PNB’s “Own a Philippine Home Loan” Helps OFWs in Japan Build Their Future

Many Overseas Filipino Workers (OFWs) work hard to support their families in the Philippines. Most send a large part of their salary back home, which often leaves little for their own savings. Even with careful planning, unexpected expenses can come up and as Filipinos, we usually step up to help.

But it’s just as important for OFWs to invest in themselves. One smart way to do this, aside from saving, is to buy property. A home in the Philippines can serve as a future retirement home, provide rental income, or become a valuable gift to loved ones.

Easy and Affordable Banking at PNB Japan

For Filipinos in Japan, the Philippine National Bank (PNB) offers support through its branches in Tokyo and Nagoya. Here, OFWs can open a special OFW savings account with zero maintaining balance and no service charges. The required initial deposit is 10,000 yen.

PNB Japan is a trusted Filipino bank committed to serving the community with a full range of quality financial services.

PNB Housing Loan for Filipinos in Japan

PNB Tokyo and Nagoya offer a housing loan for Filipinos in Japan who want to buy, build, renovate or refinance a property in the Philippines. Foreigners may also apply, but only for condominium purchases, and a Filipino married to a Japanese national must appear as a co-borrower on the loan.

• Loan coverage: Up to 80% of the property’s value (70% for foreigners)
• Minimum loan amount: PHP 500,000 for land; PHP 1 million for house and lot or condo
• Loan term: Up to 25 years (10 years for foreigners)
  

Borrowers repay the loan in Japanese yen, with monthly payments auto-deducted from their yen savings account maintained at PNB Tokyo and Nagoya. Since the loan is in yen, this avoids exchange rate losses. The borrower may repay the loan early, but pre-termination fees may apply. Borrowers must also apply for fire insurance and mortgage redemption insurance. 

The loan is sent directly to the seller or developer for property purchases or refinancing. For home construction, the funds are released in stages based on progress. Processing usually takes about three months.

Basic Requirements

• Valid passport and residence card
• Certificate of employment and proof of income
• Property documents from the Philippines
• Spouse’s consent (if married)

PNB may ask for more documents depending on your loan type. Their staff will guide you through the process.

Deposit to PNB with Smiles

Smiles Mobile Remittance is Japan’s leading mobile app for money transfers. You can send money anytime, anywhere, and enjoy their “Everyday Great Rate.” It’s fast, easy and reliable.

Smiles and PNB have recently formed a global partnership to help Filipinos overseas send money home, invest in their future and stay connected with family.

OFWs in Japan can also use Smiles to send money to their own or their beneficiary’s PNB OFW account. It counts as an official remittance and helps keep their account active all year.