OFWs are Filipino Workers who do hard-hitting jobs for the better future of their beloved in overseas countries. These faraway workers, OFWs, have established a vast community of workers from all around the world. It is documented that more than two million foreign employers are always ready for daring tasks to fulfill their domestic purposes.
One of the major challenges is building the appropriate house. They want to purchase a reasonable shelter and pursue corporations that can help them. Fortunately, Home Development Mutual Fund is a top-notch agency providing housing loans to OFWs. This company, PAG IBIG, is the Government’s answer to the citizens for delivering the national saving programs. This agency is also imparting housing loans with easy amortizations to Filipinos and OFWs.
It is a complicated process at first sight. OFWs can apply for a PAG IBIG loan by following the specific instructions. After seeing our instructions, OFWs have a clear grasp on using the loan and turning their dreams into reality.
Contents
The process to acquire the PAG IBIBG Home Loan for OFW
PAG IBIG membership is compulsory for OFW to get a housing loan from the PAG agency. Follow the steps to become a certified member of PAG IBIG.
PAG IBIG Requirements of Housing Loan for OFW
OFWs can accomplish PhP 6 Million in loans for housing management. Likewise, this loan amount is liable according to your willingness and salary backups. Therefore, you must fulfill the requirements criteria for getting your loan:
CHECK: How Much PAG IBIG Contribution For OFW?
However, you have prepared all the valid and compulsory documents. After your satisfaction, visit your nearest or head PAG center. As an OFW, you need to pay the non-refundable PHP 1,000 fee and submit your loan application at your effective office counter. Meanwhile, PAG IBIG makes the important appeal to keep patience for less or more than 20 days. This time is required to process all of your details, and the application is accepted.
Process after OFW’s Loan Form Submission
Letter of Guarantee and NOA:
When your application is accepted, PAG notifies you of a notice of Approval. You can hand over or check this NOA to your property seller. Furthermore, you can claim NOA at the second story of the servicing block, Shaw Boulevard, JELP Business Clarification Building, Mandaluyong City.
Completing the NOA requirements:
For your loan acquirement, PAG has issued 90 days in which you can accomplish all the approval requirements. During this time, you must complete your profile to proceed loan. You must send the notice of Mortage, title, transfer tax, and other estate documents.
Release of Housing Loan:
Once you have transferred all the valid documents to the head servicing office. You can release your house loan. You have a great offer to proceed with your loan within 10 days.
Amortization of Monthly Loan:
Of course, you’re capable of initiating the journey of monthly repayments. It would be best if you visited the PAG amortization schedule/ Disbursement Voucher for amortization.
CHECK: List of PAG IBIG Loans for OFWs
Conclusion
The poverty rate is 21.6% in the Philippines. The majority of people can’t acquire their fundamental needs. In this regard, the Government provides various funding programs to the public to accomplish their requirements. OFWs have adequate and reliable options to achieve the housing loan from PAG-IBIG. Although, you need to complete the paperwork and valid requirements before applying for the loan. Once you have completed the verification, you become a member of the PAG IBIG housing loan scheme and build your home.
Ref: https://www.pagibigfund.gov.ph/Availmentofnewloan.html
