There are certain points in OFW’s life that is all about getting more resources from different entities. This is due to one’s desire to have the convenience of enjoying specific benefits while paying for it gradually in a given amount of time.

Loan for OFW abroad is the way to go for this situation, and it applies to personal purposes, a vehicle, or even a home to live in. In the Philippines, there are various banks out there that offer loans having fast release with no hassle, no collateral and more benefits for the convenience of our OFWs.

Here with these are some of the best banks for OFW to avail personal, auto and home loans. These are as follows:

1. BDO Unibank/Banco De Oro

BDO Unibank/Banco De Oro offers personal, auto, and home loan with low interests for certain purposes. Terms of payment are optimised for ease of access, flexibility and affordability is a priority. For further information, below are the interest rates provided for BDO loans:

(Basic Interest Rate – Personal)

Tenor Factor Rate Monthly Add-on Rate Effective Rate/Annum
6 0.179667192 1.30% 26.27%
12 0.095836960 1.25% 26.63%
18 0.068058532 1.25% 26.76%
24 0.054167533 1.25% 26.58%
36 0.040279967 1.25% 25.98%

(Interest Rate – Home)

Fixing Period Interest Rate*
1 year 5.50% p.a.
2 years 6.50% p.a.
3 years 6.50% p.a.
4 years 6.88% p.a.
5 years 6.88% p.a.

                                 *Subject to change without prior notice.

For more info:

Avail Personal, Auto & Home Loans 10 Best Banks for OFW

2. Bank of Philippine Islands

Bank of Philippine Islands grants Personal, Housing, and Auto Loans to OFWs working abroad. The requirements  for Personal and Auto Loans (and Seaman loan) are OFWs working abroad for at least 2 years and earning a minimum of P30,000 per month while for Housing Loans, a minimum of P40,000 in earnings a month. OFWs who will borrow under these programs should be at least 21 years old and not more than 60 years old upon the maturity of the loan. One important thing is the physical presence of the borrower during the signing of documents.

(Housing Loan Rates)

Terms (by year) Rates (by %)
1 5.25
2 6.00
3 6.25
4 6.88
5 6.88
6-10 8.50
11-15 9.50
16-20 11.50

(Property Equity Loan Rates)

Terms (by year) Rates (by %)
1 6.25
2 7.00
3 7.25
4 7.88
5 7.88
6-10 9.50
11-15 10.50
16-20 12.50

For more info:

3. Chinabank

Chinabank is another bank in the Philippines that offers loans to OFWs who are employed for at least 3 years and earning a minimum of P50,000 monthly. By this, they are eligible to apply for a Housing Loan. The borrower must be at least 21 years old but not older than 65 years old upon loan maturity. In addition, the borrower must have no records of any adverse credit findings.

(Housing Loan Interest Rates – CBS Subsidiary)

Tenure Rate
1 Year 7.500%
2 Years 8.500%
3 Years 8.500%
5 Years 9.000%
10 Years 10.250%
15 Years 11.000%
20 Years 11.500%
25 Years 11.500%

For more info:

4. Land Bank of the Philippines (LANDBANK)

The Land Bank’s Bahay Para sa Bagong Bayani Program is their offer for OFWs for loans and terms. Borrowers’ qualifications are as follows: (1) holding a live contract from a reputable company, (2) 21 years old but not more than 65 years old upon loan maturity, (3) and without any record of adverse findings.

Interest Rate Terms:

  • Variable : Based on the posted rates at the time of availment
  • Subject to yearly repricing1
  • Fixed: Based on posted rates at the time of availment2
    • 2-3 years
    • 4-5 years
    • 6-7 years
    • 8-10 years
    • 11-15 years
    • 16-20 years
  • For Socialized Housing: 1% below the posted EHL rates at the time of availment subject to annual repricing3

1 , 2 Applicable to EHL, END-BUYER’S TIE-UP and 3B
3 Applicable to END-BUYER’S TIE-UP only

For more info:

5. East West Bank

East West Bank offers personal, housing, and auto loans to OWFs. Base requirements are as follows: (1) Borrower must be between 21 years old and up to 65 years old upon loan maturity, and (2) must be the one who earns a minimum of P40,000 every month.

Auto Loan Rates

Standard Rates With One-Month Advance
12 months 4.95% 4.20%
18 months 7.5% 6.70%
24 months 10.75% 9.85%
36 months 17.5% 16.5%
48 months 24.10% 23%
60 months 32% 30.75%

*Rates are subject to change without prior notice.

