Having your own home is something that is not just a basic need but also something that helps mark your accomplishments in some way. This is the reason why a lot of overseas Filipino workers (OFWs) hope that they could buy their own home so they have something tangible to see with the money they earned from the hard work and sacrifices they are doing outside the country, away from their own families.
The problem with buying and owning your own home is that it does come with a huge cost, something that many OFWs might not have the luxury of shelling out because they do not have a lot of savings, their salaries are not really that huge (despite what people think), and they do have to support their families, too.
Thankfully, you can own a house through PAG-IBIG financing.
PAG-IBIG Fund or Home Development Mutual Fund (HDMF) is a government agency tasked to help Filipinos build and improve their own homes.
The basic qualifications for OFWs to apply for a housing loan from PAG-IBIG are quite simple:
- Proof of Employment (with POEA Stamp)
- PAG-IBIG Contributions for at least 24 months
If you have both, then you are eligible to apply for a loan. Simply prepare the following:
- Photocopy of valid IDs
- 1×1 picture (borrower and spouse)
- Proof of civil status (Marriage contract for married individuals, CENOMAR for singles, Legal Separation for separated individuals)
- Photocopy of passport with stamp of arrival and departure
- Latest Community Tax Certification
- Notarized Special Power of Attorney
You must also accomplish these PAG-IBIG forms:
- Membership Data Form
- Membership Status Verification Slip
- Housing Loan Application Form
- Certificate of Attendance of Seminar
- Preliminary Loan Counseling Questionnaire
Additionally, PAG-IBIG imposes rules on certain issues, such as the lot must be under your name before you can apply for a housing loan; though this can be easily remedied if you buy from subdivisions or homes sold by developers. For more information, it is best for you to attend the PAG-IBIG seminar (since you are also required to have the certificate of attendance before you can apply for a loan, anyway).
Good luck on your own home!