Bank Documents for Home Loan Requirements – OFWs

The Philippines is well-known for our culture, our smiles, and our industrious OFWs. The best way for our overseas workers to celebrate life with family is if they can be free of debt and to finally have their own house. A house that’s free from any encumbrances, a house that they can call their own.

Getting a home loan from the borrower’s own bank is less time consuming for both him/her and the bank. To make house-buying easier for our new, unsung heroes, Dolmar has come up with a list of necessary documents in applying for a home loan.

1. Bank application form. The forms of the different banks look different but on the inside, they basically have the same data needed from a borrower – name, address, birthdate, marital status, contact numbers, etc. If borrower is married, his/her spouse is also required to sign on this form. If the borrower is single, a separate application form is required from his/her co-borrower.
2. Valid photo-bearing identification cards with signature. If the OFW borrower does not have available local IDS on hand, they may simply show their government-issued passports and Seaman’s Book to the bank. It is also a good idea to have your ID photocopied should the bank need a photocopy of it from you.
3. Marriage contract. This is a must-have for all married borrowers, whether OFW or locally employed. One can ask the bank whether they accept PSA copies (from PSA, formerly the National Statistics Office) or certified true copies (from the city hall where marriage took place) of the said document.
4. Proof of remittance. Some banks ask for 3 to 6 months proof of remittance via their bank statements.
5. Income tax returns. Some banks do not require this since most OFWs do not have it, so it is best to do a bank inquiry on this.
6. Certificate of Employment (COE). For land-based employees, some banks would ask for a COE with the employer’s email or a Consularized COE. Sea-based employees would need to provide their latest POEA contract and/or a Crew contract and Exit Pass which is required to be validated by the POEA.
7. Collateral requirement. These would usually be the following: Transfer Certificate of Title (or Condominium Certificate of Title if it’s a condo), Tax Declaration, Lot Plan with Vicinity Map (which has to be certified by a licensed geodetic engineer), Contract to Sell/Reservation Agreement (if property is via developer), with an additional Master Deed of Declaration of Restrictions (if property is a condominium).
8. Special Power of Attorney (SPA). Some banks require a notarized or duly authenticated SPA, which would give the spouse the power to sign or decide on any concerns related to the loan. This should be duly authenticated by the Philippine Consulate.

No bank is made equal. Our local banks have different requirements. To facilitate ease of application, it is strongly suggested that the borrower have all of these on hand before going to the bank.