Home Loan Rates

Rate Fixing Regular Home Loan Home Equity
1 year 5.50% 6.00%
2-3 years 6.25% 6.75%
4-5 years 6.75% 7.25%
6-10 years 8.50% 9.00%
11-15 years 9.50% 10.00%
16-20 years 11.00% 11.50%
21-25 years 11.00% 11.50%
26-30 years 11.00% 11.50%

Table of Interest Rates

With Existing Credit Card for at least 12 Months
Tenor Monthly Rate Factor Rate Contractual Interest Rate Effective Interest Rate*
12 months 1.49% 0.0982333 31.51% p.a. 41.67% p.a.
18 months 1.59% 0.0714556 33.54% p.a. 42.93% p.a.
24 months 1.59% 0.0575667 33.19% p.a. 41.62% p.a.
36 months 1.69% 0.0446778 34.01% p.a. 41.94% p.a.
Without Credit Card/With Credit Card less than 12 Months
Tenor Monthly Rate Factor Rate Contractual Interest Rate Effective Interest Rate*
12 months 1.89% 0.1022333 39.53% p.a. 53.21% p.a.
18 months 1.89% 0.0744556 39.39% p.a. 51.33% p.a.
24 months 1.89% 0.0605667 38.85% p.a. 49.68% p.a.
36 months 1.89% 0.0466778 37.53% p.a. 46.92% p.a.

*Based on Loan Amount of ₱100,000.00 and Processing Fee of ₱1,900.00 Per BSP Circular No.730, EIR is the rate that exactly discounts estimated future cash flow through the life of the loan to the net amount of loan proceeds. It is the rate that best measures the true cost of credit.

Processing of application will take 3 to 5 banking days. Release of loan proceeds to the client will take another 2 banking days for pick up and 2 to 4 banking days for the delivery and deposit to account option.

For more info:

6. Philippine National Bank (PNB)

PNB offers home loans for OFWs in different countries such as Singapore, Japan, New York and Los Angeles made possible by the PNB’S Own a Philippine Home Loan program. Borrowers based in Singapore must meet certain requirements such as having the minimum gross annual salary of SGD 48,000 and Total Debt Servicing Ratio of not exceeding to 60% of gross income per month.

PNB’s Global Filipino Auto Loan program is also available for OFWs who are based in Hong Kong and Saudi Arabia. Requirements are as follows: (1) at least 21 years old and not more than 60 years old upon loan maturity to qualify, and (2) have worked abroad for the last 2 years.

The following interest rates shall apply under the OPHL program (e.g. Singapore):

  • 00% fixed for 10 years
  • 50% fixed for 5 years
  • 50% fixed for 1 year

For more info:

7. Philippine Savings Bank (PSBank)

Own Your Home and Drive Your Car is the PSBank’s program for OFWs. In this program, they can purchase property and cars in a given tenor. Requirements are: (1) Borrowers have to be 21 years old and up to 65 years old upon the maturity of the loan, (2) worked for least 2 years and earning a combined family income of P30,000 for qualification. Another thing is that PSBank also requires a residential real estate property for the collateral.

PSBank Auto Loan Add-on

Standard with One Month Advance
12 Months 6.5000% 5.6000%
18 Months 9.3000% 8.4000%
24 Months 13.8000% 12.7000%
36 Months 20.6000% 19.5000%
48 Months 27.7000% 26.5000%
60 Months 36.1000% 34.7000%

For loan applications thru any PSBank branch or PSBank Online only

PSBank Home Loan

New Bookings Repricing
Cycle Home Loan Acquisition or Construction Refinancing Equity Home Loan / Refinancing Repricing Equity Repricing Home Free
1 year fixed 6.0000% 6.0000% 6.5000% 6.5000% 7.0000% 9.0000%
2 year fixed 6.5000% 6.5000% 7.0000% 7.0000% 7.5000% N/A
3 year fixed 7.0000% 7.0000% 7.5000% 7.5000% 8.0000% N/A
5 year fixed 7.5000% 7.5000% 8.0000% 8.0000% 8.5000% N/A
10 year fixed 8.5000% 8.5000% 9.0000% 9.0000% N/A N/A
15 year fixed 9.2500% 9.2500% N/A N/A N/A N/A
20 year fixed 9.7500% N/A N/A N/A N/A N/A
25 year fixed 9.7500% N/A N/A N/A N/A N/A
PSBank Home Construction Loan 6.5000%

For more info:

8. Rizal Commercial Banking Corporation (RCBC)

RCBS requires OFWs for a housing loan of them in at least 2 years in working abroad. In addition, borrowers have to be at least 21 years old upon application but not older than 65 years old upon loan maturity.

(For Rates, link for the calculator)

9. Security Bank

Security Bank offers housing and auto loans to OFWs. Requirements are as follows: (1) have worked abroad for at least 2 years, and (2) are least 21 years old, but not more than 65 years old upon loan maturity. Borrowers must be earning gross household income of at least ₱50,000, ₱40,000, and  ₱20,000 for housing loans,  for brand-new car buyers and for pre-owned car buyers respectively.

Housing Mortgage “6 For 5” Promo Program

Term Fixing Home Loan Rate per annum (EY) Home Equity Rate per annum
Fixed for 1 year 5.0% 6.0%
Fixed for 3 years 5.5% 6.5%
Fixed for 5 years 6.0% 7.0%

Loan Calculator (Personal):

10. United Coconut Planters Bank (UCPB)

The UCPB’s terms for loaning are as simple as it gets. OFWs employed for the last 12 months with a minimum gross income of P30,000 a month are eligible for a home loan at UCPB.

For more info (quick links of terms provided in the site):

The Wrap-up

As you can observe, there are lots of options for the OFW to apply for personal, housing, or auto loans. Everything works as long as there’s the convenience and service that we love from the institutions.

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