Kwentong Lumina, Kwento ng Pag-asa: Weaving Dreams from Afar, Reaching the Dream with Lumina Homes

"Kwentong Lumina, Kwento ng Pag-asa" features the story of Mr. and Mrs. Quijano, certified Lumina homeowners, as they worked hard to achieve their #BahayGoals for their family.

Being an Overseas Filipino Worker can be a great struggle as they also try to save up as much money as they can to give their families a more decent life. Most OFWs decided to go abroad to support their children's studies or get a house and lot that they could call their own.

Having your own space in the Philippines while trying your best to make ends meet can be backbreaking. Most jobs only offer a minimum wage or provincial rate that could not compensate for an average Filipino family's daily expenses and commodities.

These are the reasons why many of our kababayans decide to leave their home country and their loved ones to work abroad. This will give their family a chance to have a better life and help them in their personal and professional growth.

But the biggest adversary that our OFWs experience is homesickness. This is much harder than we thought as most of the time, they live in their accommodations alone and spend more time working to earn a reasonable amount of money that they can remit to their families.

Lumina Homes recognizes and salutes our hardworking OFWs who endure all the sacrifices and lonely nights for the sake of their loved ones.

Here is an inspiring story of an OFW couple who find their way home in Lumina.

For better or for worse

Three years ago, Mr. and Mrs. Quijano were still renting an apartment and experienced difficulty looking for the money to pay their monthly rents on time. This is aside from putting up with the raindrops falling inside their rented apartment due to the damaged roof.

They dreamt of having a space they could call their own, but their income was not enough to buy their own house and lot. This was the moment when Mrs. Quijano thought of working abroad. She thought that she could find a job more easily overseas because of the various opportunities.

To work abroad, Mrs. Quijano took some of their savings and used them for processing her document to work overseas.

After some time, Mr. Quijano also decided to work overseas with his wife since they realized that their incomes were still not enough to support the needs of their growing children. They decided to sacrifice and leave their kids at home to support their needs and provide a better future for them.

Until one day, Mrs. Quijano's sister called and informed her about the affordable house and lot for sale that is being offered near their hometown through Lumina Butuan. She immediately relayed it to her husband and considered this ideal investment for OFWs.

Without second thoughts, they inquired and made the reservations for it. They thought that it would be the best gift for Christmas when they returned home.

Bank Housing Loan Requirements for OFWs

OFWs may qualify for a house loan even if they are present in the country or if currently working abroad. Private and government-owned banks have developed flexible housing loan options for Filipinos living abroad to get that ideal investment for OFWs, regardless of where they are in the globe.

However, before you even begin to gather your documents, you must first determine whether or not you are qualified for an OFW housing loan:

• You must be at least 21 years of age.
• When the loan reaches maturity, the borrower must be no older than 60 (in certain situations 70) years old.
• An income of between 40,000 and 50,000 Philippine pesos per month is required.
• You must be regularly employed for at least two to three years.
• The co-borrower must be a member of the borrower's immediate family who resides in the Philippines.

Documents that prove your identification, job, and compensation are necessary for OFW housing loan applicants in the Philippines. The following are the most typical documentation requests lenders make of OFWs to assist make your application more convenient:

• At least two valid IDs (including OFW-related IDs like OWWA ID, Seaman's Book, Philippine passport)
• Consularized certificate of employment
• Copy of visa
• POEA overseas employment certificate
• Plane ticket and flight details
• Proof of remittance
• Proof of billing
• Proof of residency
• For seafarers, the latest crew contract

To boost your chances of getting a housing loan, lenders may ask you to provide extra documentation. The difficulties of application might be avoided by making sure you have all you need at your disposal.

Application and Approval Process

There are four basic processes that all banks follow while processing a loan for real estate investment for OFWs:

Step 1. Application

This is the point at which all of the required paperwork is turned in. In addition, you must complete the bank's application form, which outlines the loan's terms and conditions.

Step 2. Processing or Pre-qualification

To get a loan, the bank has to see that you have all the necessary paperwork, including your bank application form, your most recent Income Tax Return (ITR), and bank statements. When the bank representative calls to examine your financial capability, they will ask you about your assets, current monthly obligations, and of course, your monthly income and where it comes from. Ensure that your co-signer can meet the bank's requirements before applying for a loan with them. To get approved for a home loan, you must be able to afford the monthly payment.

Step 3. Annotation

The bank will contact you to advise you that your loan application has been accepted if the loan is authorized. When applying for a bank housing loan, you will probably be asked to sign a Bank Loan Covenant, which specifies that the lender and the borrowers agree to pay back the loan amount in full by a certain date.

Step 4. Releasing

The bank will then disburse the loan you requested.

Recently, Lumina Homes also launched Lumina Homes Online to help our kababayans abroad easily have a real estate investment for OFWs anywhere in the Philippines. Now, they can book their reservations whenever or wherever they are in the world and can easily pay their monthly amortizations overseas.

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For more information about the affordable house and lot for sale of Lumina Homes, please contact (0917) 629 6523.

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