Why is Metrobank Home Loan Not for All OFWs Abroad?
OFWs have been helping our economy thrive for the past decades.
They work abroad enduring homesickness, extreme weathers, culture shocks and constant overwork to provide the best for their families. This includes a home they can call their own. Metrobank has created a home loan which includes OFWs as their potential borrowers.

Metrobank Housing Loan
Metrobank Home Loan is offered to Filipinos and Permanent Residents ages 21 to 65. If you are working in the Philippines, you must be a regular employee earning at least P30, 000 a month. On the other hand, if you are an OFW, you must have active employment or a signed contract upon application. You have to show that you earn a minimum monthly income of $1,000. As of writing, this is equivalent to around P50, 000 a month.
The land-based OFWs with less than 2 years of present employment must have at least 5 years of working experience in the Philippines prior to employment overseas. The loan is also offered to OFWs with different employers abroad for five years or combined employment both locally and overseas. For seafarers, you must work as a sea-based OFW in your previous agencies for the last 48 months or have completed at least 24 months under your current agency.
Metrobank Home Loan Requirements
Housing loan requirements for OFW depend on whether they are sea- or land-based. Aside from the required documents of government ID, you must prepare the following.
Land-based must submit a certificate of employment with the email of the employer. Seafarers must present the latest POEA contract. These documents will only be available if you already have a current employer abroad.
Interest Rate of Metrobank Home Loan
Note that as the term stretches, the interest rate increases. A fixing period means giving you a fixed interest rate for a period of time. This protects you from fluctuating interest rates depending on the real estate market rates. You can have better budgeting as you will know the amount of amortization you must pay.
It might be tempting to choose the longest term of 15 years due to low monthly amortization, but the shortest term has the lowest interest rate. Choose the term that will best suit your needs and cash inflow. If you choose a long-term housing loan but soon decide to pay it off earlier than agreed, you might have to pay a prepayment penalty.
Metrobank Housing Loan Amount
Your loanable amount will depend on the property you want to purchase. Note that you are required to pay the downpayment upfront. No bank will finance a home loan 100%. The borrower has to shoulder the downpayment, and the bank will pay the rest. Also, the bank will keep the property title as long as you haven’t settled the loan.
Purpose of Housing Loan of Metrobank
You can use the Metrobank OFW Home Loan to purchase a lot, a house and lot, a condominium, and a townhouse. Also, you can buy and finance house construction or have a house constructed on your own lot. In addition, you can have your home renovated or reimburse the amount you use for your house renovation. You can use this loan for anything that involves a major purchase and expenses for your home. You can choose a term between 10 to 25 years.
Metrobank OFW Housing Loan Fees
Take note that there are other fees that you must also consider aside from the actual price of the property. Some fees are fixed, while others will depend on the property’s location and documents to be acquired.
Since you are an OFW, it will be convenient to check your loan status online. This way, you can monitor your payments even though you are miles away.
Is this a Home Loan for OFWs?
Though Metrobank gives housing loans to OFWs, it is not offered to all of them. To qualify, a seafarer must be a ranking official. Not every seafarer can get promoted these days, even after years of breaking their backs in the sea.
Also, only land-based OFWs with administrative, technical, or officer roles can apply for the loan. Millions of OFWs work as domestic helpers, construction workers, factory workers, and entertainers. They might earn more than $1,000 a month if they have multiple jobs, but they won’t qualify for this housing loan.
If you are an allottee who wants to renovate your home before your OFW loved ones get home, you can simply get a loan from Cash Mart.