Good news to all Overseas Filipino Workers (OFWs) looking for a bank to apply for a loan! The BDO Unibank is not offering a BDO OFW Loan called Kabayan Personal Loan and Kabayan Home Loan that can help ease the financial needs of OFWs and their families. The BDO is one of the trusted and leading banks in the Philippines because it offers easier, faster, and more secure banking experiences to its customers.
BDO Kabayan Personal Loan
The BDO Kabayan Personal Loan offers low interest rates and easy payment terms for OFWs who need money for the following but not limited to the following purposes:
- Home Renovation/Upgrades
- Tuition/Education
- Furniture
- Appliances/Electronic Gadgets
- Vacation/Travel
- Balance Transfer/Debt Consolidation
- Special Events
- Health and Wellness
- Medical Emergencies
Two types of Kabayan Personal Loans: Unsecured and Secured.
Kabayan Personal Loan Unsecured
The Kabayan Personal Loan Unsecured is a multi-purpose and non-collateral Personal loan with a fixed income. The amount you can loan is a minimum of Php 10,000. The fixed payment term is only for three (3) months.
Interest Rate:
Kabayan Personal Loan Secure
The Kabayan Personal Loan Secured is offered to OFWs who have Joint or Individual account deposits such as:
- Peso or Dollar Current or Savings Account – The minimum deposit requirement is Php 15,000.
- Peso or Dollar Time Deposit
Payment terms for Secured are more flexible and can loan up to 90% of the deposit account balance. Applicants can choose the following monthly payment terms:
- 3 months
- 6 months
- 12 months
- 24 months
- 36 months
Interest Rate:
Qualifications
Both the Secured and Unsecured programs of the BDO Kabayan loan have the same requirements and application process. To make sure that you will qualify for the loan, check the list of requirements and qualifications in the list.
- Filipino citizen without dual citizenship
- 25 years old or older at the time of application but not more than 65 years old upon loan maturity.
- Employment Status:
- Company employees with a minimum gross monthly income of Php 20,00 and at least two (2) years of tenure with the company.
- For seaman, unskilled, and domestic helpers with a minimum gross monthly income of Php 20,000 with good credit history.
- Domestic helpers must have three (3) years of continuous employment contract
- Must have an active Philippine mobile number
- Applicant’s residence or office must be within the BDO serviceable area
- No negative files in BAP-NFIS
- Beneficiary qualification:
- Married OFW – Spouse or children above 18 years old
- Single OFW – Parents, children, or siblings above 18 years old
Requirements
Before you apply for a loan, make sure that you have all the documentary requirements set by the bank to make sure they will accommodate you and that you don’t need to keep on going back and forth to the bank.
Proof of Income for Land-Based OFW
- Certificate of Employment and Income (COEI)
- Latest one (1) month payslip
- Latest bank statement for six (6) months
- Latest remittance slips for six (6) months (optional)
Proof of Income for Sea-Based OFW
- POEA Contract of Employment
- Seaman’s Book
Proof of Identification
Bring the original and photocopy of at least (2) valid Philippine government-issued identification documents. Documents must have clear information, picture, and signature of the official authority such as:
- Passport
- Driver’s license
- Professional Regulations Commission (PRC) ID
- National Bureau of Investigation (NBI) Clearance
- Police Clearance
- Postal ID
- Voter’s ID
- Barangay Certificate
- Government Service Insurance System (GSIS) E-card
- Social Security System (SSS) Card
- Senior Citizen Card
- Overseas Workers Welfare Administration (OWWA) ID
- OFW ID
- Seaman’s Book
- Alien Certification of Registration/Immigrant Certificate of Registration
- Government Office and GOCC ID: Armed Forces of the Philippines (AFP ID), Home Development Mutual Fund (HDMF ID)
- Certification from the National Council for the Welfare of Disabled Persons (NCWDP)
- Department of Social Welfare and Development Certification (DSWDC)
- Integrated Bar of the Philippines ID
- Company ID issued by private entities or institutions registered or supervised either by BSP, SEC, or IC
Document Requirements
- Signed Automatic Debit Arrangement Form
- Authorization Letter for Benefiary signed by OFW
- Beneficiary Information
- BDO Kabayan Personal Loan Application Form
Application Process
The application for the Kabayan Personal Loan is very easy and fast as long as you have complete documentary requirements. Here are the steps on how to apply for the loan.
Step 1: Scan the list of qualifications above and check if you meet all of them.
Step 2: If you meet all the criteria, prepare all the documents required by the bank. Make sure that all information and correct and that you will submit complete documents. Incomplete documents will not be entertained.
