Representative Office in Dubai shares a few tips on how OFWs can seek approval for their loans.
Prepare requirements in advance
As with other forms of loans, BPI requires your salary certificate, at least 3 months payslip of the client as well as documents dependent on whether you’re getting a condo, or a house and lot. “Kung condominium ang kinuha nila sa mga developer, latest amortization schedule para malaman kung magkano outstanding. Kung private properties nabinebenta sa kanila, yung land title and deed of sale sa kanila,” explains Felipe.
(If they plan to get a condominium from a developer, we require the latest amortization schedule for the bank to determine how much is the outstanding payment. If it’s a private property sold to them, the bank requires the land title and deed of sale.)
Declare your source of funds
Submitting your application together with complete requirements doesn’t mean that you’ll get the money immediately. Banks have an internal approval system that takes around a few weeks before they get back to you. “Normally unang unang qualification ng bank is yung source of funds, yung capacity to pay. For a Php 1M loan, at least Dh 5000 monthly income, joint un. Kung married, dapat yung joint income ng spouses. Both ide-declare ang income, for Php 2M, Dh 10000 monthly income para mataas yung possibility na ma-approve sila,” said Felipe.
(Normally, the very first qualification of a bank is your source of funds or your capacity to pay. For a loan of Php 1M, that requires at least Dh 5000 of monthly income, joint if you have a spouse. If you’re married, it should be the joint income of the spouses. Both should declare their joint income. For Php 2M, Dh 10000 monthly income is require to get a higher possibility to be approved.)
Clear debt records
Felipe also stresses the importance of having a bank history that’s clear of any defaulted debts: “Bukod sa capacity to pay, dapat wala silang mga previous loan na nadefault. Kailangan clear yung kanilang status,” said Felipe.
(Aside from having the capacity to pay, they should not have had any loans that got defaulted. They need to have a financially clear status.)
The BPI Representative office in Dubai has assisted thousands of OFWs in securing loans over their five years of stay in the UAE. The bank is one of the exhibitors in the on-going Philippine Property and Investment Exhibition (2018) from May 4-5 at the JW Marriott Hotel in Dubai.
