Guide on Security Bank Home Loan Requirements for Application
SECURITY BANK HOME LOAN REQUIREMENTS – Here are the documents that Security Bank requires in applying for the offer.
Are you one of the people who is excited to have his/her own house soon? Truth be told that a residential property purchase requires thousands or millions of money. However, you do not have to wait for years and years to be able to have one that you can call your own. There are banks that provide home loans.
One of the banks in the Philippines with a home loan offer is the Security Bank. It is one of the most popular and reputable banks in the country that is in the service of the Filipino people for decades now. It has several offers including different types of bank accounts, credit cards, loans, and many investment products and financial services.
Aside from the Security Bank Cash Loan offer, the bank also has the Home Loan offer that can finance a residential property acquisition, house construction, home renovation, and the refinancing of an existing home loan.
Do you want to apply for the loan offer? You need to prepare the Security Bank Home Loan requirements which depend if you are locally employed, self-employed, or an overseas Filipino worker (OFW).
Locally-Employed. If you are locally-employed, here are the documents that you need to prepare and submit to the bank to apply for the loan:
- Filled out and signed application form
- Clear copy of one valid ID (photo-bearing government-issued) of borrower/spouse/co-borrower/ signatories of the loan
- Any ONE of the following income documents:
- Latest Certificate of Employment and Compensation
- Latest Income Tax Return
- Latest 3 months Payslips
- Latest 3 months Bank Statements
Self-Employed. For individuals who are running their own business and wants to apply for the loan offer, you need to submit the following Security Bank Home Loan requirements:
- Filled out and signed application form
- Clear copy of one valid ID (photo-bearing government-issued) of borrower/spouse/co-borrower/ signatories of the loan
- Income Tax Return (1701 for sole proprietary owner; or 1702 for Corporation)
- Any ONE of the following income documents:
- Audited Financial Statements (Latest 1 year)
- Bank statements (Latest 3 months)
- Lease/Rental Contracts
Overseas Filipino Worker (OFW). The loan offer is also open for Pinoys who are working abroad. Here are the documents that the Security Bank requires among OFWs:
- Filled out and signed application form
- Clear copy of one valid ID (photo-bearing government-issued) of borrower/spouse/co-borrower/ signatories of the loan
- Any ONE of the following income documents:
- Certificate of Employment with compensation (issued within the last 6 months)
- Latest Crew Contract (for seafarer/seaman)
- Latest Employment Contract (for land-based OFWs)
- Allotment Slip
- Latest 3 months payslip; OR bank statement for past 3 months
Corporation. If you are applying as a corporation, here are the documents required by the bank:
- Filled out and signed application form
- Company profile: background, owners, key officers
- SEC Registration and General Information Sheet
- Bank Statements (latest 3 months)
- Income Tax Return (1702 for Corporation) with Audited Financial Statements for the past 3 years
- Suppliers’ contact info (with average monthly transactions)
- Customer’s contact info (with average monthly transactions)
- Authorization letter (for bank, business, and trade checkings)
- Mortgage Redemption Insurance (MRI) Application Form
- Relevant collateral documents
There are also Security Bank Home Loan requirements pertaining to the collateral. Here are the documents required by the bank for submission:
- Copy of collateral title (TCT/CTC)
- Copy of Tax Declaration on land and/or improvement
- Signed Authority to Inspect and Verify (bank form)
- Appraisal Fee paid to SBC: OR Number
If you are applying for the financing of a house construction, submit the Bill of Materials and Estimates of Construction and Labor Costs as well as the Floor and Building Plan and Building Specifications. In cases of applying for the loan for the take-out of an existing loan, submit the proof of amortization payments for the last 3 months and a statement of Account from Mortgagee Bank.