Owning a home is one of the top goals of Filipino families, especially for those who have family members that are working overseas. For Pinoys working overseas, acquiring a home for their loved ones would make the years they spent working in a foreign land worth it.

Thankfully, Land Bank of the Philippines has a special loan program that would make it easier for Pinoys abroad to make their dream of having a place to call their own a reality.

This is through the “Land Bank Bahay Para sa Bagong Bayani program”. This program aims to improve the living condition of Overseas Filipinos through the provision of shelter or improvement and renovation on their future or existing abode at relaxed and flexible terms.

Check out the frequently asked questions (FAQS) about this program taken from the bank’s official website:

Eligible Borrowers:
Holding a live contract from employer;

Filipino citizens;

At least 21 years old and not more than 65 years old upon maturity of the loan;

Clear of adverse credit findings with other creditors

Eligible Loan Purposes:

Purchase of residential lot, house and lot, and residential unit like condominium and townhouse;

Construction, improvement or renovation of existing residential unit owned by the OF; and

Refinancing or assumption of existing mortgage loan of the OF

Loan Amount:

Loan amount shall be the lowest of the paying capacity of the OF or loan value of collateral with loan value of 80%;

Construction, improvement or renovation of existing residential unit owned by the OF

Interest Rate:
Prevailing LANDBANK interest rate on Housing Loan, either fixed for 5, 10, 15, 20 years subject to annual repricing.

Project Cost Financing

 LANDBANK – up to 80%

Borrower – OFW – minimum of 20%

Tenor: The loan shall have maximum tenors as follows:

Twenty (20) years, for OF with co-borrower; or

Fifteen (15) years, for OF without a co-borrower

Collateral

Primarily, the object of financing, or separate prime property, if warranted;

Other collateral that may be accepted, in addition to the object of financing:

Hold-out on deposit; and/or

Agrarian Reform Bonds

For more inquiries they can contact telephone Nos.: 5512200 locals: 2260, 2970, 2540, 2497, 2768, 2544 or send an email to: RLD@mail.landbank.com

Know more about the Land Bank of the Philippines Bahay Para sa Bagong Bayani Program.

Have you availed or currently using this OFW product? Let others know your experience by leaving a comment below.