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7 Things OFW Should Remember Before Buying A Dream Home

You probably remember that when you decided to accept the hardship of working as an OFW, you had your dream home, lurking behind it. You then knew that you would not be in the Philippines permanently. Now that you have worked so hard, you should remember the following seven things to make your final settlement of living, a worthy, comfortable and a pleasurable one.

  1. Rationale Behind Purchasing

Ask to yourself, the reasons you intend to buy a home for the dwelling of your family members or you need it for renting out to make an additional income. A buying decision without a specific purpose will be like sailing a boat without a rudder. Once you determine the purpose, you will be enabled to take other related decisions such as the location of the home, the type, the facilities and amenities, the finishing and the price.

  1. Choose the Accredited Representative

You can personally approach the lending company and submit the loan application when you are in the country where the proposed home is located. Alternatively, you can appoint an AIF, through a Special Power of Attorney to deal the matter on your behalf. Such person should be dependable and should be your spouse or legal child.

  1. Do the Homework

You can obtain details of different properties, either contacting sellers through “For Sale” sign boards or browsing the internet. After exploring various options available, make your choice based on the location, price, and type of the propertyloan

  1. Know the Developer

Much depends upon the reputation, track record, and market worth of the developer of the property. Your investment will be safe, economical and effective if backed by the honesty, integrity, and fidelity of the developer. So, put an extra effort for identifying the right developer. You can have it by browsing the internet thoroughly, or through recommendations from friends or acquaintances who have dealt with the reliable developer.

  1. On the Spot Verification

Visit the site and have a proper look at the physical appearance of the proposed homes. You can initially make a short list of a few and make the final choice. If you are in the Philippines, take leave from your work. Alternatively, this job can be performed by your AIF, along with the reservation of the property

  1. Choose Your Lender

The final stage is choosing the right kind of lending company for OFW. You can make your choice from various banks or private lending companies that will provide you the required finance. They advance these Personal Loan based on the personal loan calculator, which is based on the total amount of the loan in PH, the rate of interest and the repayment period in months.

  1. Prepare the Requirement

The basic requirements are a contract of employment validated by POEA, documentary proof of your remittances, OFW’s Passport, Proof of electric bill, existing bank account, seaman’s passport and proof of relationship.

Stay tuned for more updated on OFW loans!