Guide on Maybank MaxiHome Loan Features & Application Process
MAYBANK MAXIHOME LOAN – Here are the excellent features of the loan offer of Maybank Philippines for home acquisition financing.
In the Philippines, one of the reputable banks with multiple loan offers is Maybank. The banking entity’s operation actually started in Malaysia when it became the first homegrown bank to serve the Malaysian society in 1960.
Through the years, Maybank continued to grow not only its offers but as well as its coverage. It reached the Philippines where it now offers different types of bank accounts, loans, and other finance products and services.
One of the loan offers of the bank is the Maybank MaxiHome Loan that is ready to finance a residential property acquisition. It can finance the purchase of your dream home whether it is:
- a vacant lot where you wish to build your dream house
- a house and lot
- a condominium unit
- a townhouse
Under the loan offer, you may borrow up to 90% of the appraised value of your target residential property if it is a house and lot, a townhouse, or condominium unit. Should you wish to have your vacant lot purchase financed by the bank, you may borrow up to 60% of the value of the property.
Maybank has set the minimum loanable amount at Php 500,000. The bank offers several fixing options at 1, 3, or 5 years. Thus, you can protect your loan from interest rate fluctuations for up to five (5) years.
Who are qualified to apply for the loan offer? There is a short list of qualifications in applying for Maybank MaxiHome Loan such as the following:
- age plus the term of the loan should not be more than 65 years old once the loan hits maturity date
- gainfully employed in a reputable company for at least 2 years or owning a business registered and operational for at least 3 years and has been profitable in the last 2 years
According to Maybank, the home loan offer is also open for overseas Filipino workers (OFWs). For a Pinoy working abroad to qualify for the loan application, he/she must have a contract of employment for two (2) years.
In the case of seafarers who want to apply for the loan offer, the loan applicant must be “at least in an officer level position and should be working for at least 2 continuous years”. The bank requires an attorney-in-fact in the case of OFW and seafarer applicants.
