Some people have the false notion that Overseas Filipino Workers (OFWs) are extremely rich and have deep pockets. This, of course, is not always true since most of these unsung heroes work hard day and night just to provide for their families needs. In most cases, they might even need to borrow money to purchase a property or even for some other personal reasons.
If you are an OFW and are wondering where you can possibly borrow money, here’s a list of banks and other financial institutions you can consider.
1) BDO Unibank
If you are 25 to 65 years of age, you can apply for BDO’s Asenso Kabayan Program where they offer personal, home, and auto loans. Another requirement here is that you have been working for at least 2 years as a skilled worker or 3 years for domestic helpers. Salary-wise, you should be earning at least P10,000 gross income per month for personal and home loans or P50,000 for auto loans.
2) Bank of the Philippine Islands
also offers personal, housing, and auto loans for OFWs employed for at least 2 years. To be approved, personal and auto loan applicants should be earning at least P30,000 a month or P40,000 for housing loan applicants. As far as age requirement is concerned, borrowers should not be younger than 21 but not older than 60.
3) East West Bank
Home and auto loans are also available in EastWest bank for OFWs ages 21 to 65. Salary requirement, however, should be a minimum of P40,000 per month.
If you’ve been employed abroad for 3 years above and have an income of P50,000 per month, you can also check out Chinabank’s housing loan. You should, however, pass their background check since applicants with unpaid loads, bouncing checks, cancelled credit cards, and other similar cases will not be considered.
5) Home Development Mutual Fund (HDMF, Pag-IBIG)
OFWs with a minimum of 24 monthly contributions may apply for a Pag-IBIG housing loan. You should not be more than 65 years of age plus have a clear record with Pag-IBIG housing loan.
6) Social Security System (SSS)
For SSS, you are required to have 36 monthly contributions (with 24 of which being continuous contributions) before you can apply for the direct housing loan.
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For inquiries and additional information, you may visit their respective websites or contact them via email.