11/10/2021
7 Things OFWs Should Know When Buying the Dream Home
Admit it. You dream of having a place you can call your home. That is why you work hard overseas to save up for your dream home where you can settle down when you are back in the Philippines.
Then reality knocks at your door to remind you that owning a home is not as easy as it seems. It will take years and tons of extra jobs before you can buy a house in cash, which is why you will need the help of lenders by applying for a Home Loan.
Before you submit any application, make sure you remember these things:
1) Reason of Purchasing a Home
What is the purpose of your intention to buy a house? Is it a family dwelling or something you want to rent out for additional income? It is important to establish the purpose of buying a house before you send your home loan application to banks. Determining the purpose of buying a home will help you in deciding various factors like the location, finishing type, price, and the type of house you intend to buy.
2) It’s You or Your Chosen Representative
As an OFW, it is expected that you won’t be in the Philippines most of the time. When applying for a Home Loan, you can either:
• Personally apply by going to the bank while you are here in the country
• Appoint someone to act on your behalf, also known as Attorney-in-Fact (AIF), by virtue of a Special Power of Attorney (SPA).
In case you are appointing someone to act and process the Home Loan application on your behalf, make sure that you choose someone you can trust and is responsible to handle the transactions, preferably your spouse, your legal child, or any of your family members. The AIF will be responsible in signing legal documents.
3) Do Your Homework
The property development industry is booming nowadays. Wherever you are, you will always find “For Sale” signs and construction that signify new houses will rise in that place. Advertisements are also rampant in the Internet, thereby making it easier for you to find the perfect house for you and your family.
When buying a home, make sure to explore your options then narrow down your choices to Location, Property Type, and Price of the Property. These three factors will help you decide where to buy your dream home.
4) Know the Developer
Reputation is everything, especially when it comes to property development. You might be tempted to buy that P1 million-worth of house, but do you even know who developed it? Maximize the use of Internet by knowing the reliable developers and the developer of the property you are eyeing for. You want to get your money’s worth, so make sure you choose a developer who can give you that – and more.
5) Visit the Site
You want to see how the property looks and the best way to do it is by visiting the actual site. While you are in the Philippines, you can take your vacation as an opportunity to do the ocular. In case you are overseas, your attorney-in-fact and other members of the family could do it to give them a more personal feel of the property.
6. Choose Your Lender
Now that you have a property in mind, did the ocular, and made a reservation, it is time to look for the perfect lender that will assist you with your purchasing needs.
There are several banks and lending institutions that offer Home Loan to OFWs. Know your options by inquiring then comparing their rates and loan terms. Find someone who can give you flexibility while ensuring you and your family that you are well taken cared of.
7. Prepare the Requirements
All types of loans, including a Housing Loan have prescribed a list of requirements that you need to comply. Once you chose your lender, ask for the list of requirements and make sure to provide them as soon as you can to avoid delay in the processing of your loan application. Basic requirements include:
• Employment contract
• Proof of monthly remittances
• POEA-validated crew contract and exit pass if you are a seafarer
With these tips in mind, are you ready to purchase your Dream Home?
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Source: https://www.balikbayad.ph/blog/7-things-ofws-should-know-when-buying-the-dream-home/
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