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Baracuda555 wrote:

Requirements for a Filipino married couple in obtaining a bank loan. Foreigner is on a retirement pension.

Depends on what the loan is for. Requirements can be your visa status, married to a Philippine citizen, proof of income and or a permanent residency status.

Having either a 13A visa or an SRRV (special resident retirees visa from the PRA) might also be a requirement as they both indicate a permanent residency status in the RP.

Sometimes they would like some collateral.   House, vehicle etc

mugtech wrote:

Sometimes they would like some collateral.   House, vehicle etc

Interest rates must be high in the Philippines.

robal wrote:

mugtech wrote:

Sometimes they would like some collateral.   House, vehicle etc

Interest rates must be high in the Philippines.

Yes, very high.

why not try to get the loan from your home country. unless its a house they want fun that. but they will a vehicle or a signature loan or one with collateral. Usually the interest rates are less. better yet if you use a credit union. please a thought. this is what i did.

In general, bank loans and mortgages are not the core of bank business here. The payback ratio from their own people is extremely low, and so the 5-for-6 Indian peoples are what most pinoy use when borrowing money.

Helps to at least look as official as possible, and as already mentioned, with longer-term visas (quota, SRRV, permanent through your spouse, etc.) helps a lot. As well as proof of a pension or business income here or in your home country.

daenr wrote:

In general, bank loans and mortgages are not the core of bank business here. The payback ratio from their own people is extremely low, and so the 5-for-6 Indian peoples are what most pinoy use when borrowing money.
Helps to at least look as official as possible, and as already mentioned, with longer-term visas (quota, SRRV, permanent through your spouse, etc.) helps a lot. As well as proof of a pension or business income here or in your home country.

Agreed on some points raised by daenr;
Especially banks core business:
I have come across banks here who openly advertise sales of forfeited items. (i've put a link below : some good deals too be had!!! ), YES the payback ratio is extremely poor, especially here in the provinces.



Thanks

You have to find out whats best for you. I found that using my home country (USA) credit union was best. For example the auto loan I need for vehicle That I bought here was 3.75%.  I couldn't get that percentage here in philippines. Like yourself I draw a pension.

My wife family has a relative that work for banking system here. I priced out loans from her. Everyone of them required a lot down and crazy interest rate. So i found that doing your home work before taking a loan is wise.