“As one of the biggest drivers of our economy overseas, Filipino workers deserve not only gratitude but also access to the top services in the Philippines including a great OFW Loan.”
Now, Government banks and agencies in the Philippines are lending OFW loan services for various purposes, be it money for your family back home, purchase of house or car. It will give a great helping hand as a low-interest personal loan, which minimizes the amount that you have to repay.
Let’s go through the 10 local banks that lend a helping-hand to OFW who are requires personal loans.
- BDO Unibank (BDO): the Basic requirement to get a loan from this bank is that borrower should be at least 25 years old but not more than 65 years of age and his/her employment period should be at least two BPO provides personal, auto and home loans.
- Bank of Philippine Island (BPI): To get personal or auto loan from this bank, borrower’s earning should be at least 30,000 per month, and for a housing loan, the borrower should earn at least 40,000 per month. In any of the above cases, the borrower should be in-between 21-60 years old and should be physically at BPI branch to sign loan document.
- China Bank: With a minimum period of employment f three years and earning at least 50,000 per month, the borrower can easily apply for housing loan from this bank.
- Land Bank of Philippines: This bank provides home loans through Bahay-Para-Sa-Bagong-Bayani program. The borrower should be holding a live contract with a reputable company to get a loan.
- Philippine National Bank: This bank offers home loan for OFW residing in Singapore, Japan, New York, and Los Angeles with at least 48,000 Gross Annual salaries.
- Philippine Savings Bank: OFWs who aspires to buy property or car can apply for a loan in this bank. Eligibility criteria for loan approval are just that borrower should have worked for a minimum of 2 years, and combined family income should be at least 30,000.
- Rizal Commercial Banking Corporation: OFW with a minimum age of 21 and at least two years of working can avail housing loan facility from this bank.
- East West Bank: Housing and auto loan can be availed from this bank by any OFW between 21-65 years of age and earns at least 40,000 monthly.
- Security Bank: Security Bank gives housing and auto loans to OFWs who have rendered their services abroad for a minimum period of 2 years. Borrower’s combined household income should be a minimum of 50,000 for housing loan purpose, 40,000 for a car loan and 20,000 for pre-owned car buyers.
- United Coconut Planters Bank: OFWs employed for at least 12 months with a minimum gross monthly income of 30,000 can apply for a home loan at UCPB.
With these diversifying loan services, OFWs can have relaxation for themselves and their families even if they are continents apart.