Just keep doing that until you build a good credit history. The processing periods of banks are different which can be as fast as 5 days like BDO and Security Bank or as long as 15 days like Landbank and Metrobank. Member is a bonafide member of a registered workers’ organization in the private sector; Member has at least 36 months premium contribution and 24 continuous contributions in a period prior to application. no. For down payment, it is basically the amount of money you pay besides the monthly payment. It is called the Direct Housing Loan Facility for Overseas Filipino Workers intended to support the government’s Pabahay sa Bagong Siglo Program that aims to provide socialized and low-cost housing to workers abroad. Mortgagor’s Application for Housing Loan with 1” x 1” ID pictures of Principal Applicant and Spouse (Original). A sufficient income entails three times more than your monthly payment. For banks, it is a crucial criterion to approve your housing loan. Special Power of Attorney (if filing is thru a representative) (original). You may choose between two types of housing loans which are conventional and flexible. Before they give you the funds, they will first and foremost evaluate your ability to pay off the amount that you’re going to borrow which are based on your income, age, spouse’s income, number of dependents, stability and continuity of occupation, loan amount, and credit history. Member was not previously granted a repair and/or improvement loan by the SSS or NHMFC. By definition, a housing loan is basically just a financing facility that provides funding. Owner’s copy of the Original/Transfer Certificate of Title (Certified True Copy). With the combined gross income, you may be able to borrow more loan. The Housing Loan for Repairs or Improvements is an SSS lending program that can be availed of by members either directly from the agency or through one of its accredited participating financial institutions (PFI). SSS housing loan is created for ofw members who are active to avail this socialized and low-cost loan program. For monthly payment, you must have a sufficient income to get approval for your housing loan. However, if you’re a business owner or self-employed, your housing loan can still get approved. The SSS offers a housing loan for Overseas Filipino Workers (OFW) for you to be able to construct a new house on a lot owned by the applicant or to purchase an existing residential unit, which may be a house and lot, a condominium, or a townhouse. There are different terms and interest rates with regards to housing loans. Here is a checklist of the requirements and qualifications that SSS provided for potential loaners: These are the accepted conditions in order to be considered as an OFW: OFWs are eligible for an SSS housing loan when they meet all these requirements: SSS President Emilio de Quiros Jr. stated that members can now borrow up to P2,000,000. Contract to Sell with statement of latest balance (Original). Certificate of Loan Eligibility (Original) – (P100 Service Fee). *First and foremost, you must be between 21 to 65 years old upon the loan maturity. This is also one of the basis for evaluating your eligibility. These cookies will be stored in your browser only with your consent. Major repairs, particularly for dilapidated and structurally unsafe housing units; Extension or expansion and enhancement of economic and aesthetic value of an existing housing unit. For BPI, Landbank, Metrobank, Security Bank, Unionbank, they only need an application form and government IDs. In conventional loans, you are expected to make a fixed payment over a particular duration. Your loan entitlement is dependent on your income. to start building the house you have always wanted. As for identification requirements, all banks generally require that you submit a completed application with two valid IDs. If a condo is in the pre-selling phase, another residential property has to be submitted as collateral.

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