Guide on Maybank Home Construction Loan 2024 Features & Application
MAYBANK HOME CONSTRUCTION LOAN 2024 — Are you excited to build your dream house without worrying about the finances?
In this one lifetime, it is a huge success to be able to build the house that you have long dreamed to have. That is why many people prefer getting a vacant residential lot and building their dream home whether or not it may take a while.
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There are banking entities that offer house construction loans. One of them is Maybank, a reputable bank in the Philippines which is in the service of the Filipino people for several years now.
Maybank has several loan offers. One of the home loan offers of the reputable banking entity is the Maybank Home Construction Loan. Under the loan offer, the minimum loanable amount is Php 1 million. The maximum loanable amount is up to 80% of the appraised value of the land and the proposed building.
The bank allows a maximum repayment of 30 years. The bank offers fixing term options of up to five (5) years. Here is a guide on the interest rates set by Maybank under the loan offer based on the fixing term options:
- 1 year fixing : 6.75% p.a.
- 3 year fixing : 7.25% p.a.
- 5 year fixing : 7.50% p.a.
There are qualifications in applying for the Maybank Home Construction Loan offer. The bank is open for both salaried and non-salaried individuals including overseas Filipino workers. Here are the qualifications set by the bank:
Locally-Employed Individuals
- age plus the term of the loan should not be more than 65 years old once the loan matures
- 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
Self-Employed Individuals
- age plus the term of the loan should not be more than 65 years old once the loan matures
- 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
OFW Applicants
- age plus the term of the loan should not be more than 65 years old once the loan matures
- 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
- must have an attorney-in-fact
Qualified individuals must submit the required Maybank Home Loan requirements for application to apply for the offer. The bank has set different lists of requirements among the locally-employed and self-employed individuals as well as OFWs.