Does AUB Offer Home Loans to OFWs?
Yes. Asia United Bank (AUB) extends home loan financing to Overseas Filipino Workers, recognizing that many OFWs are among the most financially motivated borrowers in the country. Whether you're purchasing a new property, acquiring a condo unit, or refinancing an existing home loan, AUB has a product line that includes OFW applicants.
That said, AUB is not the only option — and depending on your loan amount, employer, and remittance history, you may qualify for significantly lower rates through other lenders. Nook works with multiple Philippine banks and lenders, so we can match you to the best available rate, which is currently as low as 5.99% p.a.
AUB Home Loan OFW Requirements
AUB's documentary requirements for OFW applicants are broadly in line with Philippine banking standards, but they do have specific expectations for overseas workers. Here is what you'll typically need to prepare:
Personal Identification
- Valid passport (with at least 6 months validity remaining)
- OFW ID or iDOLE card
- One additional government-issued ID (driver's license, SSS, or TIN)
Proof of Income
- Latest 3 months' payslips (original or certified true copy)
- Certificate of Employment (COE) indicating salary, position, and contract duration — issued by employer and ideally authenticated by the Philippine Overseas Labor Office (POLO)
- Latest Employment Contract (POEA-processed if applicable)
- Latest 3 to 6 months' bank statements showing remittance credits — either from your overseas account or your Philippine beneficiary account
- For seafarers: Crew Contract and Seaman's Book with latest departure/arrival stamps
Property Documents
- Signed Reservation Agreement or Contract to Sell (for purchase)
- Transfer Certificate of Title (TCT) or Condominium Certificate of Title (CCT)
- Latest Real Property Tax (RPT) receipt and Tax Declaration
- Vicinity map and floor plan
Loan Application Forms
- Duly accomplished AUB Home Loan application form
- Special Power of Attorney (SPA) — notarized and authenticated by the Philippine Consulate or Embassy in your country of work, authorizing a Philippine-based representative to act on your behalf
Important: The SPA is one of the most critical documents for OFW borrowers. Without it, your local representative cannot sign documents, attend appointments, or process the loan on your behalf. AUB will require this before releasing any loan proceeds.
Income Computation for OFW Applicants
AUB, like most Philippine banks, will base your loan eligibility on your verified gross monthly income. For OFWs, they typically apply a debt-to-income (DTI) ratio ceiling — meaning your total monthly loan obligations (including the new home loan amortization) should not exceed a certain percentage of your income, usually between 30% and 40%.
Here's a simplified example:
| Monthly Income | Max Monthly Amortization (at 35% DTI) | Estimated Loan Amount (20 yrs, 7.5%) |
|---|---|---|
| 80,000 | 28,000 | ~3,200,000 |
| 120,000 | 42,000 | ~4,800,000 |
| 180,000 | 63,000 | ~7,200,000 |
Your income currency will be converted using the prevailing Bangko Sentral ng Pilipinas (BSP) exchange rate or the bank's own rate at the time of application. OFWs earning in UAE Dirhams (AED) should note that exchange rate fluctuations can affect computed income, so applying when the Peso is relatively weaker against the AED can work in your favor.
If your income-to-loan ratio is tight, you may also consider adding a co-borrower — typically a spouse or parent based in the Philippines — to strengthen your application. If debt obligations are a concern, our guide on high DTI ratio home loan refinancing walks through how lenders evaluate this and what options exist.
How to Apply for an AUB Home Loan from the UAE
Applying for a Philippine home loan while based abroad involves a few extra steps compared to a local applicant, but it is very manageable with the right preparation.
- Prepare your SPA early. This is the step most OFWs underestimate. Visit the Philippine Consulate General in Dubai (or Abu Dhabi, depending on your emirate) to have your SPA notarized and authenticated. Processing times vary, so allow at least 2 to 4 weeks.
- Compile your documents. Gather payslips, COE, bank statements, and property documents. For documents issued abroad, check whether AUB requires an apostille or consular authentication.
- Designate a Philippine-based representative. This person — typically your spouse, sibling, or parent — will attend bank appointments, sign forms, and follow up on the application on your behalf. Choose someone reliable and brief them thoroughly.
