Guide on Maybank Home Loan Refinancing Offer Features & Application
MAYBANK HOME LOAN REFINANCING – Here is a guide in moving your loan account under better services with Maybank.
Maybank Philippines has several loan offers and many of which are under the Housing Loans category. They serve several different purposes. One of the offers is the Maybank Home Loan Refinancing.
Truth be told that there are situations when a lender was not able to provide the services that satisfy the receiver. There are also cases when the receiver have no choice and the only resource is to transfer the loan after a few months. These are common reasons behind taking a refinancing loan.
In the Philippines, one of the offers that you may turn to is the Maybank Home Loan refinancing. Under the offer, you may borrow up to 80% of the appraised value of your house and lot, townhouse or condominium.
In the case of refinancing loans that involve a vacant residential lot, you may borrow up to 60% of its value under the Maybank Home Loan Refinancing. The bank offers some of the most competetive rates in the market.
The minimum loanable amount under the offer is Php 500,000.00. The maximum loan terms depends on the type of property involved in the loan that will be refinanced:
- House and Lot — up to 15 years
- Condominium Unit — up to 10 years
With regards to the qualifications in applying for the loan offer, here are the eligibility criteria set by the bank:
- age plus the term of the loan should not be more than 65 years old when 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.
On the interest rate, the bank has also set the interest rates based on the fixing period chosen under the loan offer. Here’s a guide:
- 1 year fixing : 6.50% p.a.
- 3 year fixing : 7.25% p.a.
- 5 year fixing : 8.00% p.a.
Aside from the Housing Loans that serve several different purposes, Maybank Philippines also has something for individuals who are into business — the Maybank Retail SME Loan.
