Guide on Maybank Home Equity Loan 2024 Features for Clients
MAYBANK HOME EQUITY LOAN 2024 – You can avail the funds you need using your residential property as the collateral.
A lot property is regarded as an investment. However, what many people don’t know is that in times of financial emergencies, you can use the value of your residential property to avail the funds you need.
In the Philippines, there are banks that offer multi-purpose cash loans with residential properties as the collateral. One of the banks that you may turn to for this kind of offer is Maybank, a reputable banking entity in the country.
Through the Maybank Home Equity Loan, the bank is ready to answer your financial needs. It can finance several purposes including the following:
- personal purchases
- travel
- minor home improvement
- minor business expansion
- making another investment
How much is loanable under the Home Equity Loan offer of the bank? Here are the minimum and maximum borrowing amounts allowed by the reputable banking institution to qualified clients:
- Minimum Loanable Amount — Php 500,000
- Maximum Loanable Amount — 70% of the appraised value or up to Php 5 million, whichever is lower
On the repayment term allowed under the Maybank Home Equity Loan, the bank allows up to 10 years if the collateral is a residential house and lot, a condominium unit, or a townhouse. With regards to the interest rates, here are the interest implemented by the bank based on the fixing period:
- 1 year fixing : 8.75% p.a.
- 3 year fixing : 9.50% p.a.
- 5 year fixing : 10.75% p.a.
The loan offer is open for both salaried and non-salaried individuals. Here are the qualifications in applying for the loan offer:
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
There are varying Maybank Home Equity Loan requirements for application depending on the source of income of the borrower.