Guide on Landbank Housing Loan for OFW Features & Application
LANDBANK HOUSING LOAN FOR OFW – If you are an overseas Filipino worker, you may apply for the “Bahay para sa Bagong Bayani” or 3B.
Countless Filipinos are working abroad for the future of their family. They want to give their families a more comfortable life and be able to send the children to the best schools. Truth be told that it is the high compensation abroad that invited the overseas Filipino workers (OFWs).
The OFWs go through daily longing to be with their families in the pursuit of giving their loved ones a comfortable life. However, truth be told that because most OFWs shoulder most of the expenses in the household, saving for a house for the family may take years.
Meanwhile, there are entities that OFWs may turn to. Pinoys working abroad may apply for a housing loan that can finance the purchase or building of a residential property and just pay for the amount in affordable monthly installments.
One of the offers that you may turn to is the LandBank housing loan for OFW “Bahay Para sa Bagong Bayani” or 3B. It is open to finance any of the following purposes:
- 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
Under the LandBank Housing Loan for OFW, a loan client working abroad with a co-borrower may repay the loan for up to 20 years. For loans with a co-borrower, the government bank allows up to 15 years of monthly installments.
With regards to the interest rate under the “Bahay para sa Bagong Bayani” or 3B loan, it will be based on the posted rates at the time of the loan availment based on the fixing period chosen.
