Bank loan in the Philippines; financing for housing, what’s the interest rate and requirements for application for American expats and foreigners?

QUESTION

Hi Jerry,

Thanks for the reply. Im more interested to find out how your US partners generally finance their homes? I am retired US military, and planning to move to the Philippines in January. However, I am finding it difficult to use lenders who will finance a home in the Philippines because it is outside the US. So I was interested to know what some of your US clients have done?

ANSWER

You have to be in the Philippines to apply for a loan. Your Filipino wife or fiancee can apply for a loan, which is also hard to get due to numerous requirements like collateral.

Most of our foreigner clients pay in cash. I haven’t heard of one who went to a bank and apply for a loan. Our company has been operating for 9 years and that is our experience…

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