BUYERS that are Qualified for a Housing Loan thru BANK and PAGIBIG FINANCING
- Must be Filipino citizen.
- Must be presently working/Self-Employed
- Must be 18 yrs and must not be 65 years old upon maturity of the loan
- No pending legal cases.
- No problem with marital status.
- No unpaid credit cards or unpaid loan account
- For an OFW, he/she must not working in a war zone countries.
- Foreigners can own real estate properties (like Condominiums) but cannot buy and own lands in the Philippines
- Simplest way: Foreigner should be married to a Filipino spouse
FOREIGNERS may ACQUIRE and buy real estate property in the Philippines under THESE CONDITIONS:
- Property was acquired under the 1935 Constitution
- Acquisition thru hereditary succession – if a foreigner is married to a Filipino spouse and the spouse dies, the foreigner will become the natural heir and will become the legal owner of the property
- Foreigners can acquire a condo unit as long as foreign ownership is not more than 40% of the condominium project
- For former natural-born citizens, limitations should be followed:
- Urban Land – not more than 1,000 square meters used for Residential Purpose
- Rural Land – not more than 1 hectare and must be exclusively used for Residential Purpose
- For Filipinos married to a foreigner, can buy own land without restrictions as long the Filipino deemed to retain his/her Filipino citizenship.
- Dual Citizenship can own properties without any constraints
- Foreigners may own houses and buildings to their rented lands. Long-term contract is as good as 50 years and is renewable after every 25 years.