Working far away from your family is perhaps the hardest thing that you can do. However, it can also be rewarding because you will be able to help your family out of poverty. You may even be able to save enough money for different needs aside from the necessities. You may also qualify for a BDO OFW Loan that you can use to provide a house for your family.
A house and lot is probably one of the major goals that OFWs have. Therefore, to be able to provide this earlier will make you feel accomplished in a shorter time.
BDO Housing Loan for OFW Application Procedure
You can apply for a Housing Loan BDO even as you work abroad. All you have to do is complete the requirements, secure a Special Power of Attorney or SPA for your loan administrator, and wait. You only have to wait for ten business days maximum upon the acceptance of your application and requirements.
Your husband, any relatives, or your co-maker (borrower) may be assigned as your loan administrator.
Aside from OFW working abroad, there are also others who may qualify for a BDO Home Loan Promo for OFW.
- Immigrant with dual citizenship
- Foreigners living and working in the Philippines for at least three years
- Individuals who earn at least ₱50,000.00 per month
- Couples with combined monthly income of at least ₱50,000.00 per month
Requirements on How to Apply for BDO Housing Loan
These are the qualifications that you have to meet to apply for a BDO OFW Loan to finance your housing goal:
- You must be 21-65 years of age in the duration of the loan.
- You should have a gross income of ₱50, 000.00 per month. If married, your gross monthly incomes are combined.
- You should be employed for at least two years in your company here or abroad.
- You should have a three-year contract if you are a household worker.
- You should have an SPA (special power of attorney) for your appointed loan administrator.
- You should have a proof of profit for at least two years if you own a business.
These are the documents that you have to submit to apply for a BDO Loan:
- Filled out, Download BDO Home Loan Application Form
- One valid Identification Card
- Marriage contract for married individuals
- COE or Certificate of Employment where your salary is stated if you are currently employed
- Receipt or Remittance form for at least three months if you are currently employed abroad
- Your current Crew Contract if you work as a seafarer
- Your COE and your contract if you are currently employed abroad
- Financial statements, ITR, Statement of Bank Account for at least three months, DTI Certificate of Registration, Company profile, and any kind of proof of income for business owners.
How to Approve
Upon submission of your complete requirements, you just need to wait for about seven to ten days for advice of approval from BDO. Just make sure that you meet the qualifications and that you have submitted all the required documents for Banco De Oro Housing Loan for OFW. Make sure to use the BDO Home Loan Calculator so you will have a clear idea of the interest rate and other important details.
For inquiries, you can reach the BDO loan experts through the BDO Housing Loan Contact Number – 631-8000.
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