Guide on Maybank Home Equity Loan Features & Application
MAYBANK HOME EQUITY LOAN – Here is a guide on how to apply and the requirements in applying for loan using your house as the collateral.
When it comes to housing loans that serve multiple purposes, one of the banks that you may turn to is Maybank Philippines. Its Housing Loan offer may be applied for for the purpose of financing a residential property acquisition, home construction, home loan refinancing, and home equity.
Undeniably, most housing loan offers are open for the financing of residential property acquisition, home construction, and home loan refinancing but not home equity. Under the Maybank Home Equity Loan, you can use the value of your residential property to obtain some cash for multiple purposes.
Maybank Home Equity Loan
You may apply for this Maybank loan offer to fund a vacation, an event, a new business, tuition, etc. Under this loan offer, you can borrow P500,000 up to 70% of the appraised value of your residential property or up to P5 million. The maximum loan term is 10 years.
Who are qualified to apply for this Maybank loan offer?
To be eligible to apply for the loan offer of Maybank, the borrower-applicant must be:
- not more than 65 years old upon the end of the loan term
- gainfully employed for at least two (2) years already or running a profitable business that is registered (the business must be operating for at least three years already and profitable for at least two years already); overseas Filipino worker (OFW)
Requirements in Applying:
- duly-accomplished Maybank Housing Loan Application Form
- government-issued IDs
- Certificate of No Marriage (CENOMAR) if single; Marriage Certificate if married
- proof of income/employment:
- If you are employed, prepare the following:
- Latest Income Tax Return (ITR)
- 3 months payslip
- Certificate of Employment for both spouses
- If you are self-employed, prepare the following:
- latest 2 years of Audited Financial Statements
- Business Registration / Permits
- Income Tax Return
- Company Profile / Business Background
- latest 6 months Bank Statements / Passbook
- if you are an overseas Filipino worker (OFW), prepare the following:
- History of Employment / Latest Crew Contact (for seafarers)
- Contract of Employment / Employment Certificate
- Special Power of Attorney
- latest ITR
- latest 6 months bank statements/proof of remittance
- If you are employed, prepare the following:
Collateral Requirements:
- Copy of Tax Declaration (Lot and Improvement)
- Copy of Transfer Certificate of Title (TCT)
To apply, go to Maybank and submit your documents. The loan application processing may take a few working days before the bank will notify you about the result.
You may also visit – MAYBANK LOANS – Full List of Maybank Loan Offers You May Apply For
