I always get emails inquiring about getting a loan for financing here in the Philippines. Here’s one of the emails I got.
I want to buy a house that we really want and can afford the down payment. The monthly payment if there’s a financing we can afford it right now but not the downpayment if the house is between 3.5 or more. I really appreciate your time and effort in assisting me.
I emailed my friend who is a Vice President of Asia United Bank, he is based in General Santos.
Here’s my email to him.
Hello there! Kumusta!
I had lots of email from foreigners inquiring about how they can get a loan from the bank here in the Philippines? I have been telling them before that they (foreigners) can’t get a loan from the bank here. I’ve been flooded with emails from them that Bob told me to really inquire from a banker regarding this matter. I am not an expert and have doubts on what to say to them.
So here’s my questions:
1) Can a foreigner get a loan from the bank here?
2) Can the girlfriend or wife co-sign?
3) What bank that allows loan to foreigners?
I have my latest inquiry. He is moving here next year and he wants to buy land in Samal, a farm. He wants to borrow some money in the bank to pay for some of it. I told him to borrow from the bank in his country. But he wants it here, he has a girlfriend a local from Davao. Don’t really know what to tell him that much. Thanks… Feyma
Here’s his reply:
mare,As a general rule, foreigners are not eligible to apply for a loan in Philippine bank. Some banks allow car loans but the foreigner must be married to a Filipino.
hope this helps,