If you are an Overseas Filipino Worker (OFW) looking to build, buy, or renovate your dream home in the Philippines, Landbank offers a dedicated housing loan program just for you: the Bahay para sa Bagong Bayani (3B). With flexible terms, competitive rates, and options tailored for OFWs, this lending program supports your goal of owning a home for yourself and your loved ones.
In this guide, we’ll walk you through everything you need to know about the 3B Program—from loan purposes and eligibility criteria to required documents and how to apply for this loan successfully.
What is the 3B Program?
Bahay para sa Bagong Bayani (3B) is a special housing loan program from Landbank that is designed exclusively for OFWs. The goal is to help OFWs invest in a home—whether through purchase, construction, renovation, or even refinancing—while offering relaxed and flexible loan terms suited for those working abroad.
With this program, Landbank helps turn your overseas earnings into a long-term investment by making it easier to own a residential property in the Philippines.
Why OFWs Should Consider the 3B Program
The 3B Program is more than just a housing loan for OFWs. It’s a way for you to turn your hard-earned income into a secure, long-term investment. Whether you’re planning to settle in the Philippines soon or provide a home for your family, this program is built for the specific needs of OFWs.
You can buy, build, or upgrade a home—and even refinance an existing loan—with less stringent requirements and flexible options tailored for workers abroad.
What You Can Use the Loan For (Eligible Loan Purposes)
The program covers a variety of housing-related purposes.
You may apply for a loan under any of these categories:
- Purchase of a residential lot
- Purchase of a house and lot
- Purchase of a condominium unit or townhouse
- Construction, renovation, or improvement of a residential unit you already own
- Refinancing an existing housing loan (must be in current status)
- Assumption of another borrower’s housing loan (Landbank or other banks), if you are taking over the property and the loan
Note: The property must serve as the borrower’s principal residence, and the title must be in the OFW’s name.
Loan Features and Terms
It offers the following terms and features:
- Loanable Amount: The maximum amount you can borrow is based on the lower of:
- Your paying capacity as an OFW
- The loan value of the property (up to 80% of appraised value)
- To qualify for the full 80% financing:
- The house must be your primary residence
- The title of the property must be under your name
- Loan Terms and Payment Period (Tenor): The repayment term depends on whether you have a co-borrower or not:
- Up to 20 years – if you apply with a co-borrower
- Up to 15 years – if you apply on your own
- Accepted Collateral: The main collateral for the loan is usually the property being financed. If needed, Landbank may also consider:
- Another prime real estate property
- Time deposit accounts under “hold-out” arrangements
- Interest Rates: Landbank offers both variable and fixed interest rate options:
- Variable Rate: Based on posted rates at the time of your loan approval
- Subject to annual repricing
- Fixed Rate (also based on posted rates at time of availment):
- Fixed for 2–3 years
- Fixed for 4–5 years
- Fixed for 6–7 years
- Fixed for 8–10 years
- Fixed for 11–15 years
- Fixed for 16–20 years
- For Socialized Housing, the rate is 1% lower than the current Landbank Easy Home Loan (EHL) rate, subject to annual repricing.
- Variable Rate: Based on posted rates at the time of your loan approval
Note: These interest rate options apply to Landbank’s EHL, End-Buyer’s Tie-Up, and 3B housing programs.
Benefits
Here are some of the benefits offered by the program::
- Offers a legitimate and secure way for OFWs to invest in real estate while working abroad
- Helps OFWs provide stable housing for their families back home
- Allows for loan processing and coordination even while the borrower is overseas
- Reduces the need to rely on informal or unregulated lenders
- Offers peace of mind through government-backed financing from a trusted bank
- Makes it easier to transition to permanent residency in the Philippines after working abroad
- Can help improve long-term financial stability by converting rent expenses into home ownership
- Increases the borrower’s asset base and long-term wealth through property ownership
Target Beneficiaries
The target beneficiaries of the 3B Program include:
- OFWs with active employment contracts
- Filipino citizens currently working abroad
- OFWs planning to settle in the Philippines permanently
- OFWs looking to invest in residential real estate
- OFWs with existing housing loans seeking refinancing
- OFWs intending to assume another borrower’s housing loan
- OFWs who want to construct, renovate, or improve a home they already own in the Philippines
Who Can Apply? (Eligible Borrowers)
You may qualify if you meet all the following criteria:
- You are a Filipino citizen
- You are an OFW with a valid, active employment contract from a reputable employer
- You are at least 21 years old, but not older than 65 years old upon loan maturity
- You have no negative credit history with other lenders
Application Requirements
When applying for the program, you’ll need to submit two sets of documents—those for credit analysis and those for property appraisal. Additional documents are required for construction or renovation loans.
