We all want to purchase a home and provide for our families future. This is one of the explanations why several Filipinos opt to work overseas rather than spend time with their families.
We all understand that living in a neighboring country is not simple. Numerous OFWs go through difficulty and homesickness in providing good money for their family.
Fortunately, the government Overseas Worker Welfare Agency (OWWA) offers a loan tool to support numerous OFWs in achieving financial stability. This is accomplished via the OWWA Program.
Conditions for submitting a loan request to the OWWA.
Like every loan, qualifying for an OWWA credit necessitates submitting specific documentation. The following are among the documentation required for just an OWWA credit application.
- Two (2) legitimate governmental Identities, including such TIN, Passport, and PRC; photo-bearing Identification including signature
- Evidence of OWWA involvement. An OWWA fact sheet, a POEA-attested work document, a passport bearing a POEA-LAC stamp, or an E-card are all examples.
- You must file a federal tax return (ITR) for the three years.
- A photocopy of the barangay license is required.
- Identification of the invoicing address.
- Make a rough drawing of your home.
- The mayor’s permission would determine the location of the company.
- They require a duplicate of BIR-financial records for three years if the firm has been operational.
- Papers that serve as collateral or insurance.
- The Liabilities and Credits Statement is a financial statement that shows the holdings and debts of the company.
- For single customers, a birthplace certificate is required. For marital debtors, a marriage license is required.
Aside from such papers, the loan applicant has to be the two below.
- They have to be Filipino abroad workers employed by a direct firm or an intermediary and have a legitimate contract.
- OWWA membership in good standing.
What is the procedure for applying for a loan?
The first step is to ensure that you are qualified for the Overseas worker’s credit you have selected. Whereas the initiatives mentioned below are designed expressly for OFWs, many of them seem to have strict requirements which may exclude you.
- For example, the PNB only considers candidates who have spent the previous two years working overseas.
- Examine the program’s criteria once you’ve determined that you’re eligible. So don’t rest with the documentation; check into the specifics that could be required of you, including an excellent credit rating or specified types of security.
- Keep in mind that all of the facts in the documentation criteria are proper and correct when submitting them.
A little blunder or omission might cause your application to be delayed. Try providing your criteria online to make your registration more efficient. Ensure your selected institution or company offers the service.
OFWs have fewer options than native employees when it comes to lenders. However, this does not mean that there aren’t any viable options for Filipinos working overseas. Spend the time to analyze the various OFW loan possibilities in light of your specific requirements.OWWA is an ideal option so far.