A stable roof over your head provides not only physical security but also emotional stability – something that every family needs, especially in these uncertain times. This article is for you if you plan to take out a home loan in the next few years.
Owning your place is a big step towards financial security and peace of mind. But with so many offers, which one should you pick? With the Security Bank Home Loan, you can skip the stressful steps of buying, constructing, or renovating your house.
Find out everything you need to know about it and if it’s the right home loan for you.
What can Security Bank Home Loan do for you?
Purchasing a home can be daunting for first-time buyers. But with Security Bank Home Loan, you can choose the best option according to your needs: buy a property, build a home, make renovations, or refinance a property.
You can also use the loan proceeds for house construction, acquisition of a vacant lot, home equity, or a multi-purpose loan secured by a property. If you’re planning on getting a home loan, this is what you can expect to get from Security Bank.
| Maximum Loan Amount |
|
| Minimum Loan Amount |
|
| Payment Terms |
|
| Minimum Joint Gross Monthly Income |
|
| Home Loan Approval Time |
|
How much can you borrow with your Security Bank Home Loan?
You can borrow up to 90% of the selling price of the property from top-tier developers if you are acquiring it for your primary residence. Borrow as much as 80% of the appraised value of your desired property from an individual seller or non-top tier developer, and up 60% if it’s for investment, a secondary home, or a vacant lot.
With the Security Bank Home Loan, you can also enjoy a fixed rate of 6.50% for a year.
You can get a sample computation of your home loan through Security Bank’s Housing Loan Calculator.
Type in your annual income, preferred loan repayment period, and the desired property’s worth.
Do note that the quoted loan amount and amortization are indicative only and based on a fixed interest rate of 6.25% for 1 year. The final loan amount, amortization, and interest rate will only be confirmed upon loan approval.
Check out this sample computation below to give you a clearer idea of how much you need to shell out for your down payment and monthly amortizations.
How long can you pay your Security Bank Home Loan?
The minimum loan term available for borrowers is one year. If you’re purchasing a house and lot, the maximum repayment period is 25 years.
For townhouse or duplex and condo units purchases, the maximum repayment period is 20 years for townhouse or duplex and condo unit purchases.
For residential vacant lots, the maximum repayment period is 15 years.
Security Bank offers two types of loans: regular home loan and home equity with a fixing period. Here’s an overview of the interest rates as of October 07, 2022.
| 1 Year | 3 Years | 4-5 Years | 10 Years | |
| Regular Home Loan | 6.50% | 6.75% | 7.25% | 9.25% |
| Home Equity Loan | 7.50% | 7.75% | 8.25% | 10.25% |
The fixing period is how long your lock in with your chosen interest.
What are the eligibility requirements?
To qualify for a Security Bank Home Loan, you should meet the following criteria:
- Must be 21 years of age but not more than 65 when the loan matures
- Earning a monthly income of ₱50,000
- Must be continuously employed for 2 years or more or operating a legitimate and profitable business for 3 years or more if self-employed
How do you apply for a Security Bank Home Loan?
- You can apply by filling out the online application form, by visiting a Security Bank branch near you, or through accredited developers.
- Once you have submitted the completely filled out and signed application form, you will receive an SMS regarding the status of your application.
- When your application is approved, you will receive an email with all the approval details, after which you will need to sign the loan documents.
- You will then be required to open an account with Security Bank for the Auto Debit Arrangement and pay the corresponding bank charges.
- Submit the required documents so your loan proceeds can be released. After which, the monthly amortization will be collected a month after the release of the loan.
What are the requirements that need to be submitted?
For locally employed borrowers, here are the requirements that you need to prepare and submit:
These are the home loan requirements for self-employed borrowers:
These are the requirements for corporate borrowers:
And these are the requirements for OFW borrowers:
Screenshot images from Security Bank as of October 7, 2022
Some of the accredited property developers of Security Bank
Accredited developers include Alveo, AyalaLand, Camella, DMCI Homes, Filinvest, Megaworld Corporation, SM Development Corporation, Cityland, Federal Land, P.A. Alvarez Properties, Pro Friends, Hausland, Vista Land, and Northpine.
You can purchase a property from another property developer located in parts of the country, not just in the Greater Manila Area.
Final thoughts
Purchasing your very first condo unit or your dream house need not be a stressful affair when you have the budget and the right home loan provider.
What’s great about the Security Bank Home Loan is that there is no lock-in period. It also offers the best rates according to your preferred fixing period.
You can get an approval in just 10 days if you’re qualified and if you submit complete documents.
And because you can enroll your Security Bank savings or current account in their auto debit arrangement, paying your monthly amortization is also easy and convenient.
Ready to apply for a Security Bank Home Loan? You can download the application form here or visit your nearest Security Bank branch.