Metrobank Home Loan For OFWs


OFWs leave the country for them to provide the best needs their family can have. One of which is a comfortable and reliable shelter. However, not all OFWs bring home big sums of cash since contracts are different and salaries differ. But that must not stop an OFW to ensure that his/her family gets a good place to live in. The Metrobank housing loan is made for Filipinos to relive their dream of having their own home. With the aid of a reputable bank in our country, you will for sure get your desired loan – and that’s a guarantee!

We’ve gathered some of the FAQs that revolve around the Metrobank Housing Loan a.k.a Metrobank home loan. This article can help you identify and weigh if you can apply for the home loan.

Read: Commercial Bank, Pag-IBIG, and SSS Housing Loans – What Are Their Differences?

What can I do with a Metrobank home loan?

  • Borrowers may purchase a house and lot,
  • Purchase a lot; furthermore,
  • Buy a lot and construct a house
  • They can purchase a condominium unit
  • Purchase a townhouse
  • Construct a house in a lot you own
  • Repair/Renovate/Extend your house
  • Take out an existing housing loan or refinance it
  • Reimburse the amount paid for the house, condominium unit, or town house; and;
  • Use it for a personal real estate investment

What are the regular requirements for this Metrobank home loan?

If you are currently residing in the Philippines, you need to present the following pre-approval requirements:

  • Government-issued ID (**Passport or ACR if foreigner)
  • Income Tax Return (ITR) OR;
  • Certificate of Employment (CoE) OR;
  • 3-month payslips

However, if you are an OFW, be sure to present the following requirements. Although not all of these are required, providing all of these in your application can up your chances of being approved with the Metrobank Home Loan:

(The ones I will put with an *asterisk* are the ones required)

  • *Government-issued ID (at least two [2])
  • *IF land-based: Certificate of Employment (CoE) with email of employer
  • *IF sea-based: Latest POEA contract
  • Photocopy of bank statements and passbooks
  • *Photocopy of passport
  • Proof of remittances/allotment with any LOCAL bank
  • *Proof of other “non-salary” income. That includes: (Certificate of Deposits, Stocks Certificates, Bonds Certificates, Lease Contracts showing term and monthly payments)

For collateral requirements (This applies to both situations above):

  • Transfer certificate of Title/Condominium Certificate of Title
  • Tax Declaration
  • Contract to sell or Reservation Agreement (if under developer tie-up only)
  • House plans/ Specifications/ Bills of Materials (for house construction only)

You can find the list of required documents here, courtesy of the Metrobank website.

Read: Applying for a Personal Loan with BPI Online

How much can I borrow?

A borrower can borrow a minimum amount of Php500, 000.00. A maximum amount that is open (provided within 30% credit ratio or 60-80% loan to collateral ratio depending on the loan purpose, whichever is lower.) 

Okay, so I am now decided that I will push through with it. How long do I have to repay my loan?

To give you a brief explanation, loan amortizations run at a minimum of 5 years and maximum of 25 years. The time will depend on the loan purpose; they are as follows:

  • A purchase of lot – 10 years
  • Personal Investment – 10 years
  • Renovation/ Expansion, Refinancing/Take-out, Reimbursement  – 15 years
  • Purchase of house and lot,  Purchase of lot and house construction, House construction on owned lot,  Purchase of townhouse – 25 years
  • Purchase of a condominium – 25 years

The interest of the loan will depend on the prevailing market rates at the time of the loan release. This interest may be fixed for 1 year up to 10 years.

Click here to access the online home loan calculator, courtesy of the Metrobank website. 

In what ways can I repay my Metrobank Home Loan?

Metrobank prepared a great deal on how you can pay your loan out. You can pay the loan in the following ways:

  • Auto debit arrangements with the bank
  • Post-dated checks (depending on your agreement with the bank)
  • Equal monthly amortization, covering the principal interest for you to start one (1) full month after the loan is released.

So aside from the loan itself, what are other fees I need to take note of?

Do not feel fooled or shocked when you see other fees you have to pay. Be sure to prepare for the following:

  • Handling Fee
  • Inspection Fee (If it’s for construction)
  • Real Estate Mortgage Registration Fee
  • Appraisal Fee
  • Doc Stamps
  • Insurance Premium
  • Notarial/Legal Fees

**Note that the prices of the fees may vary depending on the time your loan is approved and other external sources.

So these are the things you need to take note of if you are a local or an OFW that looks to have a Metrobank Home Loan. Although these are only the basic things, it’s still best if you visit the nearest Metrobank branch and inquire of this Housing Loan.


  • In the requirements, the bank might ask for some documents not listed here depending on the weight of the loan or the circumstances of the market. Be sure to prepare all legal documents for proof of payment and for identification.
  • In addition to the fees, there might be fees where you might feel that it is overpriced. It is not. For you to be sure, double check with the bank manager.
  • For higher chances of being approved, make sure to gather all required documents needed at the time of your application.
  • Before actually applying, visit the nearest Metrobank branch first and inquire to them FULLY about the loan because there might be some points we have missed.

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Disclaimer: We are not affiliated or employee of Metrobank. If you have questions and concerns, please contact Metrobank directly.

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