Buying your dream home is a major financial commitment. If you can pay for it in cash, congratulations! You don’t have to worry about scrounging up the funds to make your monthly payments for the next ten or fifteen years.
But not everyone can afford to pay for a house in cash, especially if you’re too busy adulting and paying for the bills, raising a family, or running a small business.
If you qualify for a home loan, let’s explore the payment terms and interest rates, as well as the terms and conditions of Maybank Home Loans.
An Overview of Maybank MaxiHomeLoans Philippines
You can borrow money for home acquisition, construction, home equity, and home loan refinancing. Maybank MaxiHome Loans offer fixed interest rates at 1, 3, or 5 years.
| Home Acquisition |
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| Home Construction |
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| Home Equity |
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| Home Loan Refinancing |
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What does Maybank MaxiHomeLoans Home Acquisition & Home Construction offer?
Whether you’re planning to buy a townhouse, a condo unit, or a house and lot, you can borrow a minimum of P800,000.
The maximum loanable amount that you can avail is up to 80% of the appraised value of the property, and you can choose from their 1-year, 3-year or 5-year fixing period.
If you’re planning to borrow money for home construction, you can avail the minimum loanable amount of P1,000,000 payable up to the maximum term of 20 years.
These are indicative rates and are subject to change. You can visit your nearest Maybank branch for actual rates and computations.
| Fixing period (years) | Interest rate per annum |
| 1 | 6.75% |
| 3 | 7.25% |
| 5 | 7.50% |
Here’s a sample home loan computation to purchase a condo unit worth P5 million with a 5-year fixing period, payable up to 10 years.
Image screenshot from Maybank as of 28 February 2020
What does the Maybank MaxiHomeLoans Home Equity offer?
You can maximize your home’s value and use it as equity for a loan in case you need the funds.
If you need extra funds for tuition, further studies, medical or non-medical emergencies, or you simply want to invest in business, you can borrow up to 60% of your home’s appraised value, or up to P5 million, whichever is lower.
The minimum loanable amount is P500,000, payable up to 10 years for a residential house and lot, townhouse, or condominium.
The fixing period is the same as Home Acquisition and Construction, which is 1, 3, or 5 years.
Here are the indicative rates as of 27 February 2020
| Fixing period (years) | Interest rate per annum |
| 1 | 8.75% |
| 3 | 9.50% |
| 5 | 10.75% |
What does the Maybank MaxiHomeLoans Home Loan Refinancing offer?
If you’re refinancing your home, you can borrow up to 70% of the appraised value (house and lot, townhouse, or condominium) and up to 60% for vacant residential lots.
The minimum loanable amount is P800,000, and you can pay your loan at a maximum term of 15 years.
Here are the indicative rates as of 27 February 2020
| Fixing period (years) | Interest rate per annum |
| 1 | 6.75% |
| 3 | 7.75% |
| 5 | 8.75% |
What are the eligibility requirements of a Maybank MaxiHome Loan?
If you’re of legal age and not more than 65 years old upon the home loan maturity, you can apply for a Maybank MaxiHome Loan.
Additionally, home loan applicants must have a stable income and be employed at reputable companies for at least two years.
If you’re self-employed or running a business, your company must be in full operation for at least 3 years. You should also provide supporting documents that it’s making a profit in the last two years.
If you’re an overseas worker, present your contract of employment for two years. The nature of your work should also fall under Professional and Technical jobs.
If you’re a seafarer, you must be at least at officer level and serving for at least two consecutive years in your company.
Foreigners residing in the Philippines and are legally employed can also apply for a home for the purpose of buying a condominium only.
If you’re employed, you also need to show proof of residency and employment.
What are the documentary requirements for Maybank MaxiHome Loan application?
If you’re eligible to apply based on the requirement mentioned above, you can submit the duly accomplished home loan application and present two valid IDs and a marriage certificate (for married couples).
| Locally Employed | Self-Employed | Expat Pinoy (OFW) |
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For collaterals, you may submit the following based on the type of home loan. Do take note that the bank may request for other supporting documents based on the type of loan you wish to avail and on the borrower’s profile.
| House & Lot | Condominium | Home Construction | Home Loan Refinancing |
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How to apply for a Maybank MaxiHome loan in the Philippines
You can visit any of the 74 Maybank branches nationwide to get interest rates and payment terms for your home loan. You may also contact them at +632-7720-9586 for more details.
Take note that there are additional fees and charges, such as appraisal fees, which are non-refundable.
The appraisal fee for a property within Metro Manila is P4,500, and P5,000++ outside Metro Manila.
As a borrower, you also need to pay for the registration fees, processing fees, insurance premiums, and other expenses.
Is the Maybank MaxiHome Loan for you?
Are you ready to pay for your dream home based on the interest rates and payment terms mentioned above?
If you think you’re eligible to apply for one and have the required documents, make sure you read the terms and conditions.
But if we will compare Maybank’s interest rates with BPI’s at the same fixing period of 5 years, BPI offers a 6.88% interest rate for home construction, while Maybank offers 7.50%.
Another thing to consider is the minimum loanable amount. Maybank offers a minimum loanable amount of P800,000, while BPI offers a minimum loanable amount of P400,000. But Maybank offers a longer payment term of up to 15 years for their Refinancing Home Loan, with interest rates ranging from 6.75% to 8.75%. BPI offers a payment term of up to 10 years only.
You can also explore and compare the interest rates of several commercial banks.
To make it more convenient for you, we also reviewed the following home loans so you can compare interest rates anytime.
- BPI Home Loans
- HSBC Home Loans
- RCBC Home Loans
- Security Bank Home Loans
- BDO Home Loans
- Metrobank Home Loans
What do you think of Maybank MaxiHome Loan rates? Are they competitive enough? Or do you wish to apply for a different bank’s home loan? Let us know in the comments.