Guide on Security Bank Home Loan 2024 Application Process & Requirements
SECURITY BANK HOME LOAN 2024 – You can check here the guide on how to apply for the loan offer and the requirements set by the bank.
Are you looking for a bank where you may apply for a loan that can finance the purchase of your dream house? In the Philippines, one of the entities that you may turn to is the Security Bank, one of the reputable banks in the country for decades now.
The Security Bank is in the service of the Filipino people since 1951 when it was established as the first private and Filipino-controlled bank after the World War II period. Now, it has several offers that includes multiple loans. Aside from the Security Bank Cash Loan offer, the bank also has the Security Bank Home Loan offer.
The Home Loan offer is open to finance a residential property acquisition, a house construction, a home renovation, and a take-out of an existing home loan. It is open for both employed and self-employed individuals as well as corporations.
With regards to the loanable amounts under the Security Bank Home Loan offer, the minimum amount allowed for borrowing is Php 1 million. You may borrow up to 80% of the appraised value of the property. The loan is payable for up to 20 years.
How much is the interest rate implemented by the Security Bank? It depends on the fixing period that you have chosen for your loan.
| 1 Year | 3 Years | 5 Years | |
|---|---|---|---|
| Regular Home Loan | 7.00% | 7.25% | 7.75% |
| Home Equity Loan | 8.00% | 8.25% | 8.75% |
Are there qualifications set under the Security Bank Home Loan offer? There are varying eligibility criteria and here’s a list of the eligibility requirements for employed individuals:
- at least 21 years old at the time of the loan application
- not more than 65 years old upon loan maturity
- earning a combined monthly income of PhP 50,000
- has been continuously employed for at least 2 years
There is a different set of requirements set for the self-employed individuals. Here are the qualifications set by the bank in applying for the loan offer:
- at least 21 years old at the time of the loan application
- not more than 65 years old upon loan maturity
- earning a combined monthly income of PhP 50,000
- must be operating a legitimate and profitable business for the last 3 years
Aside from the eligibility requirements, there are also documentary requirements for the Maybank Home Loan application process. There are varying requirements among the locally and self-employed individuals, overseas Filipino workers (OFWs), and corporation.