Guide on Security Bank Home Loan Fees and Charges Under the Offer
SECURITY BANK HOME LOAN FEES – Here are the fees and charges implemented by the Security Bank under the loan offer.
There are many banks that are operating in the Philippines for decades now. One of them is the Security Bank which is also one of the most popular banking entities in the country with multiple offers.
The Security Bank is one of the entities in the Philippines that you can turn to for a Home Loan aside from the Security Bank Personal Cash Loan offer. Undeniably, it is an excellent option for those who want to purchase a residential property or construct their house under a loan offer. Truth be told that not everyone is ready for a one-time cash payment.
The Security Bank’s loan offer covers a lot of purposes related to residential property acquisition. It accepts the financing of any of the following loan purposes:
- Purchase a residential house and lot, townhouse, duplex, condominium unit, or residential vacant lot
- House construction
- Refinance or take out an existing housing loan from another bank
- Reimburse for acquisition or construction expenses
- Home equity loan
The Security Bank’s Home Loan offer is open for individuals who are at least 21 years old at the time of the loan application and not more than 60 years old upon the loan maturity. The bank also requires applicants to have a monthly household income of at least Php 50,000.00.
Before applying for the loan offer, it is best to be aware of the Security Bank Home Loan fees and charges. It is a way to determine better the loan amount that you wish to apply for.
Here are the fees and charges implemented by the bank under the loan offer:
- Appraisal Fee:
- PHP3,500 within Metro Manila
- PHP4,000 outside Metro Manila
- Real Estate Mortgage Fees
- Amendment Fee:
- PHP3,500
- PHP5,000
- Other fees and charges: Estimated 2.5% to 3% of the approved Loan Amount
- Fire Insurance/ Construction All Risk
- Mortgage Redemption Insurance
The amounts under the other fees are on a case-to-case basis. The Amendment Fee of Php 3,500 applies when there are changes to the loan terms and conditions after the loan has been taken out. In case there will be change in the broker code, a Php 5,000 Amendment Fee may be implemented upon the Security Bank approval.