Back to Property Guide for OFWs
Landbank: Bahay para sa Bagong Bayani (3B)
Landbank:Bahay para sa Bagong Bayani (3B)
A special lending program designed for Overseas Filipino Workers (OFWs). LANDBANK's Bahay para sa Bagong Bayani program allows OFWs to acquire, build or renovate their own homes at relaxed and flexible terms.
Eligible Borrowers
-
Filipino citizens
-
OFWs holding a live contract from a reputable company
-
21 years old but not more than 65 years of age upon loan maturity
-
Clear of adverse credit finding with other creditors
Eligible Loan Purpose
Purchase of:-
Residential Lot
-
House and Lot
-
Residential Units/Condominium/Townhouse
-
Construction/improvement or renovation of existing residential unit owned by OFW
-
Refinancing of an existing housing loan of the OFW on "CURRENT" status
-
Assumption by an OFW an existing housing loan by another borrower either with LANDBANK or another creditor
Loan Amount
Lowest of the paying capacity of the OFW or loan value of collateral with loan value of 80% provided that:
-
Financing will be for the principal residence or dwelling of the borrower OFW; and
-
The title should be under the name of the OFW
Tenor
-
20 years: for OFW with co-borrower
-
15 years : for OFW without co-borrower
Collateral
-
Primary, the Object of Financing or separate prime property if warranted
-
Others that may be accepted in addition to the object of financing:
- Deposit with Hold-out
Interest Rate
-
Variable : Based on the posted rates at the time of availment
-
Subject to yearly repricing (1)
-
Fixed: Based on posted rates at the time of availment (2)
-
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
Note:
1 , 2 Applicable to EHL, END-BUYER'S TIE-UP and 3B
DOCUMENTARY REQUIREMENTSFor Credit Analysis:
-
Duly accomplished loan application form with 1" X 1" photo
-
Copy of employment contract
For Appraisal:
-
Photocopy of TCT/CCT
-
Photocopy of Tax Declaration (land improvements)
-
Latest Real Estate Tax Receipts
-
Certified by a Geodetic Engineer
-
Lot Plan
-
Location and vicinity map
For Construction and Renovation:
- Photocopy of TCT/CCT
10 Likes8 Replies-
thank you, will send the link to my ofw clients
nice
Great fund source for our OFW
Thank you
great
thank you for the info..Ill share it with my client.
what’s the significant difference of this with PAGIBIG housing loan or with bank financing?
Mary Rodriguez:
what’s the significant difference of this with PAGIBIG housing loan or with bank financing?--
The difference is the interest rates of the home loans. Another significant difference is if a home loan applicant is not a Pag-IBIG Member, he/she can opt for this bank home loans program.