BDO Home Loans: For Immediate Cash Needs Among OFWs
Ever land on your first good-paying job but is penniless and has yet to earn on your first income?
If anything, you could be among those budding workers who are lucky enough to land on their first job overseas but without yet any savings to add to their names.
But as the immediate need for money can sometimes happen regardless of circumstances, chance is good that you could also be placed in a situation where money is a concern yet which something you can only get from borrowing.
If you are not active contributor and member to any savings program like PAG-IBIG or SSS, the most logical institution to lend money from is the bank.
Luckily, the country has enough share of banks who are willing enough to lend money on eligible individuals at an interest. Of these banks, the name Banco De Oro or BDO should easily come to mind.
Tantamount to PAG-IBIG or SSS’ Salary Loan
Banco De Oro, a reputable banking institution in country, has been at the forefront of the money lending scheme for a very long time now which had helped Filipinos on their needs for emergency cash.
The bank’s flagship money-lending program is the so-called “BDO Home Loans” which is basically the equivalent of PAG-IBIG or SSS’ Salary Loans among their entitled members.
According to BDO’s official website, a qualified borrower can lend money from the bank with the promise of paying back what was owed plus interest for any of the following reasons:
- Purchase of a property, especially a house or townhouse unit
- Capital investment for a condominium unit
- Purchase of a vacant lot
- Financing for the construction of a house
- Home overhauling or renovation
- Compensation of acquisition
- Refinancing or Loan Take-out
Repayment of the loan should start after sixty (60) days of receiving the loan as subjected to interest. The principal and interest attributed with the loan should kick in as soon as the money has been credited to the borrower and is liable to be paid for the first six (6) months of the term.
The bank is tight-lipped at openly disclosing the percentage of the interest rate they are getting out of the loan but it is often touted to be “low.” But definitely not lower than that of PAG-IBIG’s or SSS’ which are said to charge the lowest interest rates in the country.
Upon submission of all the required documents for the loan application, processing time for those from within Metro Manila is within five (5) working days whereas those from the province should way for ten (10) working days.
To qualify for the loan, you must at least meet the following credentials:
- Must be at least 21 years of age and not exceeding 65 years old at the end of the loan term.
- Must be a Filipino citizen. Foreign nationals are also welcome, too.
- Must have a minimum gross monthly income of P50,000 or US Dollars equivalent
- Must have stable means of income coming from a personal business or company employment