Details about the Landbank Housing Loan for OFWs Interest Rate 2023 Set by Bank
LANDBANK HOUSING LOAN FOR OFWs INTEREST RATE 2023 – Here is a guide on the interest rate set by the Landbank of the Philippines under the Bahay para sa Bagong Bayani (3B) loan.
Are you working abroad and looking for a housing loan? The Landbank of the Philippines is one of the entities that you may turn to as it has a housing loan offer for overseas Filipino workers — the Bahay para sa Bagong Bayani or the 3B loan.
Aside from the Landbank Housing Loan 2023 Developer’s End-Buyers Financing Tie-up and the Landbank Easy Home Loan 2023, this 3B loan offer of the government is another bank that provides financial solutions for those who want to achieve or enhance their residential properties under relaxed repayment terms.
You may apply for the Bahay para sa Bagong Bayani (3B) loan to finance any of the following intents:
- 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
Just like in other loans, there is a set of eligibility criteria under the 3B loan offer. To qualify, the borrower must meet the following requirements:
- 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 loanable amount under the Landbank Housing Loan for OFWs is under the assessment of the bank. With regards to the Landbank Housing Loan for OFWs Interest Rate 2023, it will be based on the current posted rates at the time of loan availment except for socialized housing.
The Landbank Housing Loan for OFWs Interest Rate 2023 for socialized housing is at 1% below the posted EHL rates at the time of loan availment subject to annual repricing. The fixed terms allowed by the government bank are as follows:
- 2-3 years
- 4-5 years
- 6-7 years
- 8-10 years
- 11-15 years
- 16-20 years
The loan is open for applications with co-borrowers. The maximum loan term is 15 years for loans without a co-borrower and 20 years for those with co-borrowers.
In applying for the loan offer, there are sets of requirements for the Landbank Housing Loan for OFWs 2023. Prepare the documents and submit them to a branch of Landbank nearest to you for evaluation.