DOCUMENTS REQUIRED FOR OFW HOUSING LOAN THROUGH BANK FINANCING

Image credit to Community watch PH (www.kwentongofw.com)

In my more than 10 years in the real estate industry, I have always encountered questions about what requirements they're going to submit, especially those buyers who are working abroad. That's why I listed below all the documents that are needed to comply with the housing loan.

1. STANDARD DOCUMENTS

a. 2x2 Pictures of Principal Buyer/s (PB), Spouse, Attorney In- Fact (AIF) (a person authorized by the principal buyer to transact on his/her behalf).

b. 2- Government Issued Valid IDs of Principal Buyer/s, Spouse, and Attorney In- Fact with 3 specimen signatures

c. Proof of Billing (last 3 months)

d. Birth Certificate and Certificate of No Marriage Record (CENOMAR) or Marriage Certificate 

g. Signed Bank Forms (will be provided by the Developer's Office or from the Bank where you will file the housing loan)

h. Copy of Passport with Entries

i. Seaman's Book (if Seaman)

j. BIR 1904 Form (You may download the form at https://www.bir.gov.ph)

2. MAJOR DOCUMENTS

a. Certificate of Employment with Compensation (COEC)

It must be original and consularized at the Philippine Embassy of the country where the Principal Buyer (PB) is working.

b. Latest Payslips (last 3 months)

c. Contract of Employment

d. Proof of Remittances (last 6 months)

e. Latest Bank Statement or Photocopy of Bank Book (last 6 months)

f. Special Power of Attorney (SPA Form) 

The SPA form will be provided by the Developer's Office. It must be signed by the PB, spouse, and their assigned AIF. The SPA form must be original and have it consularized/notarized.

What is a Consularized Special Power of Attorney in the Philippines?

A Consularized Special Power of Attorney is a document that gives authority to the tasked person to carry out the signing of documents (e.g., loans and contracts), receiving of bank loan proceeds, as well as the execution or the signing of the contract of sale and deed of absolute sale on behalf of the client, in this case, the OFW. Source: https://ofwmoney.org/consularized-spa/

Or have it notarized upon submission if the buyer is still here in the Philippines.

What makes a Consularized Special Power of Attorney different from a Notarized Power of Attorney?

A Notarized Special Power of Attorney is a SPA that is signed in the Philippines. It is typically signed by the OFW during his/her stay in the Philippines, but then the OFW won’t be able to carry out a transaction, such as the obtainment of a bank document, as he is due to go back abroad at an earlier date. Source: https://ofwmoney.org/consularized-spa/

For a housing loan, the income of the buyer must be sufficient for the amount of house they're purchasing. 

For more questions, clarifications, or suggestions, feel free to send through the comment section below.

For more real estate advice, please send a message to my personal FB account, EMILY NUGUID or send an e-mail to eonuguidrealty@gmail.com.

Thank you, and God bless you all!