For Credit Analysis:
- Filled-out loan application form with a 1” x 1” photo
- Copy of your employment contract
For Appraisal:
- Photocopy of the Transfer Certificate of Title (TCT) or Condominium Certificate of Title (CCT)
- Photocopy of the Tax Declaration for land and improvements
- Latest real estate tax receipts
- Lot plan, certified by a Geodetic Engineer
- Location and vicinity map
For Construction/Renovation Loans:
- Photocopy of the TCT or CCT
Note: Make sure your documents are updated and complete to avoid delays.
How to Apply?
Here’s a simplified step-by-step process:
Step 1. Check your eligibility based on the criteria listed above.
Step 2. Gather your documents, including proof of employment, property titles, and tax declarations.
Step 3. Visit a Landbank branch or the nearest Landbank Lending Center to inquire and get the loan application form. You may also download the form from the official site or ask for assistance through the Landbank Customer Service.
Step 4. Submit the required documents for credit evaluation and property appraisal.
Step 5. Wait for the bank’s evaluation and approval. The bank will inform you of the loan amount you qualify for based on your capacity and property valuation.
Step 6. Finalize your loan agreement, sign the contracts, and start your journey toward owning your home.
Where to Secure the Forms and Submit the Application
You can secure the loan application form for the 3B Program from any Landbank Lending Center or Landbank branch nationwide. You may also request assistance through their official website or contact customer service for guidance. Once completed, submit your application and required documents to the nearest Landbank Lending Center for processing.
Processing Time and Costs
The processing time depends on the completeness of your documents and the result of your credit and property evaluations. It typically takes a few weeks to a few months.
As for the cost, there may be appraisal fees, documentary stamp taxes, and notarial fees depending on your loan amount and location. The Landbank personnel either at the branch or at the Lending Center will provide you with a complete cost breakdown upon application.
Important Reminders for Applicants
To ensure a successful application, here’s a few reminders to keep in mind:
- The property title must be in your name and the home must serve as your primary residence.
- Only loans in current (not delinquent) status can be refinanced.
- You may apply as a sole borrower or with a co-borrower for a longer payment term.
Frequently Asked Questions (FAQs)
For your reference, here’s a list of some of the most common question and answers related to the 3B Program:
1. Can I apply even if I’m based abroad?
Yes. You can coordinate with a representative in the Philippines or a Landbank overseas partner if available.
2. Is a co-borrower required?
Not required, but having one may allow you to get a longer loan term of up to 20 years.
3. Can I refinance a loan from a different bank?
Yes, provided it is in current status and meets Landbank’s criteria.
4. What is the minimum salary required?
Landbank evaluates your loan based on your paying capacity, not a fixed salary threshold.
5. Can I buy a property under someone else’s name?
No. The title must be under the borrower’s name.
6. How long does loan processing take?
It varies, but usually between 4 to 8 weeks, depending on document completeness.
7. What types of properties are allowed?
Residential lots, house and lot packages, condos, and townhouses.
8. Can I use the loan for house repairs only?
Yes, renovation and improvement of an existing unit is allowed.
9. Can I apply for multiple housing loans?
Generally, only one housing loan is allowed per borrower under the 3B Program.
10. Are there penalties for early payment?
Check with Landbank regarding prepayment policies as terms may vary.
Video: Bahay Para sa Bagong Bayani (3B) Program
With Landbank’s specially designed Bahay para sa Bagong Bayani (3B) program, OFWs who dream of owning a home in the Philippines can avail of flexible loan options to purchase, build, renovate, or refinance a residential property tailored just for OFWs. Discover how this special housing loan can turn your overseas hard-earned income into a path toward real estate investment and lifelong security by watching this video below:
Contact Information
For inquiries and other concerns, you may reach out to Landbank via the following:
Customer Care:
- Hotline: (+632) 8405-7000
- Toll-Free: 1-800-10-405-7000 (PLDT only)
- Email: customercare@mail.landbank.com
For more information, you may also visit the official website at: www.landbank.com.
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- Facebook: @Landbankofficial
- Twitter: @LBP_Official