Guide on Maybank Home Equity Loan Offer You Might Like To Apply For
MAYBANK HOME EQUITY LOAN – Here are the details about the Maybank loan offer that can provide cash based on the value of your residential property.
A residential property of your own is not only an investment as the value of lot only appreciates through time. It can also be something that you can use as a collateral to obtain funds. There are entities that offer loans accepting residential properties as collaterals.
In the Philippines, one of the banks that offer a loan that provides cash based on the value of the collateral is Maybank. It is one of the reputable banks in the country with several loan offers that include the Maybank Home Equity Loan.
Under the Maybank Home Equity Loan, you may use the value of your residential property to pay for your child’s tuition fees, to travel, to start a business, to make an investment, etc. Here is a guide on the loanable amounts under the offer:
- Minimum loanable amount — Php 500,000.00
- Maximum loanable amount — up to 70% of your home’s appraised value or borrow up to P5 million, whichever is lower
With regards to the interest rates under the Maybank loan offer, it depends on the fixing term that you have chosen. The loan is payable for up to 10 years if the collateral is a residential house and lot, condominium unit, or townhouse. Here are the interest rates:
- 1 year fixing : 8.75% per annum
- 3 year fixing : 9.50% per annum
- 5 year fixing : 10.75% per annum
Who are qualified to apply for the loan offer? Maybank has set a few eligibility requirements in applying for the Maybank Home Equity Loan. To qualify for the loan offer, the borrower must meet the following:
- age plus the term of the loan should not be more than 65 years old once the loan hits the maturity of the term
- gainfully employed in a reputable company for at least 2 years or owning a business that has been registered and operational for at least 3 years and has been profitable in the last 2 years
- For overseas workers, you should have a contract of employment for 2 years; If you are a seafarer, you should be at least in an officer level position and should be working for at least 2 continuous years
In the case of the overseas workers and the seafarers, Maybank requires an attorney-in-fact.
Aside from the said loan offer, Maybank is also ready to refinance or transfer loan accounts from other banks or lending entities under its services.
