List of Requirements for Security Bank Home Loan 2024 Application Process
REQUIREMENTS FOR SECURITY BANK HOME LOAN 2024 – Listed here are the documents that Security Bank requires in applying for the loan offer.
Are you interested to apply for the Security Bank Home Loan offer? It is ready to help start your steps towards achieving a house of your own. You can get your approval in as fast as 10 working days since the submission of a complete set of documents required by the bank.
To recall, you may apply for the loan offer for the financing of residential property acquisitions, home construction, home renovation, refinancing of existing home loan, and home acquisition or construction reimbursements.
The Security Bank Home Loan offer is open both individual applications as well as corporation applications. In the case of individual applications, it is open for locally-employed individuals, self-employed individuals, and overseas Filipino workers (OFWs) who wish to apply for the offer.
The requirements for the Security Bank Home Loan application vary depending on the status of the loan applicant. Here is a guide:
Locally-Employed. Here are the documents required from locally-employed loan applicants:
- 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. Here are the documents required from self-employed loan applicants:
- 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). Here are the documents required from OFW loan applicants:
- 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. Here are the documents required from corporations:
- 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
Aside from the aforementioned personal requirements for the Security Bank Home Loan application, there are also collateral documents that must be submitted to the bank. Here are the documents required by the bank:
- 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
In the financing of a house construction, the bank also requires the Bill of Materials and Estimates of Construction and Labor Costs as well as the Floor and Building Plan and Building Specifications to be submitted.
For the purpose of applying for the loan to take-out an existing home loan or for home equity loan, the proof of amortization payments for the last 3 months and a statement of Account from Mortgagee Bank must be submitted.
