Landbank’s Housing Loan For OFWs: Bahay Para sa Bagong Bayani
With the objective of uplifting the condition of overseas Filipino workers and their families, the Bahay Para sa Bagong Bayani or 3B is Landbank’s program to eligible applicants who wish to buy a residential lot, house and lot, townhouse or condominium units. It is also open to those who refinance an existing mortgage loan or plan to construct or renovate an existing residential unit or a residential or commercial apartment.
Who are eligible borrowers of Bahay Para sa Bagong Bayani?
- OFWs holding a live contract from a reputable company
- 21 years old but not more than 65 years of age upon loan maturity
- Clear of adverse credit finding with other creditors
What are eligible purposes of loan?
- Purchase of residential lot, house and lot, residential units, condominium or 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
How much is the loan amount?
- Minimum of P500,000 and shall be computed based on borrowing capacity of client but not more than loan value of collateral, provided that
- Financing will be for the principal residence or dwelling of the borrower OFW; and
- The title should be under the name of the OFW
What are considered collateral?
Primary collateral for the loan include the object of financing or separate prime property. Others include REM, hold-out on deposit and Agrarian Reform bonds
How is the loan value determined?
Loan value is 80% of appraised value
What is the term of payment for the loan?
- 20 years: for OFW with co-borrower
- 15 years : for OFW without co-borrower
What is the loan interest rate?
- Variable: Rates may vary depending on the posted interest rate upon availment of loan
- Subject to yearly repricing
- Fixed interest: based on rates at the time of availment:
- 2-3 years
- 4-5 years
- 6-7 years
- 8-10 years
- 11-15 years
- 16-20 years
What are the fees and charges associated with application of this loan?
a) Application/ Filing Fee of P2,000.00 (non-refundable)
b) Appraisal and Inspection Fees per CPI no. 2014-003 dated 12 February 2014
c) Handling Fee of 1/10 of 1% based on amount approved
d) Commitment Fee of ½% of the unavailed amount
e) Notarial Fee: Minimum of P500.00
f) Documentary Stamps Tax per PN
g) Insurance Premium on MRI & Fire
h) BIR & Registry of Deeds Registration Fees
What are the required documents for application of this loan?
For Credit Analysis:
- Duly accomplished loan application form with 1″ X 1″ photo
- Copy of employment contract
- Photocopy of TCT/CCT
- Photocopy of Tax Declaration (land improvements)
- Latest Real Estate Tax Receipts
- Certified by a Geodetic Engineer
- Lot Plan
- Location and vicinity map
For Construction and Renovation:
- Photocopy of TCT/CCT
Where to apply for Bahay Para sa Bagong Bayani loans?