Lending Money

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lukas83 Active member

Member since 06 October 2016

lukas83Active member18 April 2017 06:30:42

I'm working full time and my wife and I wanted to buy a lot and build in Philippines. Can anyone give me feed back if its possible to lend money in the Philippines if I'm here working and she there working.

Navajo52 Contributor

Member since 07 April 2017

Navajo52Contributor18 April 2017 12:18:11

122

If I understand you correctly, you want to get a loan? If that's right, in most cases a lender will not allow a foreign citizen to acquire a loan. Either for cash or credit in buying a vehicle. Simply put they will not count your income for a loan. Only that of your Philippine spouse. Maybe some banks will approve loans but I have not heard of it.
Only reason I can think of for this is it would be too easy for a foreigner the get on a plane and escape the loan.

KruChris Serial expat

Member since 29 April 2016

KruChrisSerial expat18 April 2017 13:20:50

301

YMMV, but usually, it all begins with you having 20% of the payment (or more) in savings. 25% would be nice when you have a WP and some history in the country.

Disclaimer: I was a banker but haven't been to the Philippines...

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