- Submit your application. Your representative can submit physical documents to any AUB branch. Alternatively, some initial inquiries and form submissions can be initiated online or via email — confirm current digital options directly with AUB, as these can change.
- Loan evaluation and property appraisal. AUB will assess your creditworthiness and commission a property appraisal. This typically takes 5 to 15 banking days.
- Loan offer and signing. Once approved, your SPA-authorized representative signs the loan documents on your behalf.
- Loan release. For purchase transactions, funds are released to the developer or seller. For refinancing, proceeds are used to pay off your existing lender.
The entire process from submission to release can take 4 to 8 weeks, sometimes longer during peak periods. Starting early — ideally 3 to 4 months before your intended move-in or refinancing date — gives you a comfortable buffer.
AUB Home Loan Rates for OFWs — What to Expect
AUB's published home loan interest rates are typically offered on a fixed-then-floating structure, meaning the rate is fixed for an initial period (commonly 1, 2, 3, or 5 years) and then reprices to a floating rate tied to a benchmark like the bank's own lending rate or PDST-R2.
As a reference point, AUB's indicative home loan rates have historically fallen in the range of 6.5% to 9% p.a. depending on fixing period and loan term, though these change periodically. OFW borrowers do not always receive a preferential rate from AUB simply by virtue of being OFWs — your rate will depend primarily on the loan amount, term, and prevailing bank pricing.
This is exactly why comparing lenders matters. Nook currently offers access to rates starting at 5.99% p.a. — which is meaningfully lower than what many OFWs are paying today, especially those who took out their loans 3 to 7 years ago when rates were higher.
To illustrate the potential savings from refinancing at a lower rate:
| Loan Balance | Current Rate | New Rate via Nook | Monthly Savings | 5-Year Savings |
|---|---|---|---|---|
| 3,000,000 | 8.5% | 5.99% | ~5,100 | ~306,000 |
| 5,000,000 | 8.0% | 5.99% | ~7,200 | ~432,000 |
| 7,500,000 | 7.5% | 5.99% | ~8,600 | ~516,000 |
These are illustrative estimates based on a 20-year remaining term. Actual savings will depend on your specific loan details. Learn more about OFW home loan refinancing and the special rates available to overseas workers.
Should You Apply Directly with AUB or Use Nook?
Applying directly with AUB is a valid route — especially if you already bank with them or have an existing relationship. But there are real advantages to applying through Nook instead:
- Multiple lender comparison. Nook submits to multiple banks on your behalf, so you see competing offers side by side rather than negotiating blind with a single institution.
- OFW-specific experience. Our team understands the SPA process, document authentication requirements, and the common pain points OFW applicants face. We guide you through every step.
- 100% free to you. Nook is compensated by lenders, not borrowers. There are no fees, no hidden charges, and no obligation to accept any offer.
- Remote-friendly process. You can start and manage your application entirely from the UAE. We coordinate with your Philippine-based representative directly so you don't have to play middleman.
- Faster processing. Because we maintain active relationships with bank credit teams, we can often expedite evaluation and flag your application for priority review.
Whether you're buying your first property back home, investing in a rental unit, or refinancing a loan that's costing you too much — Nook is built for exactly this situation.
Special Considerations for OFWs in the UAE
If you're based in Dubai, Abu Dhabi, Sharjah, or anywhere in the UAE, there are a few country-specific things worth knowing:
Philippine Consulate Authentication
The Philippine Consulate General in Dubai serves OFWs in the northern emirates (Dubai, Sharjah, Ajman, Ras Al Khaimah, Fujairah, Umm Al Quwain). Those in Abu Dhabi and Al Ain fall under the Philippine Embassy in Abu Dhabi. Visit the correct consulate for your SPA authentication and POLO certification.
POLO-OWWA Certification
If your employment contract was processed through POEA, your COE may need to be verified or endorsed by the POLO (Philippine Overseas Labor Office) attached to the consulate. Some banks require this; confirm with Nook or directly with AUB before submitting.
