Guide on Security Bank Home Loan 2024 Application Process
SECURITY BANK HOME LOAN 2024 – Here are the features and the process on how to apply for the Security Bank loan offer.
In the Philippines, banks are among home loan providers. Truth be told that many people prefer getting a residential property under a home loan as they would rather use their money in other areas where it can grow and help them pay for their home loan.
One of the trusted banking entities in the country that has the said loan offer is Security Bank. Its loan offer can finance any of the following residential property-related purposes:
- buying vacant lot
- purchase of residential units
- house construction
- home renovation
- refinancing of an existing home loan
- reimbursement of property acquisition or construction expenses
- Home equity loan
Both salaried and non-salaried individuals may qualify to apply for the Security Bank Home Loan offer. In the case of locally-employed individuals, here are the qualifications considered by the bank:
- at least 21 years old, but not more than 65 years old upon loan maturity
- earning a combined monthly income of PHP50,000
- must be continuously employed for at least 2 years
In the case of self-employed individuals, there is a different set of qualifications for application such as the following:
- at least 21 years old, but not more than 65 years old upon loan maturity
- earning a combined monthly income of PHP50,000
- running a business that is operating as a legitimate and profitable business for the last 3 years
With regards to the loanable amounts under the Security Bank Home Loan offer, it actually depeneds if the property is from top-tier developers or individual seller or non-top tier developers in terms of property acquisition. Here’s a guide on how much you may borrow:
- For acquisition (primary use) from top-tier developers, you may borrow up to 90% of selling price may be borrowed.
- For acquisition (primary use) from individual seller or non-top tier developers, you may borrow up to 80% of appraised value may be borrowed.
In the case of apply for the loan for investment or secondary home, acquisition of a vacant lot, or Home Equity, you may borrow up to 60% of the selling price or appraised value of the property.
Aside from knowing the loanable amounts, it is also best to know the interest rates. Checking the interest that your loan will incur is one responsible move.
