There are about $24 billion worth of remittances sent by Overseas Filipino Workers to their families in the Philippines every year. It won’t be surprising that local lending would be very willing to accommodate Overseas Filipino Workers when it comes to borrowing cash.
Here is a list of banks that are more than willing to help OFWs, as well as their families who are in need of personal loans, housing loans and auto loans.
Through the Asenso Kabayan Program of BDO, OFWs are given the privilege to acquire for Personal Loan, Auto Loan and Home Loan.
Requirements for BDO Asenso Kabayan Program:
- Must be 25 years old and above but not more than 65 years old on the loan maturity.
- For skilled workers, they must be employed abroad for a minimum of 2 years.
- For domestic helpers, they must be employed abroad for a minimum of 3 years, has a minimum gross monthly income of P10,000 for Personal and Home Loan and a minimum of P50,000 gross monthly income for Auto Loan.
- OFW applicants should submit their application to email@example.com. An initial minimum deposit worth P100 is needed for peso account while $100 for dollar account. All the needed forms can be downloaded at the official website of BDO which is www.bdo.com.ph.
OFWs can apply for Personal Loan, Auto Loans and Housing Loans at BPI as long as you are employed abroad for at least 2 years and is earning a minimum of P30,000/month for Auto and Personal Loans and P40,000 for the Housing Loans. Borrowers need to be at least in legal age of 21 but not more than 60 years old upon loan maturity. You need to be present physically for the signing of the loan documents in case it is approved. You can also apply online at www.bpiloans.com.
Overseas Filipino Workers (OFW) can apply for a Housing Loan at Chinabank.
Requirements for Chinabank Housing Loan
- Must be employed abroad for at least 3 years and has a minimum salary of P50,000.
- Must be 21 years old but not more than 65 years old upon loan maturity.
- Must not have adverse credit findings including unpaid loans, court cases, cancelled credit cards and bouncing checks.
Check the official website of Chinabank at www.chinabank.ph for more details.
4. East West Bank
East West Bank grants OFWs a Home or Auto Loan as long as they comply the following requirements:
- OFWs must be 21 years old but not more than 65 years old upon loan maturity.
- Applicant must be earning a minimum of P40,000/month.
- Fill out the form at www.eastwestbanker.com and submit it together with the other necessary document to firstname.lastname@example.org.
5. Land Bank of the Philippines
Land Bank of the Philippines offers Bahay Para sa Bagong Bayani Program for OFWs.
Requirements for Bahay Para sa Bagong Bayani Program
- Applicant must have a live contract coming from a reputable company abroad.
- Applicant must be at least 21 years old but not more than 65 years old upon maturity of loan.
- Applicant must not have any CI/BI adverse finding
For more questions, you can visit their official site at www.landbank.com.