Steps in Landbank Home Loan 2023 Application Process
LANDBANK HOME LOAN 2023 – Here is a guide for the overseas Filipino workers (OFWs) in applying for the Bahay para sa Bagong Bayani (3B) loan offer of the Landbank of the Philippines.
The Landbank of the Philippines is one of the banks in the country with multiple housing loan offers. One of them is the Bahay para sa Bagong Bayani or shortly called the 3B loan which is set for overseas Filipino workers (OFWs).
The Landbank’s Bahay para sa Bagong Bayani loan offer aims to help the OFWs acquire their target residential property or build their house. It actually caters to a lot of purposes involving residential properties.
If you are an OFW or someone in the family is, the Landbank home loan 2023 offer is up for application for any of the following purposes:
- 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
The government has posted details about the loanable amount under the Landbank Housing Loan for OFWs. The loan is payable for up to 15 years if the application has no co-borrower and up to 20 years if there is a co-borrower.
The bank has also posted the interest rate under the said Landbank Housing Loan for OFWs. It will be applied until the loan is fully paid. Here’s the process to ensure a smooth aplication to the said Landbank home loan 2023 offer:
Step 1 — Check the qualifications. The Landbank of the Philippines has set a list of eligibility criteria for qualification to the loan offer. The borrower/loan applicant must meet the following eligibility 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
Step 2 — Prepare the documentary requirements. The requirements for Landbank Housing Loan for OFWs 2023 are divided in two (2) sets — for credit analysis and appraisal. Prepare the documents’ original copies.
Step 3 — Go to Landbank. Visit a branch of the Landbank of the Philippines nearest to you. Bring your documents and submit them for the evaluation of your loan application. Wait for an update from the bank regarding the status of your loan application.
