Are You In Need of OFW Loan Products? Here’s How and Where to Find Good Deal

MARCH 28, 2016 BY MARICOR BUNAL OF LOANSOLUTIONS.PH

We usually consider OFWs and their families as the well-off individuals in the community. However, little do we know about their struggles while working outside the country or waiting for their loved ones to come home. Yes, the one working abroad earns more than his or her peers here in the country, assuming they have the same job description. Still, emergencies may occur unexpectedly and OFWs may be left with little or no cash at all like many of us here working in the country. This is where OFW loans enter the picture. Through this credit type, OFWs and their loved ones would be able to access cash when they need it. But where can they get this cash? One of the following providers might be of help:

Banks

1. BDO – With its Asenso Kabayan Program, BDO offers Auto and Home Loan, as well as Personal Loan to OFWs who’ve been working abroad for at least 2 years.

2. BPI – BPI also grants OFWs three types of loans – Personal, Home and Auto Loan. The bank only accepts applicants who are earning at least PHP 30,000.

3. East West Bank – OFWs with an income of at least PHP 40,000 per month and who’re between the ages 21 to 65 years old may be qualified to take an Auto or Home Loan at East West Bank.

4. Land Bank of the Philippines – Landbank’s Bahay Para sa Bagong Bayani Program grants OFWs access to low-interest home loans.

5. Philippine Savings Bank – PNB offers home loan to OFWs working in Los Angeles, Japan, Singapore and New York through its Own a Philippine Home Loan package. The bank also offers Global Filipino Auto Loan package to those based on Saudi Arabia and Hong Kong.

These are just the top 5 commercial banks offering credit offers to OFWs. To access more options, feel free to explore the websites of other banks.

Government Owned and Supported Agencies

1. Home Development Mutual Fund or Pag-ibig – OFWs who have made a minimum of 24 monthly contributions can apply for Pag-Ibig’s housing loan program. Applicants shouldn’t have an existing Pag-ibig loan that has been defaulted, put for Dacion en Pago or foreclosed.

2. Social Security System (SSS) – OFWs who’ve made a minimum of 36 monthly contributions, 24 of which is continuous may avail of SSS’s Direct Housing Facility Loan.

How to Get the Best Deal

With more options, it follows that you need to do your research and find the best deal that suit your needs. If you’re planning to get an OFW loan soon, here are some reminders to bear in mind:

1. Submit all pertinent requirements to speed up your processing.

2. Loanable amount may vary on the OFWs income, capacity to pay and tenure of working abroad.

3. Beware of loan sharks as they’ll take advantage of your need and offer you extremely high rates.

4. Use loan comparison tools and charts to compare the rates and other product features of different providers.

5. Ask guidance from an authorized loan consultant to choose wisely.

With a variety of loan providers and choices, OFWs will have peace of mind knowing that their relatives here in the country would have a comfortable life. When life gets tough, they’d have access to quick cash to solve their immediate needs.

References:

OFW Loan Guide: Where to Borrow Money by iMoney

OFW Loan No Co Maker by eCompareMo