Step 3: Submit your application online or go to any BDO Loan Center.
Fees and Other Charges
Applicants must be aware of and practice due diligence when applying for a loan. Make sure that you understand the fees and other charges they can put on you such as:
- Processing Fee of Php 1,300
- Documentary Stamo Tax Fee of Php 1.50 for every Php 200 of the loan amount
- Penalty Fee of 5% per month
- Late Payment Fee
- Installment Processing Fee
- Certification Request Fee for Php 100 per request
BDO Kabayan Home Loan
Owning a home is everyone’s dream and this dream can come true with DBO Kabayan Home Loan. OFWs can now buy a house and lot or condominium, or construct a brand new house for their families. You can check the list of qualifications and requirements and know if you are eligible for this loan program.
Qualifications
- Filipino citizen without dual citizenship
- 21 years old or older at the time of application but not more than 65 years old upon the end of the loan.
- Minimum gross monthly income of Php 50,000 with good credit history
- At least two (2) years of consecutive employment contract abroad.
- Has beneficiary assigned as Loan Administrator based in the Philippines.
Requirements
- BDO Home Loan Application form
- Original and photocopy of Philippine government-issued valid identification documents
- Passport
- Seaman’s Book
- OWWA ID
- OFW ID
- PRC
- Marriage Contract for married OFWs
- Special Power of Attorney (SPA) for Loan Administrator based in the Philippines
- Income Documents for OFW:
- Latest proof of remittance for the last three (3) months
- Latest payslips for three (3) months.
- Latest Certificate of Employment with Income (COEI)
- Latest Crew Contract (Sea-based OFWs)
Collateral Documents
For BDO-accredited Developers
- Contract to Sell (CTS)
For non-BDO accredited developers or individual sellers
- Photocopy of TCT/CCT and/or Contract to Sell (CTS)
- Photocopy of Tax Declaration
- Authorization of Tax Mapping signed by present owner
- Copy of payment for Appraisal Fee
For Construction Loan
- Photocopy of TCT
- Photocopy of Tax Declaration
- Building plan
- Building specification
- Copy of the receipt of the Appraisal Fee
Application Process
There are three (3) easy steps on how to apply for a home loan in BDO. If you have all the requirements and if you are qualified, follow these easy steps.
Step 1: Scan the list of qualifications above and check if you meet all of them.
Step 2: If you meet all the criteria, prepare all the documents required by the bank. Make sure that all information and correct and that you will submit complete documents. Incomplete documents will not be entertained.
Step 3: Submit your application online or go to any BDO Loan Center.
Additional Fee for Home Loan
Applying for a Home Loan doesn’t mean that there will be no other expenses you need to pay. Every bank requires applicants to shoulder some fees that they need to process their application. Here’s the list of fees you need to prepare so you won’t be surprised.
Upon Application
Appraisal Fee
- Php 5,000 if the property is within 30km radius from any BDO branch
- Php 5,500 if the property is within 30km radius from any BDO branch
After Approval
- Php 3,000 for handling fee
- Php 200 per document for the notarial fee
- Registration fee (can change depending on the location)
- Document Stamp Tax Fee of Php 1.50 for every Php 200 of the loan amount
- Credit Life Insurance (CLI) Premium
- Fire Insurance (FI) Premium
For Construction or Renovation Loan
- Php 1,500 inspection fee
- Contractor’s All-Risk Insurance (CARI) – based on the amount of building and occupancy
Video: Pagbili ng Bahay While Working Abroad
Watch this infographic video by BDO Unibank on how to apply for a home loan while you are working abroad.
Frequently Asked Questions
If my monthly salary is below Php 50,000, can I still apply for the BDO Kabayan Home Loan?
The BDO considered the combined gross family income which means, if you are married, your spouse’s salary will be added to your monthly gross income.
If you are single, you need a co-borrower to be considered.
How much can I loan for the BDO Kabayan Personal Loan?
Applicants can borrow as low as Php 10,000 and up to Php 2 million.
How can I pay my monthly installment?
Your monthly payment will be automatically deducted from your Current or Savings Account via Auto-Debit Arrangement (ADA).
Summary
If you need financial help for personal use or for building your own home, BDO Unibank can help you. Luckily, their branches are available in every city. You can also visit their website or call them even if you are abroad. They provided TOLL-FREE NUMBERS to provide good and convenient services to OFWs. Click this link to know the international access code in your host country: https://www.bdo.com.ph/content/dam/bdounibank/en-ph/ccc/BDO-ContactCenter-Toll-Free-and-IACNumbers-as-of-July2024.pdf