PSBank Housing Loan Requirements for OFWs

Basic Eligibility Requirements

To be eligible for a PSBank housing loan, OFWs must meet several basic criteria:

1. Age: Applicants must be at least 21 years old but not more than 65 years old upon loan maturity.
2. Employment Status: The applicant must be an active OFW, with a minimum of two years of continuous employment abroad.
3. Monthly Income: A stable monthly income is necessary, and the bank may require proof of income to assess the borrower's capability to repay the loan.
4. Valid IDs: Government-issued IDs, such as a passport or driver's license, are required.
5. Proof of Remittance: Documents showing regular remittances to the Philippines may be required to demonstrate financial stability.
6. Credit History: A good credit standing is essential, as it reflects the applicant's reliability in paying off loans.

Document Requirements

1. Duly Accomplished Loan Application Form
The first step in the loan application process is completing the PSBank housing loan application form, which can typically be downloaded from the bank's official website or obtained at a branch.

2. Photocopy of Passport and Visa
A clear copy of the OFW's passport, including the visa page, is required to verify identity and employment status.

3. Proof of Employment
OFWs need to submit a certificate of employment, a valid job contract, or any official document that confirms their employment status, tenure, and salary details.

4. Income Documents
To assess the applicant's financial capacity, PSBank requires several income-related documents, including:

• Latest Employment Contract (with compensation details)
• Latest Payslips (covering at least the last three months)
• Income Tax Return (ITR) or equivalent document from the country of employment

5. Proof of Remittance
Documents showing regular remittances to the Philippines, such as bank statements or remittance receipts, help demonstrate the applicant's financial reliability.

6. Special Power of Attorney (SPA)
Since the applicant is an OFW, they may need to appoint a representative in the Philippines to handle the loan application process on their behalf. This is done through a Special Power of Attorney, which must be notarized.

7. Collateral Documents
For the property to be purchased or used as collateral, the following documents are typically required:

• Title of the Property (TCT/CCT)
• Tax Declaration and Tax Receipts
• Lot Plan with a Vicinity Map
• Contract to Sell (if purchasing from a developer)

8. Other Bank-Specific Requirements
PSBank may have additional requirements based on the applicant's unique circumstances, such as a co-borrower or guarantor's documents if needed.

Application Process

1. Initial Inquiry and Pre-Approval
OFWs can start by inquiring about the housing loan through PSBank's official website or customer service. After submitting preliminary documents, the bank may issue a pre-approval based on the applicant's eligibility and financial capability.

2. Submission of Complete Documents
Once pre-approved, the applicant or their representative must submit the complete set of required documents to the nearest PSBank branch or designated office.

3. Credit Evaluation
The bank will evaluate the applicant's creditworthiness by reviewing the submitted documents and conducting a background check. This may include verifying the applicant's employment, income, and credit history.

4. Property Appraisal
PSBank will conduct an appraisal of the property to determine its current market value, which will influence the loan amount to be granted.

5. Loan Approval
After the credit evaluation and property appraisal, PSBank will issue the final loan approval, outlining the approved loan amount, interest rate, and terms and conditions.

6. Loan Release
Once the loan is approved and all conditions are met, the loan proceeds will be disbursed to the seller or developer, or directly to the borrower if it is a refinancing loan.

Important Considerations

• Loan Amount and Tenure: PSBank offers flexible loan amounts and repayment terms, which can be tailored to fit the OFW's financial situation. It's important to choose a loan amount and tenure that align with your budget to avoid financial strain.

• Interest Rates: Interest rates can vary depending on the market conditions and the loan package chosen. OFWs should carefully consider the available options and select a plan that offers the best balance between affordability and loan tenure.

• Additional Fees and Charges: Be aware of any additional fees, such as processing fees, appraisal fees, and insurance premiums, which may be added to the total loan cost.

• Repayment Options: PSBank offers several repayment options, including auto-debit arrangements from a PSBank account, which can be convenient for OFWs who regularly remit funds to the Philippines.

Conclusion

For OFWs looking to secure a home loan through PSBank, understanding the requirements and process is crucial. By preparing the necessary documents and meeting the eligibility criteria, OFWs can take a significant step toward owning a property in the Philippines. Proper planning and careful consideration of loan terms can help ensure a smooth and successful application process.