Guide on the Requirements for Landbank Housing Loan for OFWs 2023 Application Process
REQUIREMENTS FOR LANDBANK HOUSING LOAN FOR OFWS 2023 – Here are the documents required in applying for Bahay para sa Bagong Bayani (3B) loan.
The Landbank of the Philippines is one of the banking entities in the country with multiple loan offers. It is a government bank with several branches across the nation thus its offers are really accessible.
The government bank actually has several housing loan offers. Aside from the Landbank Housing Loan 2023 Developer’s End-Buyers Financing Tie-up and the Landbank Easy Home Loan 2023, the state bank also offers the Bahay para sa Bagong Bayani loan or the 3B loan.
The 3B loan aims to help overseas Filipino workers (OFWs) acquire, build, or improve a residential property under relaxed terms. It is open for application to finance any of the following:
- Purchase of:
- Residential Lot
- House and Lot
- Residential Units/Condominium/Townhouse
- House Construction
- Home Improvement or Renovation
- 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
There is only a short list of qualifications in applying for the loan offer. To be eligible, the borrower must meet the following eligibility criteria:
- Filipino citizen
- OFW holding a live contract from a reputable company
- at least 21 years old upon the loan application but not more than 65 years old upon the loan maturity
- clear of adverse credit finding with other creditors
The documentary requirements for Landbank Housing Loan for OFWs 2023 offer are divided between the Credit Analysis and the Appraisal stages. For the credit analysis of the application for the Bahay para sa Bagong Bayani (3B) loan, the following must be submitted:
- Duly accomplished loan application form with 1″ X 1″ photo
- Copy of employment contract
With regards to appraisal, there is a longer list of requirements for Landbank Housing Loan for OFWs 2023. You must prepare and submit the following to the Landbank of the Philippines branch nearest to the property:
- 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 the purposes of house construction or home renovation, you need to submit a photocopy of the Transfer Certificate of Title (TCT) or the Condominium Certificate of Title (CCT) to Landbank.
