OFW Loan Guide and Options with Low Interest from Banks in the Philippines

We have been to a situation that we wanted to avail a loan from our bank in the Philippines, unfortunately, because of the accessibility issues and where in we need to inquire personally to the bank. There is no luck for us specially that we don’t have much clue on how, where and other things that are needed.

Being based abroad limits our means and even capabilities to communicate our needs with the various financial institutions back in our country. Thankfully, that as an overseas filipino worker here in the middle east, we are blessed with the technology and have internet access from our mobile phone and easily find what we need only.

To help you more with the specific option and learn how to avail of a legitimate OFW loan from top banks in the Philippines.

We’ve compiled 10 local banks and state-backed institutions that extends a helping hand to OFWs and their families who are in need of financial assistance in the form of personal, auto and housing loans:

1. BDO Unibank (BDO)

BDO offers Personal, Home and Auto Loans to OFWs through its Asenso Kabayan Program. Borrowers should at least be 25 years old but not more than 65 years old upon the maturity of the loan. You should be employed for at least 2 years abroad for skilled workers, and at least 3 years for domestic helpers taking home at minimum P10,000 gross monthly for Personal and Home Loans, and P50,000 per month for Auto Loan.

Borrowers can submit their application to callcenter@bdo.com.ph. You must also have an initial minimum deposit of P100 for peso account and $100 for dollar account to qualify for the loans. All forms can be downloaded at www.bdo.com.ph.

2. Bank of the Philippine Islands (BPI)

BPI grants Personal Loan, Housing Loan and Auto Loans to OFWs working abroad for at least 2 years and earning a minimum of P30,000 per month for Personal and Auto Loans, and a minimum of P40,000 for Housing Loans. Borrowers should be at least 21 years old and not more than 60 years old upon the maturity of the loan. You must be physically present at the BPI branch to sign the loan documents once it is approved. To apply online, visit www.bpiloans.com.

3. Chinabank

OFWs employed for at least 3 years and earning a minimum of P50,000 per month can apply for a Housing Loan at Chinabank. You must be at least 21 years old and not older 65 years old upon loan maturity, without any adverse credit findings such as court cases, bouncing checks, unpaid loans, cancelled credit cards, etc. For more information, check out www.chinabank.ph.

4. East West Bank

EastWest Bank offers Home and Auto loans to OFWs between 21 years old and up to 65 years old upon loan maturity, who earns a minimum of P40,000 monthly income. You can fill out the application form at www.eastwestbanker.com and submit necessary documents to csloans@eastwestbanker.com.

5. Land Bank of the Philippines

Land Bank offers home loans to OFWs through its Bahay Para sa Bagong Bayani Program. Borrowers holding a live contract from a reputable company, 21 years old but not more than 65 years old upon loan maturity, and without any CI/BI adverse findings are qualified to apply for the loan. Interested applicants can visit www.landbank.com for more information.

6. Philippine National Bank (PNB)

PNB offers home loans for OFWs based in Singapore, Japan, New York and Los Angeles, through its Own a Philippine Home Loan program. Borrowers based in Singapore must have a minimum gross annual salary of SGD 48,000 and your Total Debt Servicing Ratio must not exceed 60% of Gross Monthly Income.

Meanwhile, OFWs based in Hong Kong and Saudi Arabia can avail of PNB’s Global Filipino Auto Loan program. You should be at least 21 years old and not more than 60 years old upon loan maturity to qualify. PNB also requires interested borrowers to have worked abroad for the last 2 years. You can visit www.pnb.com.ph for more details.

7. Philippine Savings Bank (PSBank)

PSBank has a Own Your Home and Drive Your Car program for OFWs who aspire to buy property and cars. Borrowers have to be 21 years old and up to 65 years old upon the maturity of the loan. You must have worked for at least 2 years and earning a combined family income of P30,000 to qualify for a home loan. PSBank also requires a residential real estate property for collateral. Visit www.psbank.com.ph for more information.

8. Rizal Commercial Banking Corporation (RCBC)

OFWs working for at least 2 years in a permanent capacity can apply for a housing loan at RCBC. Borrowers have to be at least 21 years old upon application but not more than 65 years old upon loan maturity. You can visit www.rcbcsavings.com for more information.

9. Security Bank

Security Bank offers housing and auto loans to OFWs who have worked abroad for at least 2 years and are least 21 years old, but not more than 65 years old upon loan maturity. Borrowers must be earning a combined household income of at least P50,000 for housing loans; a minimum monthly income of P40,000 for brand-new car buyers; P20,000 for pre-owned car buyers.

Interested borrowers must complete the necessary documents and scan them. Fill out the online application form at www.securitybank.com and upload the documents.

10. United Coconut Planters Bank (UCPB)

OFWs employed for the last 12 months with a minimum gross monthly income of P30,000 can apply for a home loan at UCPB. Visit www.ucpb.com to learn more.