Lumina Sessions: How Can an SPA Form Help an OFW Avail a House & Lot?

17 July 2022

Good Lumina Morning, everyone! Once again, we're bringing you another Lumina Sessions episode.

Being an OFW is temporary and that is why you'll have to take the opportunity to make the most of your money via investing. As a matter of fact, investing your hard-earned money in high-return funds, equities, or a potential company may guarantee that your nest egg continues to grow long after you've left your high-paying OFW job behind.


Why OFWs need an investment?

To ensure that they and their loved ones may have a better quality of life, Filipino expatriates (OFWs) put in long hours working abroad. If the OFW choose to invest their hard-earned money, that money should go to the OFW's choice. A property in the Philippines' real estate market either physical or rental, property management, or stocks and any other asset that they may invest in is an option for them.


In the end, many OFWs would agree that they do not wish to work overseas indefinitely. Being prepared in the event that they are no longer capable of working overseas through a "retirement plan" is always a good idea.

Real Estate as the best Investment for OFWs

Real estate investing is a popular choice for many overseas Filipino workers or OFWs. Any property investment, whether it in a suburban tract or a high-rise building in the heart of downtown, may be seen as an actual, physical thing. Investors may see it, visit it, and monitor it personally. While this may be a common blunder among OFW investors, many make the error of purchasing a property that isn't ready to sell, flip, or otherwise generate any kind of return, resulting in an idle asset.


Once a real estate investor has begun investing in homes, there are typically two steps they take. Either they rent out the property or they wait for its value to rise before selling it. In the first case, if you're able to get long-term renters, you'll have a more consistent stream of revenue. With the second option, you might expect a higher return on your investment, depending on your payment conditions. A PAG-IBIG fund and regular PAG-IBIG savings may also be used to make investments in the Philippines.


Other benefits you can have by investing in a real estate property are:


Real estate might offer you with stability if your initial investment is in a property that you intend to make your primary residence. It is crucial for OFWs to invest in real estate since it might provide emotional and even financial stability for you and your family.


Cash Flow and Appreciation

Real estate is a wonderful investment choice if you are looking to increase your income. Over time, the value of real estate tends to go up. Another alternative for your property is to turn it into a rental space, which may be either commercial or residential, depending on your needs. It is possible to pay for your home while it is rented out without risking your hard-earned cash. You may also raise the monthly rent for your renters if the value of the property rises in value.


So, if you are searching for a community that can offer you security as well as cash flow and appreciation, then Lumina Homes is the perfect developer for you! Built in strategic locations all over the country, Lumina Homes has a strong potential for appreciation while its amenities promise security, safety, and sustainability to its residents and homebuyers.


For today’s video, let’s join Jovelyn, our Marketing Officer from Lumina Iloilo as she explains what SPA or Special Power of Attorney is about for OFWs or individuals who would like to avail a housing loan.


What is SPA?

For an OFW or Overseas Filipino workers to avail his or her own house and lot, they will be required to submit an SPA or Special Power of Attorney Form.


A or Special Power of Attorney or SPA is a legal document that authorizes one person called an Agent or an Attorney-in-Fact to act on behalf of another person known as the principal under specific, clearly laid out circumstances.


This means that our kababayans who are working outside the country are needed to assign an authorized representative of Attorney-in-Fact (AIF) when buying a house and lot. An OFW’s authorized representative or AIF can be any of the following:

  • His or her spouse
  • Daughter
  • Son
  • Relative
  • Friend


The SPA Form is also a notarized or consularized document that will serve as an evidence and give authority to the AIF for legal purposes in behalf of an OFW. This form is given in a standard format though it varies depending on your flexible payment scheme—which means if your home loan is from bank financing, pag ibig financing, or in-house financing.


For example, if an OFW is planning to avail a house and lot package from Lumina Homes and choose bank financing for his or her home loan, they would need to comply a standard format of SPA Form under bank financing.


Also, in Lumina Homes, the developer and the sales agent will be the one to assist the homebuyer throughout the process of obtaining the SPA Form.


Meanwhile, if the OFW is paying for their chosen house and lot unit for 24 months and they can go back in the Philippines within that time frame, they can notarized the SPA Form.


On the other hand, if they couldn’t go back in the Philippines within the 24 months time frame, then they should consularized their SPA Form overseas where they are currently working through the Philippine Embassy.


It is also important to take note that bank financing, pag ibig financing, and even in-house financing only approved a home loan once you accomplished the following qualifications:

  • Full payment of the downpayment
  • House is 100 % completed
  • Homebuyer has completed all the necessary documents
  • Has notarized or consularized SPA Form
  • This is also the reason why OFWs can process their SPA Form while paying for their house and lot downpayment.


And that’s it for today’s episode of Lumina Sessions! See you on our next episodes!

Up Next

24 May 2020

Lumina Nueva Ecija Performs Lumina Prayer Dance

Dance along to "My God Is So Big," Lumina Homes' Prayer Dance with Lumina San Jose Team in an effort…

15 February 2021

What are the Complete List of Requirements to Become a Certified Lumina Homeowner?

Know the complete list of requirements to be submitted when you avail an affordable house and lot fo…

26 January 2022

A Poet's Path: Peniel Roxas' Wishcovery Originals Journey

Get to know more about Peniel Roxas' and her singer-songwriter journey and listen to her Wishcovery …

17 May 2021

My Hometown Vlog: Why Lumina Laguna is Awesome

Are you planning your next visit to some tourist destinations in Laguna? Watch this hometown vlog fe…

9 July 2021

Welcome to Lumina Carcar!

Join Jecelle from Lumina Marketing Department on an online site tripping in Lumina Carcar, the affor…

9 July 2021

Welcome to Lumina Sariaya!

Join Lumina Marketing Department on an online site tripping in Lumina Sariaya, the affordable house …

calculator Try our Home Loan Calculator
Loan Calculator

Try Lumina Homes' loan calculator and get an estimate computation for your preferred Lumina property and home model.

Monthly Amortization



Disclaimer: All computation appearing herein are sample computation only and are not official.
First Name
Last Name
Email Address