Details about the Landbank Housing Loan for OFWs Loanable Amount 2023 Set by Bank
LANDBANK HOUSING LOAN FOR OFWs LOANABLE AMOUNTS 2023 – Here is a guide about the allowed borrowing amount under the Bahay para sa Bagong Bayani (3B) loan.
The Landbank of the Philippines has several loan offers that are in the pursuit of providing financial solutions to the Filipinos for different purposes. It is actually one of the bank with multiple housing loan offers.
The Landbank Housing Loan 2023 Developer’s End-Buyers Financing Tie-up and the Landbank Easy Home Loan 2023 are not the only housing loan offers of the government. It also has the Bahay para sa Bagong Bayani loan or the 3B loan which is specifically for overseas Filipino workers (OFWs).
The Bahay para sa Bagong Bayani loan can serve several purposes. It can 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
For qualification to the loan offer, the borrower must meet the criteria set by the Landbank of the Philippines which is as follows:
- 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
With regards to the Landbank Housing Loan for OFWs Loanable Amount 2023, the government bank has not stated a specific range of amount but it explained the factor that it considers. All loan applications will be under the bank’s assessment.
The Landbank Housing Loan for OFWs Loanable Amount 2023 will be based on the “lowest of the paying capacity of the OFW or loan value of collateral with loan value of 80% provided that:”
- Financing will be for the principal residence or dwelling of the borrower OFW; and
- The property title must be under the name of the OFW borrower
To apply for the loan offer, there are requirements for Landbank Housing Loan for OFWs 2023 that you must prepare. Submit them to a branch of Landbank nearest to the property.