Q&A: Can a foreigner get a housing loan in the Philippines? |
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Q&A: Can a foreigner get a housing loan in the Philippines?

by MyProperty.phPublished: October 20, 2016Updated: October 25, 2016

Even foreign nationals can purchase a home in the Philippines through financing. Find out where they can apply for it and what they need to do.

How a foreigner or expat can get a home loan in the Philippines MyProperty

Q: Can a foreigner get a housing loan in the Philippines?

A: There are multiple ways to finance one’s home buying in the Philippines, although not all of them can be availed by foreign nationals who wish to purchase a property in the country. Fortunately, there are many banks that offer home financing options for expats, as long as they meet the eligibility requirements and are able to submit the documents needed to be approved.

Banco De Oro (BDO) is one such bank. The SM Group-owned financial institution accommodates foreign home loan applicants that are holders of a Quota or Preference Immigrant Visa, Non-Quota Immigrant Visa, or Special Resident Retiree Visa (SRRV). They also accept application from embassy officials who are residing in the Philippines for over a year, as well as aliens who have been granted permanent residence status and working visas issued by the Subic Bay Metropolitan Authority.

Metrobank also offers loan options to foreigners who have been issued a permanent resident visa for the Philippines, requiring them to submit their passport or Alien Certificate of Registration (ACR) as part of the application process.

RCBC Savings Bank accepts foreign applicants who are holding an immigrant visa, or are married to a Filipino. These applicants, according to RCBC, are eligible if they are buying a unit covered by a Condominium Certificate of Title (CCT). Similarly, Bank of the Philippine Islands (BPI) offers loans to foreign buyers, granted they are only purchasing a condo unit.

Aside from immigrant visa, passport, and ACR, foreigners applying for a housing loan will also be required to submit documents similar to those required of Filipino borrowers, such as a completed application form from the bank, marriage contract (if applicable), and income documents such as Certificate of Employment and income tax return.

When choosing a bank for a home loan, whether you’re a Filipino or a foreigner, it’s important to weigh your options based on factors such as interest rates, payment terms, and processing period. For a better understanding of the home buying process in general, it’s best to work with a real estate broker who can expertly guide you in making the best decision for you.


Main photo via Shutterstock

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