Guide on Maybank Home Equity Loan Loanable Amounts
MAYBANK HOME EQUITY LOAN – Here are the minimum and maximum loanable amounts under this Maybank loan offer.
Are you looking for a loan offer that can provide you with an amount using your residential property as the collateral? The Maybank Home Equity Loan may be the offer that you are looking for. Under this loan offer, you can use the money for multi-purposes – to travel abroad, to fund your child’s education, to get your car repaired, etc.
How much is the minimum and maximum loanable amounts under Maybank Home Equity Loan? According to the bank, the minimum loanable amount is P500,000. You can borrow up to 70% of the appraised value of your residential property or up to P5 million. The maximum loan term is 10 years.
Qualifications for Maybank Home Equity Loan Application:
In every loan, there are eligibility requirements set by the lender. For this home loan offer of Maybank Philippines, in order for the borrower-applicant to be eligible for application, he or she must be:
- not over 65 years old upon the loan maturity
- having a stable source of income
- if employed, the borrower must be working in a reputable company for at least two (2) years already
- if self-employed, the borrower must be running a business that is registered and operational for at least 3 years already and has been profitable for at least 2 years already
- if overseas Filipino worker (OFW), the applicant must have a two-year employment contract
Requirements for Maybank Home Equity Loan Application:
Basic Requirements:
- duly-accomplished and signed Maybank Housing Loan Application Form
- government-issued IDs
- if married, present Marriage Certificate; if single, present Certificate of No Marriage (CENOMAR)
Income and Employment Requirements:
If you are employed, prepare the following documents:
- latest Income Tax Return (ITR)
- 3 months payslip
- Certificate of Employment for both spouses
If you are self-employed, prepare the following documents:
- latest two (2) years Audited Financial Statements (AFS)
- Business Registration or Permits
- latest Income Tax Return for the last 2 years
- company profile
- latest six (6) months Bank Statements / Passbook
If you are an overseas Filipino worker (OFW), prepare the following documents:
- latest ITR
- Contract of Employment
- latest six (6) months Bank Statements
- History of Employment
- Special Power of Attorney
For the application, go to a branch of Maybank and submit the documentary requirements. The loan processing may take a few working days and Maybank will inform you about the result of the loan application.
Aside from this home loan offer, Maybank also has a personal cash loan. You may visit – Apply Maybank Cash Loan: Guide in Applying & the Requirements for Application.