The foreigner's guide to housing loans in the Philippines aims to provide foreigners with an overview of their financing options in the country.
It’s getting easier for foreigners to get housing loans here in the Philippines as some banks are starting to offer expat loans. How easy it will be for an expat to get a home loan in the Philippines depends on your visa type and personal circumstances.
Properties in the Philippines are becoming increasingly attractive and accessible because of various components: climate, the great personality of the Filipino people, and opportunities for investments. Hence, many foreigners from all around the world are now considering purchasing or renting in our country.
This article will go over the foreigner’s guide to housing loans in the Philippines. Read on to learn more!
Available housing loans in the Philippines for foreigners
1. RCBC Home Loan
RCBC offers home loan and home loan plus. The minimum loan amount for Home Loan is Php300,000 which is available to build or renovate your home. While for Home Loan Plus, the minimum loanable amount is Php1,000,000, which is only available for the acquisition of a house and lot, townhouse, condominium, and take-out of an existing loan.
Eligible applicants for the RCBC home loan:
- Filipino Citizen or Dual Citizen
- If foreigners, they must be married to a Filipino Citizen.
- At least 21 years old upon application.
- Age not exceeding 65 years upon loan maturity (70 years old for self-employed applicants)
- Must have a residence or office landline and a mobile number
- With a minimum employment tenure of 1 year and minimum gross monthly income of Php400,000
Loan terms:
- The minimum Loan amount is Php1,000,000 for Home Loan Plus and Php300,000 for Home Loan
- The down payment is 20%
- Loan period: One (1) to 20 years
What you need to prepare:
- Accomplished RCBC Home Loan Application Form
- Copy of TCT and Tax Declaration (Land & Improvement)
- Bill of Materials (Construction)
- Certificate of Employment (COE) or latest ITR, two valid government-issued IDs, TIN, Utility Bill for self-employed applicants
- Business Registration with DTI, Audited Financial Statements, ITR, or bank statements for Self-employed applicants
2. BPI Housing Loan
The BPI Housing Loan is a customizable package that meets different consumers’ spending needs. It’s advisable for people who have conservative buying patterns.
Eligible applicants for the BPI Housing loan:
- Filipino citizen who is more than 21 years old but not more than 65 years old upon maturity of the loan
- A foreigner who has married a Filipino citizen; subject to specific documentary requirements; and
- Foreigner with immigrant/resident visa, subject to particular documentary requirements (for the acquisition of residential condominium unit only)
- The minimum total household income should be PHP 40,000.
Loan terms:
- 25 years for house and lot.
- Maximum of 10 years for residential condominiums, vacant lots, refinancing, business loans, or multi-purpose loans.
What you need to prepare:
- Application form. You may visit www.bpiexpressonline.com to fill out an online application form.
- Two valid government-issued Identification cards with photo and signature. List of valid IDs.
- For married applicants, the husband and wife are to sign on the application form
- If you’re borrowing with a co-mortgagor or a co-borrower, fill out separate application forms.
- Certificate of Employment (COE), showing your position, salary, and length of service
- Latest ITR for the last two years.
- For Freelance or entrepeneur
- Articles of Incorporation and By-laws with SEC Registration Certificate
- Two (2) years Audited financial statements
- DTI Registration
- Bank Reports for the past six (6) months
- Income tax Return (ITR) with Statements of Assets and Liabilities (SAL) for the last two (2) years
If you have any further queries, you can reach them at 89-100 hotline and 754-69-21 & 754-69-60 for customer service or email them at housingloan@bpi.com.ph.
3. Own A Philippine Home Loan (OPHL) by PNB
Own a Philippine Home Loan or OPHL is a financing program from PNB. It allows Filipinos and non-Filipinos who reside in the Philippines and work abroad an easy way to obtain a bank loan for residential properties in the country.
OPHL is available in PNB overseas offices/branches like Los Angeles, New York, Singapore, Global Hong Kong, Japan, Middle East, Guam, and Europe. The requirements and eligibility for the loan depend on the bank’s overseas branch.
4. Metrobank Home Loan
Metrobank Home Loan lends you 80% of the property’s appraisal value, and payment terms are up to 25 years. You can also avail of loans for construction, refinancing, and lot purchases.
Eligible applicants for the Metrobank Home loan:
- Of legal age from 21 to 65 years old upon maturity of the loan
- A Filipino citizen or a foreigner with a permanent resident visa for the Philippines
- Someone whose earnings are fixed or self-employed
- At least two (2) years employed to present
- Earning at least Php30,000 for self-employed or have the same Gross Monthly Family Income (GMFI) for fixed income earners.
What you need to prepare:
- Government-issued identification card
- Passport or Alien Certificate of Registration Identity Card (ACR I-Card) for foreigners
- For locally employed, present one of the ff:
- ITR or Income tax return or ITR
- Certificate of Employment or COE
- Three months’ pay slips
- For self-employed applicants, present six months bank statement with a BOO Certificate of “No Overdraft” charges
- Collateral documents
- Transfer Certificate of Title/Condominium Certificate of Title
- Tax Declaration
- Contract to Sell or Reservation Agreement (if under developer tie-up only)
- House Plans/Bill of Materials/Specifications (for house construction only)
5. Banco de Oro (BDO) home Loan
BDO offers financial assistance for loan purposes like purchasing a house and lot or townhouse unit, purchasing a condo unit and vacant lot, construction of the house, house improvement, etc.
Eligible applicants for the BDO Home loan:
- At least 21 years old and shall not exceed 70 years old at the loan term.
- Foreign Nationals and Filipino Citizens
- Minimum gross income of Php50,000 per month or its equivalent in USD
- Financially stable from employment or business
- For a locally employed applicant, at least two years with the current company
- For the self-employed applicant, at least two years consecutive profitable years of operation
What you need to prepare:
- Accomplished application form
- Photocopy of one valid ID
- A marriage contract, if possible
- For the locally employed applicant:
- Latest ITR or BIR Form 2316
- The last three months’ pay slip
- Certificate of Employment with income
- For self-employed applicants:
- Copy of Audited Financial Statements for the last two (2) years with the latest ITR
- Bank statements or photocopy of passbook over the previous six (6) months Business Registration Certificate from DTI or SEC, Articles of Partnership or Incorporation (whichever is applicable)
- Company profile
- Collateral Documents
- Photocopy of Title
- Lot Plans with Vicinity Map
- Photocopy of Tax Declaration
If you need more help on how to acquire a property here in the Philippines, you can always contact us. We’d love to assist you and connect you to one of our agents to help you explore your options for a housing loan.
