Owning a home is an important milestone for many Filipinos. It gives us a sense of security knowing that there’s a roof above us even if the rain pours and the sun gets furious and personal space that provides you the privacy you deserve after a long and tiring day of hard work. In addition, it gives us the sense of being accomplished as it requires hard work, dedication, and perseverance. As such, looking for an affordable house and lot for many remains to be an impeding factor, this is also true with the Philippines’ unsung heroes, the Overseas Filipino Workers (OFW). Fortunately, there are numerous affordable houses and lots for sale and different housing programs in the Philippines available for our dear OFWs. Here is the overview of two of the available housing programs in the Philippines through Pag-IBIG and the National Housing Authority.
It is palpable enough to give due acknowledgment to the contributions of our OFWs, not just in keeping the Philippine economy afloat but more importantly, in making the lives of Filipino families better. According to the Philippine Statistics Authority (PSA), there were about 1.7 million Filipinos working abroad as of September 2020, contributing a total of 134.77 billion pesos worth of remittances making the sector an important lifeline of the Philippine economy. In return, our OFWs sacrifice their time and energy that were supposed to be spent with their families.
Affordable Housing Programs for OFWs
A. Pag-IBIG Housing Loan
The Pagtutulungan sa Kinabukasan: Ikaw, Bangko, Industriya at Gobyerno (Pag-IBIG) Fund is a government-controlled and owned corporation under the Department of Human Settlements and Urban Development is mandated to improve the quality of life of Filipinos by providing them with sufficient shelter and provide housing through mobilization of funds for shelter finance (R.A. 9679).
To meet the growing demand for housing needs, the Pag-IBIG Funds is offering various loans with very minimal interest rates to cater to all its clients including the minimum wage workers and of course, our Overseas Filipino Workers.
OFW Pag-IBIG Membership
First and foremost, for an OFW to be eligible for any loans from the Pag-IBIG Fund, he or she must be a member of the corporation. Since the enactment of the Home Development Mutual Fund Law of 2009, OFWs are now covered by its benefits like savings with dividend earnings through the MP II program, short-term cash loans, and affordable Pag-IBIG housing loans. Other pertinent information related to the application or retrieval of your Pag-IBIG Membership ID is available on their website.
Pag IBIG Housing Loan
An active member of the Pag-IBIG fund is eligible to borrow up to Php 6 Million, depending on your cash inflow or income. The member must be an active member with at least 24 months of savings/contributions and not more than 65 years old at the date of loan application and is not more than 70 years old at the date of loan maturity.
This loan covers varied purposes including the following to purchase a lot or residential unit; house construction and improvement; and purchase of lot with house construction.
What are the requirements in Availing Pag IBIG Housing Loan?
Above all, OFW applicants must be able to fill out a Housing Loan Application with a recent ID photo of the borrower/co-borrower (if applicable) (2 copies, HQP-HLF- 068/ HQP-HLF- 069). Below are the other requirements for OFWs:
● Employment Contract between employee and employer; OR
● POEA Standard Contract
Notarized Certificate of Employment and Compensation (CEC):
● CEC written on the Employer/Company’s official letterhead; or
● CEC signed by employer (for household staff and similarly situated employees) supported
by a photocopy of the employer’s ID or passport
Income Tax Return filed with Host Country/Government
NOTE: English translation is required if the official document is written in other languages.
Pag-IBIG Affordable Housing Program
The Pag-IBIG Affordable Housing Program (AHP) caters mostly to minimum-wage and low-income earners. The payment scheme for this truly accessible Pag-IBIG housing loan could be as low as Php 2,445.30 and terms as long as 30 years. This is also available for OFW with similar requirements and eligibility as mentioned above.
What are the advantages of AHP?
Eligible Pag-IBIG Members can borrow up to Php 750,000.00 with interest rates ranging from 4.5% to 6.5% on the first ten years of the loan and the rate varies depending on the salary or income of the borrower. AHP has similar loan purposes as with the regular housing loan of the Fund such as the purchase of a lot or residential unit; house construction and improvement; and purchase of lot with house construction. As mentioned prior, OFW can avail of this loan as long as they register personally at the Members Services Office (MSO) branch.
Interested? Bria Homes is offering affordable and Pag-IBIG accredited house and lot for sale located in the most premier and efficient locations across the country. Please click here for the list of Bria Homes offerings
B. National Housing Authority Programs
The National Housing Authority (NHA) is a government corporation under the Office of the President and was created in 1975 by the virtue of Presidential Decree no. 757 of former President Marcos, Sr. which has a primary objective of providing and maintaining adequate housing for the greatest possible number of people.
OFWs may also avail the services of the NHA through its Tahanan ng Bagong Bayani Housing (TBBH) Program. Below are the eligibility, requirements, and benefits of the program.
Who are eligible to avail the Tahanan ng Bagong Bayani Housing Program?
All OFWs are eligible for the availment of the TBBH Program as long as the member must not be more than sixty-five (65) years old at the date of application and not more than seventy (70) years old at the time of maturity of the housing loan.
What are the benefits of this affordable housing program from NHA?
OFW eligible for the TBBH Program may opt to avail of either a pre-built duplex or condo unit. A duplex-type home prices around Php 1.6 million to Php 2.1 million while a condominium unit’s price ranged from Php 2.2 million to Php 3 million. You may click here to see the list of available housing projects.
What are the requirements?
Eligible OFWs must fill out the application form through their website or by downloading the Application to Purchase House and Lot Form. You may refer to the list below for the list of other requirements to avail of the TBBH Program.
- Overseas Employment Certificate or POEA Work Contract
- Proof of Income. Any of the following:
A. Employer’s Certificate of Compensation
B. BIR Certified Income Tax Return
- Proof of Identity/Civil Status
A. For Single Applicants:
– Birth Certificate
– Any two (2) government-issued ID
B. For Married Applicants:
– Marriage Certificate
– Affidavit of Separation-in-Fact (for applicants not legally separated/annulled)
– Any two (2) government-issued ID
- Government Issued IDs. You may refer to their website for the list of accepted government issued IDs.
You may submit your application forms and other documentary requirements to the Implementing Regional/District Office of your prefered housing project or to any NHA Office near you.
Owning a home seems to be far from our reach for many of our kababayans, even with our dear OFWs. However, with proper information, their hard work will pay off as there are a number of options for our unsung heroes to choose from in making their dream home a reality. Affordable Housing programs from Pag-IBIG Fund and NHA are, indeed, beneficial and fitting to the incomparable contributions and sacrifices of our OFWs.
Start your journey with Bria Homes
As you plan in realizing your dream home, Bria Homes offers affordable house and lot at various price points. You are assured that with Bria Homes, you are with the right hands. Use our loan calculator available in Bria Home’s Official Website to determine your estimated monthly fees.