Can a foreigner apply for a loan?

Andreas Greek wrote:

Good day,

We are moving in Philippines with my wife in a few months.
I would like to know if a foreigner can apply for a loan from a bank.

I have read that it is can be considered if your spouse is Filipino and an Affidavit of support and weaver of rights over the collateral property are executed by the foreigner.

However, I am not aware of this meaning.

Thank you!

Andreas,

The Affidavit is your confirmation with your signature that the information provided is true and can be used as evidence in court proceedings.  The waiver of rights with regard to the collateral simply gives the bank the right to seize the collateral for non payment.

http://www.lexmundi.com/document.asp?docid=1035https://www.bpiexpressonline.com/p/1/12 … g-loan-faqhttp://www.cavitehomes.com/housing-loan/

If you are going to purchase a home, condo or car and have not only collateral but proof of a monthly income sufficient to make the monthly payments you might be considered for in house financing by the seller or in co-operation with a bank involved in the project though I would read and re-read the fine print before signing anything including checking the interest rate and fines for late payments and grace periods for late payments if any. 

Why not just email a few banks and see what kind of response you get?

Regards,

TeeJay

Thank you very much Teejay for all the information!

Dont buy anything in the Philippines other than necessities,  and DONT sign any papers no matter what.     Be warned.

DavidWF wrote:

Dont buy anything in the Philippines other than necessities,  and DONT sign any papers no matter what.     Be warned.

DavidWF,

If you have had a bad experience or two or three, why not share the details?