We all know the fact that Overseas Filipino Workers (OFW) wishes to provide comfortable life to their Family at Home. That is why the 1st most common investment of OFWs here in the Philippines is buying a new house for their Family.
Buying a new house while you are away working in other countries have its own challenges rather that buying it yourself when you are here in the Philippines.
Here are the most frequent questions of OFWs when buying a new house in the Philippines.
1. How can I acquire a property while I’m here abroad?
You have to appoint a representative (SPA or Special Power of Attorney to act on your behalf. They will handle and sign all the paper works needed here on the Philippines. Preferably you may appoint your immediate relative or your wife or husband if you are married.
2. What are the necessary OFWs requirements in acquiring a property in the Philippines?
Once you have a registered SPA, they will now go with the reservation process on a developer. Here a are the list of requirement of Jackstones Properties Inc. that your SPA should bring :
- Reservation Fee (Michelia Residences Reservation fee is 25,000)
- Signed Reservation Agreement
- Buyers Information Sheet (Under your Name)
- Copy of your Birth Certificate
- Proof of TIN
- Copy of your 2 Valid Government Issued ID’s with 3 signature specimen
- Photo Copy of your Passport
- Signed Computation Sheet
- Filled up Buyers Questionnaire
Other requirements needed after the reservation must be submitted within 30 days
- Copy of your SPA 2 Valid Government Issued ID’s with 3 signature specimen.
- 2 Sets of Consularized SPA documents.
- Certificate of Employment with Compensation.
- 6 Months Pay slip.
- Marriage Certificate (if applicable).
- PDCs for the amortization of the down payment. (if installment)
3. How can I finance my purchase?
If you choose to finance your purchase, Michelia Residences have its own accredited banks that we can endorse you, these banks can guarantee the 80% loanable amount of the property once you pass the their qualifications. They also offer less processing fees and fast processing compared to an unaccredited banks.
Here are some of the initial requirements of the bank once we applied for home loan:
- Latest Contract, with authorization letter to verify
- Proof of bank remittance, with authorization letter to verify
- Details of crewing manager for seafarers
- Attorney-in-Fact / loan administrator (preferably a next of kin); full name, contact details, mailing address and valid government IDs.