Philippines is a one of the favorite spots among foreign retirees and investors who wish to buy property in Southeast Asia. It’s one of the fastest growing countries with a young population, we’ve seen many foreign corporations move in over the years.
When many investors look for property, they also want to know what financing options they have. Even if some are able to afford to buy property with cash, it can be a better option to leverage some of the money by applying for a loan.
In this guide, I explain what it takes to get a property loan in the Philippines as a foreigner.
Can foreigners get property loans in the Philippines?
It was virtually impossible for foreigners to get property loans in the Philippines previously. Similar stories have heard of in other developing countries like Vietnam and Cambodia, just to mention a few.
With an economy that’s growing with 7% yearly, and a property market that’s hot among foreign investors, banks have become a bit more relaxed and you have a handful of options to choose among in the Philippines. Unfortunately, many of the banks require that you have a visa status, where a tourist visa is not accepted.
Common visas (or residential status) accepted when applying for loans often include: