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
Do you want to work abroad? LOG IN TO APPLY