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Money Matters

Can A Balikbayan with a Foreign Passport Apply for a Home Loan?

It depends on the status of his citizenship

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Photography: Unsplash

Many apply for a home loan to help turn their dream home into a reality. If you’re a balikbayan with a foreign passport and you wish to apply for a home loan, you can do so if you hold a dual citizenship status. BDO’s home loan is flexible and easy even for balikbayans and those interested can look into the application process and apply via the BDO website or any branch nationwide.

The good thing is there are no differences whether you are a Filipino citizen residing in the country or a balikbayan with a dual citizenship status as the applications undergo a standard evaluation and approval process. While some assume that applying for a home loan can be tedious, preparing the requirements and the next steps can be easy. Let these tips guide you:

Prep a requirement checklist.

To be able to apply for a BDO home loan, an applicant must be at least 21 years old but not over 70 years old at the end of the loan term. He or she must have a stable source of income and must appoint an attorney-in-fact who will act as a loan administrator in his or her behalf. If you’re eligible to apply, the next step would be to prepare the application documents. Make these part of your checklist:

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Basic Documents:

1. Completely filled-out application form. Check it out here.

2. Photocopy of one valid photo-bearing ID with details that match those in your application form

3. Marriage contract, if applicable


Any of the following income documents:

  • Proof of remittance for the last three months
  • Consularized Certificate of Employment with Income (COEI) or latest payslips (for the last three months)

 

Collateral documents:

  • Photocopy of title
  • Lot plan with vicinity map
  • Photocopy of tax declaration

 

Double check if your budget can cover the payments involved.

To qualify for a BDO Home Loan, you need to have the required minimum gross income of P50, 000 per month or its equivalent value in US Dollars.

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Make sure you pay your monthly loan amortization.

Once your loan is approved, the monthly loan amortization payments can be paid through remittance to a BDO account or via fund transfer through SWIFT Code.

To remit to a BDO account, you can visit any BDO Remit Office or any accredited remittance partner abroad. Fill out an Automatic Debit Arrangement (ADA) form and request crediting of remittance to the BDO Account. Moving forward, the monthly amortization will be deducted from the BDO account every due date.

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If the first option doesn’t work for you, you can also pay via fund transfer though SWIFT Code. According to PinoyMoneyTalk, a SWIFT Code refers to unique identification numbers that are assigned to a bank. It is used worldwide for international money transfers. To pay through SWIFT Code, simply go to any BDO Correspondent Bank abroad, then fill out the necessary form to request for a fund transfer.

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For more details and if you have specific questions, click here.

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