Currency and Remittance Documentation
OFWs in the UAE typically remit in AED. Philippine banks will want to see a consistent remittance history — ideally 6 to 12 months of credits to a Philippine bank account in your name or a joint account with your spouse. Western Union, Remitly, and bank-to-bank transfers are all generally acceptable, but bank-to-bank transfers are easiest to document.
Contract Renewal and Employment Stability
Banks are more comfortable with OFWs on multi-year contracts or those with a verifiable multi-year employment history with the same employer. If you are on a short-term or project-based contract, be prepared to provide additional documentation of income continuity or consider a co-borrower arrangement.
Common OFW Questions
Frequently Asked Questions from OFWs About AUB Home Loans
Can I apply for an AUB home loan while I'm physically in the UAE?
Yes. You don't need to be in the Philippines to start or complete an AUB home loan application. You will need to prepare and authenticate a Special Power of Attorney (SPA) at the Philippine Consulate in the UAE, then designate a trusted representative in the Philippines to process the application on your behalf. Nook can guide both you and your representative through this process remotely.
What is an SPA and why is it required?
An SPA, or Special Power of Attorney, is a legal document that authorizes another person — your spouse, sibling, or parent in the Philippines — to act on your behalf in all matters related to the home loan. This includes signing loan documents, attending bank appointments, and receiving and processing the loan. Philippine banks require this because you cannot be physically present during the process. The SPA must be notarized and authenticated (red-ribboned) by the Philippine Consulate or Embassy in your country of work.
How long does it take to get an AUB home loan approved as an OFW?
From complete document submission to loan approval, AUB typically takes 5 to 15 banking days for evaluation. However, the total timeline from inquiry to loan release — including document preparation, SPA authentication, and property appraisal — is usually 6 to 10 weeks. Starting early and submitting complete documents from the outset significantly speeds things up.
What income documents does AUB accept from UAE-based OFWs?
AUB typically accepts your latest 3 months' payslips, a Certificate of Employment (COE) issued by your UAE employer and ideally authenticated by POLO, your employment contract, and 3 to 6 months of bank statements showing remittance history. For seafarers, a Crew Contract and Seaman's Book are also required. All foreign-issued documents may need authentication — confirm the specific requirements with AUB or with Nook before submitting.
Is AUB's home loan rate competitive for OFWs?
AUB offers standard home loan rates that are broadly in line with other Philippine banks, typically ranging from 6.5% to 9% p.a. depending on the fixing period and loan term. However, they do not automatically offer lower rates to OFW borrowers. Through Nook, you can compare AUB's offer against multiple other lenders — including options with rates starting at 5.99% p.a. — so you can make an informed decision rather than accepting the first offer you receive.
Can I refinance my existing home loan with AUB if I'm an OFW?
Yes, AUB accepts home loan refinancing applications from OFWs. If you currently have a home loan with another bank and want to transfer it to AUB for a lower rate or better terms, the process is similar to a new loan application — you'll need the same income documents, SPA, and property documents. That said, refinancing is also an excellent opportunity to compare multiple lenders simultaneously. Nook specializes in this and can help you find the best refinance rate available to you today.
Does AUB require me to open a savings account to get a home loan?
AUB may require or strongly encourage borrowers to maintain a savings or payroll account with them for loan amortization debiting. This is common across most Philippine banks. Ask your Nook advisor about this during the comparison process, as it can affect overall convenience and cost.
What if I earn in UAE Dirhams (AED)? How does AUB compute my income?
AUB will convert your AED salary to Philippine Pesos using a prevailing exchange rate — typically the BSP reference rate or the bank's own rate at the time of application. Since exchange rates fluctuate, your computed Peso income can vary. It's worth timing your application when the Peso is relatively weaker against the AED to maximize your computed income and, by extension, your eligible loan amount.
Is Nook's service free for OFW borrowers?
Yes, completely. Nook charges nothing to borrowers. We are compensated by the lender when a loan is successfully processed through our platform. You get full access to our comparison service, document guidance, and application support at zero cost — whether you're applying for a new home loan or refinancing an existing one.