When I decided to apply for housing loan in the Philippines, I realized how important it is to have a Philippine bank account. That’s not what I thought when I was offered to open an account while having PDOS.
I declined and so I had to find out how an OFW can open a Philippine bank account in Canada.
Before that I also ran into another stumbling block but easier to get around: how to get a special power of attorney for housing loan application in the Philippines.
What is Special Power of Attorney
The special power of attorney (SPA) is a document that authorizes an attorney in fact (a representative) to transact on behalf of the borrower who cannot physically engage to all activities related to housing loan application.
The attorney in fact is a trusted person whom you have known for a long time and fought against to have that fair share of ice cream.
I chose my sibling who I know have grown over the years and can make the right decision bigger than choosing the flavour for dessert, the kind that everyone will appreciate or anything with chocolate in it will do for me.
Who will you choose to grant the authority for your future domain? Spouse, parents, siblings, or the niece who can spell a German ice cream.
Where Can an OFW Get an SPA Overseas
OFWs can get a special power of attorney in the law firm and Philippine Embassy or Consulate. Either way, the SPA must be authenticated or consularized.
The documents will have a red ribbon just like the other authenticated documents such as school transcript and diploma.
I settled for a somewhat do-it-yourself SPA . . . sort of . . . because I want to get things done quickly without spending much.
I downloaded the SPA form in the Philippine Consulate in Calgary’s website, then submit and pay the fee of $33.75 at the Consulate. This way, I paid for the SPA processing and authentication; otherwise, you have to pay separately for each service.
In less than a weak, I went back in the Consulate to get the SPA. You can also have the option of receiving it through mail; ask the staff about the additional fee or the specified self-addressed envelope.
Special Power of Attorney for Housing Loan Application
If you are looking for an SPA for purposes apart from housing loan requirement in the Philippines, you can simply follow the tips I’ve mentioned earlier.
For the future home owners (believe it!), don’t rush yet. Learn how to get a special power of attorney newbies (like me) cannot do right the first time.
Well, you maybe a newbie but you can do it like a pro.
Option #1: Download a copy of the SPA form on the website, whichever you want to apply for the housing loan:
- Philippine banks
If you cannot find the form online, send an email to a staff of a local branch, where most likely, your attorney in fact is going to submit the housing loan application.
Note: I already had an authenticated SPA from PCG Calgary when I decided to apply for Security Bank Housing Loan so I wasn’t able to use the form from the bank. The good news is, it was accepted anyway.
Option #2: Download a copy of the SPA form on the Philippine Embassy or Consulate website if the 1st option fails or you don’t want to pay to a law firm.
For Filipinos in Canada here are the links for the downloadable form:
- Philippine Embassy in Ottawa
- Philippine Consulate General in Calgary
- Philippine Consulate General in Toronto
- Philippine Consulate General in Vancouver
Once you have accomplished the form, let’s find out how you can save in sending the SPA in the Philippines.
How to Send the SPA in the Philippines
Ideally, it is best to put the SPA inside the balikbayan box. This route takes longer but cheaper compare to sending the documents through a courier company.
No matter how I wanted to avoid, I had to spend twice of what I pay for shipping a balikbayan box when I sent the document through DHL.
To get over the high fee, let’s focus on the advantages instead:
- The recipient in the Philippines receives the document in less than five days.
- No extra fee is charge from the recipient.
- The documents safely arrive. No sign of opening at the custom. (Can’t guarantee all the time.)
For those who are not rushing consider the balikbayan box or ask someone (pwede padala?) who is having a vacation in the Philippines to bring it for you.
Getting the special power of attorney consumed most of my time when I was gathering all the requirements first for Pag-IBIG housing loan then shifted to bank housing loan.
Assuming you are still at the threshold of learning how to apply for a housing loan from overseas, I hope the tips can help you save and use time wisely.
It can be a daunting task but think of accomplishing the process as a way of bringing you one step closer to your dream house.
Where in the world are you applying for special power of attorney? Share your thought and experience.