For many Filipinos, purchasing a home marks a critical turning point. Knowing that we have a roof over our heads offers us a sense of security even when it rains or the heat is scorching. It also gives you the privacy you need after a long and exhausting day of hard work. Additionally, because it takes effort, commitment, and tenacity, it makes us feel accomplished. As a result, finding an affordable home and lot for many people continues to be a challenge; this is particularly true for the Overseas Filipino Workers, who are the unsung heroes of the Philippines (OFW). For our dear OFWs, there are fortunately lots of reasonably priced homes and lots for sale as well as other housing initiatives in the Philippines. Here is a summary of two housing initiatives offered by Pag-IBIG and the National Housing Authority in the Philippines.
It is tangible enough to acknowledge the efforts made by our OFWs, not only in sustaining the Philippine economy but also, and more crucially, in improving the quality of life for Filipino families. By sending home remittances of 134.77 billion pesos, almost 1.7 million Filipinos were working abroad as of September 2020, according to the Philippine Statistics Authority (PSA). This made the sector a vital lifeline for the Philippine economy. Our OFWs give up their time and effort that should have been spent with their family in exchange.
Pag-IBIG Housing Program
The Pagtutulungan sa Kinabukasan: Ikaw, Bangko, Industriya at Gobyerno (Pag-IBIG) Fund, a government-owned and controlled corporation under the Department of Human Settlements and Urban Development, has the responsibility to enhance the quality of life of Filipinos by giving them adequate shelter and by providing housing through the mobilization of funds for shelter finance (R.A. 9679).
The Pag-IBIG Funds is providing a variety of loans with extremely low interest rates to all of its clients, including minimum wage workers and, of course, our Overseas Filipino Workers, in order to fulfill the rising demand for housing needs.
Pag-IBIG Membership for OFW
First and foremost, an OFW must be a member of the corporation in order to be eligible for any loans from the Pag-IBIG Fund. OFWs are now entitled to the benefits of the Home Development Mutual Fund Law of 2009, including short-term cash loans, dividend savings through the MP II program, and affordable Pag-IBIG housing loans. On their website, you may get more important details about how to apply for or retrieve your Pag-IBIG Membership ID.
Pag-IBIG Housing Loan
Depending on your cash inflow or income, a Pag-IBIG fund participant can borrow up to Php 6 million. The borrower must be a current, active member with at least 24 months of savings or contributions, as well as not older than 65 at the time of loan application or 70 at loan maturity. This loan can be used for a number of different things, such as buying a house or a lot, building a house, improving an existing one, or buying a lot and building a house on it.
What conditions must be met to qualify for a Pag-IBIG housing loan?
Above all, applicants from the OFW community must be able to complete a Housing Loan Application with a current ID photo of the borrower or co-borrower (if appropriate) in two copies (HQP-HLF- 068/HQP-HLF- 069). The following are additional criteria for OFWs:
-Employment Agreement: A POEA Standard Contract; OR An Employment Contract between an Employee and Employer
-Certificate of Employment and Compensation (CEC) with notary: either a CEC signed by the employer (for domestic servants and other similar-situated employees) and accompanied by a photocopy of the employer's ID or passport, or a CEC written on the Employer/official Company's letterhead.
-Income Tax Return submitted with the Government of the Host Country
NOTE: If the official document is written in another language, an English translation is necessary.
Pag-IBIG Program for Affordable Housing
The Pag-IBIG Affordable Housing Program (AHP) primarily serves low- and minimum-wage workers. With periods up to 30 years and a monthly schedule as low as Php 2,445.30, this Pag-IBIG housing loan is genuinely accessible. This is also available to OFWs who meet the same qualifications and qualify as previously stated.
What benefits does AHP offer?
For the first ten years of the loan, eligible Pag-IBIG Members may borrow up to Php 750,000.00 at interest rates that range from 4.5 percent to 6.5 percent, depending on the borrower's income or wage. The Fund's ordinary housing loan has comparable loan purposes as AHP, including the acquisition of a lot or residential unit, home building and improvement, and lot purchase with house construction. As previously indicated, OFW may apply for this loan as long as they personally register at the branch of the Members Services Office (MSO).
National Housing Authority Programs
The National Housing Authority (NHA) was established in 1975 by virtue of Presidential Decree No. 757 of former President Marcos, Sr. Its main goal is to provide and maintain adequate housing for the greatest number of people. The NHA is a government corporation that reports to the Office of the President, Through its Tahanan ng Bagong Bayani Housing (TBBH) Program, the NHA also offers its services to OFWs. The program's eligibility, prerequisites, and advantages are listed below.
The Tahanan ng Bagong Bayani Housing Program is available to whom?
As long as the member is not older than sixty-five (65) at the time of application and not older than seventy (70) at the time the home loan matures, all OFWs are eligible to take advantage of the TBBH Program.
What are the advantages of the NHA's program for affordable housing?
OFW who qualify for the TBBH Program may choose to purchase a duplex or condo that has already been built. A condominium apartment costs between Php 2.2 million and Php 3 million, while a duplex-style residence costs between Php 1.6 million and Php 2.1 million. To view a list of housing developments that are currently available, click here.
What are the specifications?
On their website or by downloading the Application to Purchase House and Lot Form, eligible OFWs must complete the application. For a complete list of additional prerequisites to participate in the TBBH Program, see the list below.
-Proof of Income: POEA Work Contract or Overseas Employment Certificate. any of the subsequent
-Certificate of Compensation from the Employer
-Certified Income Tax Return from BIR
-Proof of Identity and Civil Status
-Any two (2) official identifications
-Affidavit of Separation-in-Fact (for candidates who aren't legally divorced or separated)
-IDs issued by the government.
-Your application forms and other required documentation can be turned in to any NHA office or the Implementing Regional/District Office of your preferred housing project.
Even with our beloved OFWs, many of our kababayans seem to be unable to afford homes of their own. Our unsung heroes can choose from a variety of solutions to turn their ideal home into a reality, so with the right information, their hard work will be rewarded. Indeed, the Pag-IBIG Fund and NHA's affordable housing programs are helpful and commensurate with the extraordinary efforts and sacrifices made by our OFWs.