Home Away from Home: The OFW House Loan Guide

July 29, 2019
Home Away From Home The Ofw House Loan Guide

Infog Home Away From Home The Ofw House Loan Guide

Buying a home is a huge long-term investment, and at times, it is also the most important investment one can make, as you are providing a home for your family that will last for a long time. The market can be vast when you are looking for a quality and affordable house and lot for sale. There is a wide variety of options to choose from, along with considering different factors such as location, price, amenities, and size.

Buying a property outright in the Philippines can be very expensive, since real estate prices in the country have only gone up during the past few years. This is why one of the best options that will allow you to be able to purchase your own house and lot is by applying for an OFW house loan through the country’s government agencies like SSS and Pag-IBIG, or even in different banks.

The process of applying house loans can vary depending on which agency or bank that you are applying to as you would have to meet a specific set of requirements that will ensure that you are eligible. With a lot of options and requirements present, it can be challenging to pick the best OFW house loan option for you.

Luckily, we have a guide that will help you go through the various application processes and requirements, along with comparing each house loan option to allow you to see which option is the best for you.




Before applying for a house loan, it is important to make sure that you are eligible to apply for one. While some government agencies and banks have their own set of specifications that we’ll be going through later, some of the standard eligibility requirements include the following:

  • Applicants must be recognized residents from the Philippines
  • OFW house loan applicants must be between the ages of 21 to 65 years old.
  • For OFWs, important requirements include a certificate of employment or your job contract that must be approved by the Philippine Overseas Employment Administration (POEA).
  • Employment and government IDs of the respective government agencies

Once you have set your primary eligibility requirements, the next step is to begin applying for a house loan.


How to get a housing loan from SSS if you are an OFW

How To Get A Housing Loan From Sss If You Are An Ofw

One of the government agencies where OFWs can apply for a house loan is SSS, which provides the Direct Housing Loan Facility for Overseas Filipino Workers program. This program allows OFWs to be able to avail for loans that they can use for an affordable house and lot for sale.

Along with the primary eligibility needs, other requirements include the following:

  • Posted 36 monthly contributions, with 24 being consecutive contributions before the loan period.
  • SSS Members who have not previously applied for a home loan
  • SSS Members who have updated their repayments
  • Certified OFWs or SSS volunteer OFWs
  • Lot plan and vicinity map signed by a Geodetic Engineer
  • Building plans for the planned home construction
  • Deed of Sale or Contract to Sell
  • Latest Property Tax Declaration


How can the SSS OFW house loan be used?

The SSS house loan can be used by OFWs for the following cases:

  • Buying a house, townhouse, or condominium unit
  • Building a home
  • Building a home on a borrowed lot


How much can be borrowed by OFWs?

OFWs can borrow from 450,000 to 2 million pesos for their home loan. The provided loan amount is based on factors such as the applicant’s capacity to pay, the amount needed for construction, or valued close to the appraised value.


Repayment period and interest rate

The repayment period can last from 5 to 15 years depending on the amount loaned. The interest rate for the OFW house loan starts at 8 percent for the lowest loan amount and goes up to 11 percent.


Application and inspection fees

The SSS house loan application fee is 500 pesos, along with an inspection fee of 500 pesos. The payment would automatically be deducted from future contributions.

Once you have submitted and processed all of the necessary documents, you can now begin the application process and apply for your house loan after getting approved.


How to get a housing loan from Pag-IBIG if you are an OFW

How To Get A Housing Loan From Pag Ibig If You Are An Ofw

Another government agency where you can apply for a housing loan is Pag-IBIG. Under the government’s Home Development Mutual Fund, OFWs can be provided with housing loan schemes.


What are the eligibility and requirements for a housing loan from Pag-IBIG?

Along with the basic and essential documentation required by government agencies, an OFW must also have the following:

  • Original copy or a validated photocopy of an Employer’s Certificate of Income
  • Employment contract
  • Pag-IBIG membership status verification slip
  • Authorization to conduct credit background investigation
  • Medical examination and health statement forms
  • 24 months of contribution
  • Updated Pag-IBIG housing account
  • Aged not more than 65 years’ old


How much can be borrowed by OFWs?

Pag-IBIG OFW house loan applicants can loan from a range of 750,000 up to 6 million pesos. These come with interest rates starting at 3 and 5.375 percent depending on the amount loaned.

Once the requirements have been set, you can now apply for a housing loan, schedule a meeting online, and accomplish an online form. Walk-ins are also accepted as well, with the process being the same.


How to get a bank house loan if you are an OFW

How To Get A Bank House Loan If You Are An Ofw

Another OFW house loan option is through the use of bank loans, which are offered by different banks across the country. If you have a bank account, it is best to inquire about OFW house loan plans that your bank has and assess the requirements and fees needed in order to become eligible for a housing loan.

Application requirements for bank housing loans for OFWs include the following:

  • Financial statement and income
  • Government IDs, licenses and certification
  • Credit history
  • Collaterals

There are numerous banks offering a diverse variety of housing loan packages for OFWs, and it is best to take a look at each bank and see which one will be able to cater to your home needs.


Key Takeaway

Buying a home or property is one of the most important long-term investments as an OFW. By picking the best house loan package, you will be able to provide a home for you and your family back in the Philippines.

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